[Congressional Record Volume 169, Number 120 (Thursday, July 13, 2023)]
[Senate]
[Pages S2584-S2585]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 414. Mr. MANCHIN submitted an amendment intended to be proposed by 
him to the bill S. 2226, to authorize appropriations for fiscal year 
2024 for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place in title X, insert the following:

     SEC. 10__. TREATMENT OF RELOCATION OF MEMBERS OF THE ARMED 
                   FORCES FOR ACTIVE DUTY OR ACTIVE SERVICE FOR 
                   PURPOSES OF MORTGAGE REFINANCING.

       (a) In General.--Title III of the Servicemembers Civil 
     Relief Act is amended by inserting after section 303 (50 
     U.S.C. App. 533) the following new section:

     ``SEC. 303A. TREATMENT OF RELOCATION OF SERVICEMEMBERS FOR 
                   ACTIVE DUTY OR ACTIVE SERVICE FOR PURPOSES OF 
                   MORTGAGE REFINANCING.

       ``(a) Definitions.--In this section:
       ``(1) Covered refinancing mortgage.--The term `covered 
     refinancing mortgage' means any federally backed mortgage 
     that--
       ``(A) is made for the purpose of paying or prepaying, and 
     extinguishing, the outstanding obligations under an existing 
     mortgage or mortgages; and
       ``(B) is secured by the same residence that secured such 
     existing mortgage or mortgages described in subparagraph (A).
       ``(2) Existing mortgage.--The term `existing mortgage' 
     means a federally backed mortgage that is secured by a 1- to 
     4-family residence, including a condominium or a share in a 
     cooperative ownership housing association, that was the 
     principal residence of a servicemember for a period that--
       ``(A) had a duration of 13 consecutive months or longer; 
     and
       ``(B) ended upon the relocation of the servicemember caused 
     by the servicemember receiving military orders for a 
     permanent change of station or to deploy with a military 
     unit, or as an individual in support of a military operation, 
     for a period of not less than 18 months that did not allow 
     the servicemember to continue to occupy such residence as a 
     principal residence.
       ``(3) Federally backed mortgage.--The term `federally 
     backed mortgage' has the meaning given the term `Federally 
     backed mortgage loan' in section 4022 of the CARES Act (15 
     U.S.C. 9056).
       ``(b) Treatment of Absence From Residence Due to Active 
     Duty or Active Service.--While a servicemember who is the 
     mortgagor under an existing mortgage does not reside in the 
     residence that secures the

[[Page S2585]]

     existing mortgage because of a relocation described in 
     subsection (a)(2)(B), if the servicemember inquires about or 
     applies for a covered refinancing mortgage, the servicemember 
     shall be considered, for all purposes relating to the covered 
     refinancing mortgage (including such inquiry or application 
     and eligibility for, and compliance with, any underwriting 
     criteria and standards regarding such covered refinancing 
     mortgage) to occupy the residence that secures the existing 
     mortgage to be paid or prepaid by such covered refinancing 
     mortgage as the principal residence of the servicemember 
     during the period of such relocation.
       ``(c) Limitation.--Subsection (b) shall not apply with 
     respect to a servicemember who inquires about or applies for 
     a covered refinancing mortgage if, during the 5-year period 
     preceding the date of such inquiry or application, the 
     servicemember entered into a covered refinancing mortgage 
     pursuant to this section.''.
       (b) Clerical Amendment.--The table of contents in section 
     1(b) of such Act is amended by inserting after the item 
     relating to section 303 the following new item:

``303A. Treatment of relocation of servicemembers for active duty or 
              active service for purposes of mortgage refinancing.''.
                                 ______