Who is affected and how:

• Veterans and current/former members of the Armed Forces: They are the primary intended beneficiaries; adding VA loan information to the consumer notice increases awareness of VA-backed mortgage options that may offer favorable terms. The URLA military-service question makes it easier to identify applicants with potential VA benefits.

• Homebuyers and mortgage applicants (including civilian purchasers): Will receive an expanded consumer disclosure that includes VA loan information, which can inform financing choices.

• Lenders, mortgage brokers, and originators: Must provide the updated disclosure when required and, after FHFA and enterprises update the URLA, collect military service information on applications. However, lenders are not required to verify VA eligibility, limiting additional underwriting burdens.

• Federal Housing Finance Agency and housing enterprises (e.g., the GSEs): FHFA must promulgate a rule and direct enterprises to implement the URLA change within a 6-month timeline, creating an administrative rulemaking and operational task for form updates, training, and system changes.

• Privacy and data-handling stakeholders: Collecting military-service status adds a data point that lenders and enterprises must handle consistently with privacy and fair-lending rules; the legislation does not create specific protections or data-use limits, so implementing entities must manage those operational details.

Overall effect: The law is narrowly targeted to improve consumer information and standardize collection of military-service status in mortgage applications. It imposes limited administrative duties on FHFA and enterprises and modest compliance steps for lenders, without creating new borrower eligibility obligations or large new spending programs.