MBA Submits Letter on VA Partial Claim Legislation

The Mortgage Bankers Association weighed in with the House Committee on Veterans’ Affairs Subcommittee on Economic Opportunity ahead of Wednesday’s markup of several bills, including the VA Home Loan Program Reform Act; H.R. 1872.

In a letter to Committee on Veterans’ Affairs Chairman Mike Bost and Ranking Member Mark Takano and Committee on Veterans’ Affairs Subcommittee on Economic Opportunity Chairman Derrick Van Orden and Ranking Member Chris Pappas, MBA said it remains deeply concerned that the VA’s plans to end the Veterans Affairs Servicing Purchase (VASP) program without a viable replacement – a permanent partial claim – will result in more veterans at risk of losing their homes. “We believe the partial claim authority outlined in the text of both the majority and minority versions of an amendment in the nature of a substitute offer a practical and permanent solution that aligns with existing programs across other federal housing agencies,” the letter said.