S. 3068 — Introduced in Senate

II 118th CONGRESS 1st Session S. 3068 IN THE SENATE OF THE UNITED STATES October 18, 2023Mr. Braun (for himself, Mr. Brown, Ms. Rosen, Mr. Van Hollen, Ms. Sinema, Mr. Budd, Mr. Sanders, Ms. Klobuchar, Mr. Whitehouse, Mr. Tillis, Mr. Kelly, Mr. Rubio, Mr. Warnock, Mr. Reed, Mr. King, and Mr. Welch) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require each enterprise to include on the Uniform Residential Loan Application a disclaimer to increase awareness of the direct and guaranteed home loan programs of the Department of Veterans Affairs, and for other purposes. 1. Short title This Act may be cited as the VA Home Loan Awareness Act of 2023. 2. Military service question (a) In general Subpart A of part 2 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4541 et seq.) is amended by adding at the end the following: 1329. Uniform residential loan application Not later than 6 months after the date of enactment of this section, the Director shall, by regulation or order, require each enterprise to include a disclaimer below the military service question on the form known as the Uniform Residential Loan Application stating, If yes, you may qualify for a VA Home Loan. Consult your lender regarding eligibility.. . (b) GAO study Not later than 18 months after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study and submit to Congress a report on whether not less than 80 percent of lenders using the Uniform Residential Loan Application have included on that form the disclaimer required under section 1329 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as added by subsection (a).