118 HR 6193 IH: Veterans Assistance for Loan Origination Relief Act U.S. House of Representatives 2023-11-02 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS1st SessionH. R. 6193IN THE HOUSE OF REPRESENTATIVESNovember 2, 2023Mr. Levin (for himself and Mr. Moylan) introduced the following bill; which was referred to the Committee on Veterans' AffairsA BILLTo amend title 38, United States Code, to waive the fee for a housing loan guaranteed by the Secretary of Veterans Affairs for certain veterans with a service-connected disability who applied for such loan before receiving a disability rating from the Secretary.

1.

Short title

This Act may be cited as the Veterans Assistance for Loan Origination Relief Act or the VALOR Act.

2.

Waiver of housing loan fee for certain veterans with a service-connected disability who applied for such loan before receiving a disability rating

(a)

Waiver

Subsection (c)(2)(A) of section 3729 of title 38, United States Code, is amended by striking rating and inserting examination or review, as defined by the Secretary,.(b)

Refund to veteran

The Secretary of Veterans Affairs shall refund any fee collected under such section before the date of the enactment of this Act from a veteran—(1)who requests such a refund; and(2)whom the Secretary determines, pursuant to evidence submitted by the veteran, would have been eligible for a waiver of such fee pursuant to the amendment made by subsection (a) if the veteran obtained the housing loan after such date.(c)

Funding fee refund

The Secretary may pay to a lender, loan servicer, or loan holder the amount of a fee refunded under subsection (b) if the loan for which such fee was collected was active on the date on which the refund was provided. The Secretary shall require that any amount paid under this subsection shall be applied to the loan as a principal balance reduction.