Public Law 116–33: To clarify seasoning requirements for certain refinanced mortgage loans, and for other purposes.

public-law-116-33Public Law 116-33Statute

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PUBLIC LAW 116–33—JULY 25, 2019
133 STAT. 1038
Public Law
116–33
116th Congress
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,

Protecting Affordable Mortgages for Veterans Act

of 2019.

12 USC 1701 note.
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.

(a)

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.
(b)

Veterans Loans.—

Section 3709(c) of title 38, United States Code,
is amended
—
(1)
in the matter before paragraph (1), by
striking
“is refinanced” and
inserting
“is a refinance”; and
(2)
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.”
.133 STAT. 1039
(c)

12 USC 1721 note.

Rule of Construction.—

Nothing in this Act may be construed to restrict or otherwise modify the authorities of the Government National Mortgage Association.
Approved July 25, 2019.

LEGISLATIVE HISTORY—S. 1749 (H.R. 1988):

HOUSE REPORTS: ┐No. 116–138, Pt. 1 (Comm. on Veterans’ Affairs) accompanying H.R. 1988.

CONGRESSIONAL RECORD, Vol. 165 (2019):

June 5, considered and passed Senate.

July 9, considered and passed House.

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