MBA HVAC Support Letter for VA Home Loan Program Reform Act
On behalf of the Mortgage Bankers Association (MBA), I write to provide our strong support for the VA Home Loan Program Reform Act, including amendments in the nature of a substitute (ANS) to H.R. 1815 offered by the majority (following discussions between your respective staffs).
As the Department of Veterans Affairs (VA) moves to phase out the Veterans Affairs Servicing Purchase (VASP) program by the end of the fiscal year, the need for a permanent partial claim option has become particularly urgent. Without swift legislative action and subsequent VA implementation, thousands of veteran homeowners recovering from temporary financial hardship could face heightened foreclosure risk due to the absence of a sustainable and scalable loss mitigation option. We should not repeat the mistakes of the past when a viable VA loss mitigation option was terminated without a replacement, unfairly stranding veterans without the options available to all other government supported borrowers