The loan application must carry a military service question with three answers
What the document says“``(1) include a military service question on the form known as the Uniform Residential Loan Application to include selection options of `Yes', `No', and ``Prefer Not To Answer''; and ``(2) position the question described in paragraph (1) above the signature line of the Uniform Residential Loan Application.''.”
The section adds a new section 1330 to the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 requiring the Director, within six months of enactment, to make each enterprise put a military service question on the Uniform Residential Loan Application with the options Yes, No, and Prefer Not To Answer, positioned above the signature line. The Director of the Federal Housing Finance Agency must issue a rule carrying out the amendment within six months of enactment.
What the document actually says“``(1) include a military service question on the form known as the Uniform Residential Loan Application to include selection options of `Yes', `No', and ``Prefer Not To Answer''; and ``(2) position the question described in paragraph (1) above the signature line of the Uniform Residential Loan Application.''.”
The home loan form must ask about military service. It must offer three answers. A person may say yes, no, or that they would rather not say. The question sits above where the person signs.
A person who served may qualify for a cheaper loan. The question is how a lender finds out. The third option lets a person keep it private.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.