[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 1749 Considered and Passed Senate (CPS)]

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116th CONGRESS
  1st Session
                                S. 1749

   To clarify seasoning requirements for certain refinanced mortgage 
                     loans, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                              June 5, 2019

Ms. Sinema (for herself and Mr. Tillis) introduced the following bill; 
   which was read twice, considered, read the third time, and passed

_______________________________________________________________________

                                 A BILL


 
   To clarify seasoning requirements for certain refinanced mortgage 
                     loans, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protecting Affordable Mortgages for 
Veterans Act of 2019''.

SEC. 2. SEASONING REQUIREMENTS FOR CERTAIN REFINANCED MORTGAGE LOANS.

    (a) Ginnie Mae.--Section 306(g)(1) of the National Housing Act (12 
U.S.C. 1721(g)(1)) is amended by striking the second sentence.
    (b) Veterans Loans.--Section 3709(c) of title 38, United States 
Code, is amended--
            (1) in the matter before paragraph (1), by striking ``is 
        refinanced'' and inserting ``is a refinance''; and
            (2) by striking paragraphs (1) and (2) and inserting the 
        following new paragraphs:
            ``(1) the date on which the borrower has made at least six 
        consecutive monthly payments on the loan being refinanced; and
            ``(2) the date that is 210 days after the first payment due 
        date of the loan being refinanced.''.
    (c) Rule of Construction.--Nothing in this Act may be construed to 
restrict or otherwise modify the authorities of the Government National 
Mortgage Association.
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