116 S 1749 ENR: To clarify seasoning requirements for certain refinanced mortgage loans, and for other purposes.
Senate Bill1749116 S 1749 ENR
116s1749enr
116 S. 1749 ENR
United States SenateUnited States Government Publishing Officetext/xmlENPursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.ENR
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S.1749
One Hundred Sixteenth Congress of the United States of AmericaA T T H E F I R S T S E S S I O N
Begun and held at the City of Washington on Thursday, the third day of January, two thousand and nineteen
An Act
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.
Speaker of the House of Representatives.
Vice President of the United States and President of the Senate.