S.2304 - Protecting Veterans from Predatory Lending Act of 2018115th Congress (2017-2018)
|Sponsor:||Sen. Tillis, Thom [R-NC] (Introduced 01/11/2018)|
|Committees:||Senate - Veterans' Affairs|
|Latest Action:||Senate - 01/11/2018 Read twice and referred to the Committee on Veterans' Affairs. (All Actions)|
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Summary: S.2304 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (01/11/2018)
Protecting Veterans from Predatory Lending Act of 2018
The bill establishes mortgage loan protections for veterans.
A refinanced home loan may not be guaranteed by the Department of Veterans Affairs (VA) unless: (1) a specified minimum time period has passed between the original loan and the refinancing; and (2) the lender complies with provisions related to fee recoupment, mortgage interest rates, and net tangible benefit tests.
The National Housing Act is amended to prohibit the Government National Mortgage Association (Ginnie Mae) from guaranteeing a new refinanced VA loan until the later of: (1) 210 days after the first loan payment, or (2) the sixth monthly loan payment.