We have received text from S. 138: VA Home Loan Awareness Act of 2025. This bill was received on 2025-01-16, and currently has 16 cosponsors.
Here is a short summary of the bill:
This bill, known as the VA Home Loan Awareness Act of 2025, aims to increase awareness among eligible military service members and veterans about the home loan benefits provided by the Department of Veterans Affairs (VA). Below are the main components of the bill:
Inclusion of Disclaimer on Loan Application
The bill mandates that a disclaimer be added to the Uniform Residential Loan Application form used by lenders. This disclaimer will read:
If yes, you may qualify for a VA Home Loan. Consult your lender regarding eligibility.
This requirement is intended to ensure that veterans and active military members are informed about their potential eligibility for VA home loans when they are applying for residential loans.
Timeline for Implementation
Lenders will be required to include this disclaimer within six months after the bill becomes law. This gives a set period for lenders and relevant enterprises to update their loan application forms.
Study and Reporting
The bill also requires that a study be conducted by the Comptroller General of the United States within 18 months after the bill's enactment. This study will evaluate whether at least 80% of lenders using the Uniform Residential Loan Application have complied with the new disclaimer requirement. The findings of this study will be reported back to Congress.
Overall Objective
The main goal of this legislation is to enhance the visibility of VA home loan benefits, thus ensuring that veterans and military personnel are aware of the options available to them during their home buying process. This could help in maximizing the use of these benefits, thereby supporting those who have served in the military.
Relevant Companies
PNC
- PNC Financial Services Group, Inc. is a significant lender that may need to update its loan application processes to comply with the new disclaimer requirement.
JPM
- JPMorgan Chase & Co. is another major financial institution that will likely be affected by the need to revise its Uniform Residential Loan Application.
BAC
- Bank of America Corporation may also need to adjust its lending forms to include the mandated disclaimer for VA home loans.
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