summary
Introduced
06/03/2025
06/03/2025
In Committee
06/03/2025
06/03/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A BILL To amend the National Housing Act and the Housing and Community Development Act of 1992 to include information regarding VA home loans in the Informed Consumer Choice Disclosure required to be provided to prospective FHA borrowers and to require a military service question on the Uniform Residential Loan Application, and for other purposes.
AI Summary
This bill aims to improve loan disclosure and transparency for veterans by making two key changes. First, it requires the Federal Housing Administration (FHA) to include information about VA home loans in the Informed Consumer Choice Disclosure that prospective borrowers receive, specifically adding details about VA loan guarantees and interest rates to help borrowers understand their options. Second, the bill mandates that the Uniform Residential Loan Application, which is used by major housing finance enterprises, include a question about military service that must be placed above the signature line. This addition will help lenders and financial institutions better track and potentially support veterans in the home loan process. The bill does not require lenders to determine a borrower's VA loan eligibility, but rather seeks to provide more comprehensive information and make military service status more prominently visible during the loan application process. The changes are to be implemented within six months of the bill's enactment, with the Federal Housing Finance Agency responsible for issuing the necessary rules to effect these modifications.
Committee Categories
Business and Industry
Sponsors (86)
Brittany Pettersen (D)*,
Jake Auchincloss (D),
Jim Baird (R),
Nicholas Begich (R),
Ami Bera (D),
Jack Bergman (R),
Robert Bresnahan (R),
André Carson (D),
John Carter (R),
Ed Case (D),
Sean Casten (D),
Joaquin Castro (D),
Ben Cline (R),
Steve Cohen (D),
Jim Costa (D),
Angie Craig (D),
Danny Davis (D),
Don Davis (D),
Gabe Evans (R),
Brad Finstad (R),
Brian Fitzpatrick (R),
Chuck Fleischmann (R),
Scott Franklin (R),
Sylvia Garcia (D),
Chuy García (D),
Vicente Gonzalez (D),
Maggie Goodlander (D),
Paul Gosar (R),
Harriet Hageman (R),
Josh Harder (D),
Jahana Hayes (D),
Pablo Jose Hernandez (D),
Steven Horsford (D),
Jonathan Jackson (D),
Robin Kelly (D),
Ro Khanna (D),
Jen Kiggans (R),
Young Kim (R),
Raja Krishnamoorthi (D),
Nick LaLota (R),
Rick Larsen (D),
Mike Lawler (R),
Julia Letlow (R),
Ted Lieu (D),
Barry Loudermilk (R),
Morgan Luttrell (R),
Stephen Lynch (D),
Sarah McBride (D),
Cory Mills (R),
John Moolenaar (R),
Seth Moulton (D),
Joe Neguse (D),
Troy Nehls (R),
Dan Newhouse (R),
Donald Norcross (D),
Eleanor Holmes Norton (D),
Zach Nunn (R),
Jay Obernolte (R),
Jimmy Panetta (D),
Chris Pappas (D),
Emily Randall (D),
Deborah Ross (D),
John Rutherford (R),
María Salazar (R),
Andrea Salinas (D),
Jan Schakowsky (D),
Brad Schneider (D),
Kim Schrier (D),
Lateefah Simon (D),
Adam Smith (D),
Eric Sorensen (D),
Marilyn Strickland (D),
Suhas Subramanyam (D),
Tom Suozzi (D),
Shri Thanedar (D),
Bennie Thompson (D),
William Timmons (R),
Dina Titus (D),
Rashida Tlaib (D),
Paul Tonko (D),
Norma Torres (D),
Mike Turner (R),
David Valadao (R),
Nikema Williams (D),
Rob Wittman (R),
Steve Womack (R),
Last Action
Referred to the House Committee on Financial Services. (on 06/03/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/119th-congress/house-bill/3694/all-info |
| BillText | https://www.congress.gov/119/bills/hr3694/BILLS-119hr3694ih.pdf |
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