Volume 133 · 1038
Public Law 116–33
To clarify seasoning requirements for certain refinanced mortgage loans, and for other purposes.
Approved July 25, 2019
Statutory text
An Act
To clarify seasoning requirements for certain refinanced mortgage loans, and for other purposes.
July 25, 2019
[S. 1749]
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Protecting Affordable Mortgages for Veterans Act of 2019”.
SEC. 2. SEASONING REQUIREMENTS FOR CERTAIN REFINANCED MORTGAGE LOANS.
Ginnie Mae.—
Section 306(g)(1) of the National Housing Act (12 U.S.C. 1721(g)(1)) is amended by striking the second sentence.
Veterans Loans.—
Section 3709(c) of title 38, United States Code, is amended—
in the matter before paragraph (1), by striking “is refinanced” and inserting “is a refinance”; and
by striking paragraphs (1) and (2) and inserting the following new paragraphs:
“(1) the date on which the borrower has made at least six consecutive monthly payments on the loan being refinanced; and
“(2) the date that is 210 days after the first payment due date of the loan being refinanced.”
.
Rule of Construction.—
Nothing in this Act may be construed to restrict or otherwise modify the authorities of the Government National Mortgage Association.
Approved .