The Department of Veterans Affairs (VA) is expediting its statutorily obliged rulemaking to address predatory lenders who take advantage of veterans through cash-out refinance offerings that often are harmful to borrowers and investors in mortgage-backed securities (MBS).
S. 2155 requires the VA to address the issue by issuing a rule amending its regulation on VA-guaranteed or insured cash-out refinance loans, and permits the agency to forgo Administrative Procedure Act advance notice and comment requirements if it determines circumstances pertaining to the rule are “urgent and compelling.”
Find out more details about the agency’s forthcoming rule.