The mortgage banking industry has gotten behind bipartisan legislation that would clear up ambiguous language in S. 2155, ensuring that thousands of veterans’ loans are eligible for insurance through Ginnie Mae.
H.R. 6737, known as the Protect Affordable Mortgages for Veterans Act, passed by voice vote in the House. It would amend Title III of the recently enacted law, which implemented new eligibility requirements for refinanced Veterans Affairs (VA) loans to become Mortgage-Backed Securities guaranteed by Ginnie Mae.
Find out more about the technical fix proposed by this bill.