Summary

Adds VA-loan information to the FHA informed consumer-choice notice and requires the standard mortgage application to include a prominent military service question placed above the applicant signature line. The Federal Housing Finance Agency (FHFA) must direct Fannie Mae and Freddie Mac to implement the application change and issue a rule to carry it out within six months of enactment; lenders are not required to verify borrower eligibility for the loan options listed in the FHA notice.

Key Points

• The FHA informed consumer-choice notice must include information about VA loans.
• Adding VA-loan information to the notice does not force original lenders to verify borrower eligibility for listed loan types.
• The standard Uniform Residential Loan Application must include a military service question placed above the signature line.
• FHFA must require Fannie Mae and Freddie Mac to implement the application change and must issue a rule to effect the change.
• FHFA rule and enterprise implementation are required within 6 months of the law's enactment.
• The changes are procedural and aimed at improving borrower awareness and data collection about military service.
• Primary operational impacts fall on FHFA, the enterprises, mortgage application processors, and consumer‑notice publishers.
• Veterans, active-duty service members, and other military‑connected borrowers are the main intended beneficiaries.

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