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II
Calendar No. 143
116TH CONGRESS
1ST SESSION H. R. 1988
IN THE SENATE OF THE UNITED STATES
JULY 10, 2019
Received; read twice and placed on the calendar
AN ACT
To clarify seasoning requirements for certain refinanced
mortgage loans, and for other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Protecting Affordable
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Mortgages for Veterans Act of 2019’’.
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SEC. 2. SEASONING REQUIREMENTS FOR CERTAIN REFI-
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NANCED MORTGAGE LOANS.
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(a) GINNIE MAE.—Paragraph (1) of section 306(g)
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of the National Housing Act (12 U.S.C. 1721(g)(1)) is
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amended by striking the second sentence (as added by sec-
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tion 309(b) of Public Law 115–174).
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HR 1988 PCS
(b) VETERANS LOANS.—Section 3709 of title 38,
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United States Code, is amended by striking subsection (c)
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and inserting the following:
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‘‘(c) LOAN SEASONING.—Except as provided in sub-
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section (d) and notwithstanding section 3703 of this title
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or any other provision of law, a loan to a veteran for a
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purpose specified in section 3710 of this title that is a
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refinance may not be guaranteed or insured under this
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chapter until the date that is the later of—
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‘‘(1) the date on which the borrower has made
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at least six consecutive monthly payments on the
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loan being refinanced; and
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‘‘(2) the date that is 210 days after the first
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payment due date of the loan being refinanced.’’.
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(c) RULE OF CONSTRUCTION.—Nothing in this Act
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may be construed to restrict or otherwise modify the au-
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thorities of the Government National Mortgage Associa-
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tion.
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Passed the House of Representatives July 9, 2019.
Attest:
CHERYL L. JOHNSON,
Clerk.
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Calendar No. 143
116TH CONGRESS
1ST SESSION
H. R. 1988
AN ACT
To clarify seasoning requirements for certain
refinanced mortgage loans, and for other purposes.
JULY 10, 2019
Received; read twice and placed on the calendar
VerDate Sep 11 2014
22:44 Jul 10, 2019
Jkt 034408
PO 00000
Frm 00004
Fmt 6651
Sfmt 6651
E:\BILLS\H1988.PCS
H1988
pbinns on DSK79D2C42PROD with BILLS