[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 1749 Referred in House (RFH)]

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116th CONGRESS
  1st Session
                                S. 1749


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 10, 2019

  Referred to the Committee on Financial Services, and in addition to 
  the Committee on Veterans' Affairs, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 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.

            Passed the Senate June 5, 2019.

            Attest:

                                                JULIE E. ADAMS,

                                                             Secretary.