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Increase the supply of housing in America › Section 601

Military Service Question

Section 601 · Sec. 601 ·

What this chapter is about

This part is about the form people fill in to ask for a home loan. The form asks whether a person served in the military. A note must now sit under that question. It says a person who served may qualify for a veterans loan. An audit follows to see whether lenders added it.

2 proposals indexed from this chapter.

A note about VA loans must sit below the military service question

The document says “shall”Who acts: Director of the Federal Housing Finance AgencyHow: statuteSec. 601 in the PDF
What the document says

“the Director shall, by regulation or order, require each enterprise to include a disclosure below the military service question, which shall be above the signature line, on the form known as the Uniform Residential Loan Application stating, `If yes, you may qualify for a VA Home Loan. Consult your lender regarding eligibility.'.''.”

To increase the supply of housing in America, and for other purposes, Sec. 601

The section adds a new section 1329 to the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 requiring the Director, within six months of enactment and by regulation or order, to make each enterprise put a disclosure below the military service question and above the signature line on the Uniform Residential Loan Application, telling an applicant who answers yes that they may qualify for a VA Home Loan and should ask their lender about eligibility.

What the document actually says

“the Director shall, by regulation or order, require each enterprise to include a disclosure below the military service question, which shall be above the signature line, on the form known as the Uniform Residential Loan Application stating, `If yes, you may qualify for a VA Home Loan. Consult your lender regarding eligibility.'.''.”

To increase the supply of housing in America, and for other purposes, Sec. 601
That sentence, in plain words

A note must go on the home loan form. It sits under the question about military service and above where the person signs. It says a person who served may qualify for a veterans loan.

What this is about

The Uniform Residential Loan Application is the standard form for a home loan. A veterans loan can cost less than others. The note tells people to ask.

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.

A study on whether lenders added the note is due in 18 months

The document says “shall”Who acts: Comptroller General of the United StatesHow: statuteSec. 601 in the PDF
What the document says

“Not later than 18 months after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study and submit to Congress a report on whether or not less than 80 percent of lenders using the Uniform Residential Loan Application have included on that form the disclaimer required under section 1329”

To increase the supply of housing in America, and for other purposes, Sec. 601

The section requires the Comptroller General of the United States to study and report to Congress within 18 months of enactment on whether at least 80 percent of lenders using the Uniform Residential Loan Application have included the disclosure required by the new section 1329.

What the document actually says

“Not later than 18 months after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study and submit to Congress a report on whether or not less than 80 percent of lenders using the Uniform Residential Loan Application have included on that form the disclaimer required under section 1329”

To increase the supply of housing in America, and for other purposes, Sec. 601
That sentence, in plain words

A report is due within 18 months. It asks how many lenders put the note on the form. The mark is 80 percent.

What this is about

The Comptroller General runs the audit arm of Congress. This checks whether the new rule took hold. The report goes to Congress.

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.

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What This Page Covers, and What It Leaves Out

The two things the section does: the new section 1329 requiring a disclosure below the military service question, and the study by the Comptroller General.

Nothing the section does is left out.

The section adds a section to the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, which is not indexed here, so nothing is recorded about what an enterprise is or what the Director's other powers are.