[Congressional Record Volume 169, Number 128 (Tuesday, July 25, 2023)]
[Senate]
[Pages S3528-S3529]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1014. Mr. COTTON (for himself and 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

[[Page S3529]]

     mortgagor under an existing mortgage does not reside in the 
     residence that secures the 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.''.
                                 ______