{"id":34469,"date":"2018-03-16T18:08:53","date_gmt":"2018-03-16T18:08:53","guid":{"rendered":"https:\/\/one.sightlinemg.com\/navytimes\/uncategorized\/2018\/03\/16\/big-bank-reform-bill-that-passed-senate-includes-new-va-loan-refinance-rules\/"},"modified":"2026-08-08T02:46:55","modified_gmt":"2026-08-08T02:46:55","slug":"big-bank-reform-bill-that-passed-senate-includes-new-va-loan-refinance-rules","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/navytimes\/home-hq\/2018\/03\/16\/big-bank-reform-bill-that-passed-senate-includes-new-va-loan-refinance-rules\/","title":{"rendered":"Big bank-reform bill that passed Senate includes new VA loan refinance rules"},"content":{"rendered":"\n

A banking-reform bill that dials back regulations put in place after the 2008 financial crisis includes language that targets predatory lenders offering VA-backed home loan refinancing.<\/p>\n\n\n\n

The Senate voted 67-31 on Wednesday<\/a> to pass the Economic Growth, Regulatory Relief, and Consumer Protection Act. The House has passed a separate bank-reform bill; per The Associated Press, the next likely step is a compromise bill that would be voted on by both chambers.<\/p>\n\n\n\n

Should the VA-related language in the Senate bill survive, it would prohibit lenders from offering VA-backed refinance loans<\/a> within six months of a veterans\u2019 initial loan. Lenders also would need to provide borrowers with a \u201cnet tangible benefits test\u201d that outlines the full financial scope of the refinanced loan, so borrowers have a complete picture of what they\u2019re saving over time.<\/p>\n\n\n\t