Protecting Veterans from Predatory Lending Act of 2018
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Jan 11, 2018)
Protecting Veterans from Predatory Lending Act of 2018
The bill establishes mortgage loan protections for veterans.
A refinanced home loan may not be guaranteed by the Department of Veterans Affairs (VA) unless: (1) a specified minimum time period has passed between the original loan and the refinancing; and (2) the lender complies with provisions related to fee recoupment, mortgage interest rates, and net tangible benefit tests.
The National Housing Act is amended to prohibit the Government National Mortgage Association (Ginnie Mae) from guaranteeing a new refinanced VA loan until the later of: (1) 210 days after the first loan payment, or (2) the sixth monthly loan payment.
What just happenedJan 11, 2018
Read twice and referred to the Committee on Veterans' Affairs.
Who’s behind it
- Introduced in SenateJan 11, 2018
- Jan 11, 2018IntroReferral
Read twice and referred to the Committee on Veterans' Affairs.
Veterans' Affairs Committee - Jan 11, 2018IntroReferral10000
Introduced in Senate