H.R. 6737 amends section 306(g) of the National Housing Act to provide a technical fix so that recently executed loans refinanced by the Department of Veterans Affairs (VA) Home Loans can remain eligible for pooling in the Government National Mortgage Association (Ginnie Mae) security.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Sep 26, 2018.
Protect Affordable Mortgages for Veterans Act of 2018
(Sec. 2) This bill amends the National Housing Act to repeal waiting period requirements for guarantees provided by the Government National Mortgage Association (Ginnie Mae). Specifically, Ginnie Mae may guarantee a security backed by a refinanced Department of Veterans Affairs housing loan without a waiting period.