MBA Praises Passage of H.R. 6737, The Protect Affordable Mortgages for Veterans Act of 2018

CONTACT
Rob Van Raaphorst
rvanraaphorst@mba.org
(202) 557- 2799

WASHINGTON, D.C. (September 27, 2018) - Robert D. Broeksmit, CMB, President and CEO of the Mortgage Bankers Association (MBA), made the following statement regarding the passage of H.R. 6737, The Protect Affordable Mortgages for Veterans Act of 2018:

"MBA would like to commend the House for passing last evening - by voice vote - H.R. 6737, which addresses an unintended consequence from the enactment of Title III of S.2155, 'Protecting Veterans from Predatory Lending,' by allowing VA-guaranteed refinance loans to remain eligible for pooling in Ginnie Mae securities. More broadly, it will help to ensure the confidence in the VA home loan program that is necessary for it to remain a viable choice for the nation's service members and veterans.

A special thanks goes to House Financial Services Committee Chairman Jeb Hensarling and Ranking Member Maxine Waters, along with Representatives Lee Zeldin, Kyrsten Sinema, and Claudia Tenney for their bipartisan efforts to carefully work with Ginnie Mae to craft this legislation and move it so rapidly through committee and to the House floor.  MBA now calls on the Senate to swiftly pass this bill."