Veterans Affairs Loan Informed Disclosure (VALID) Act

(a) FHA informed consumer choice disclosure (1) Inclusion of information relating to va loans Subparagraph (A) of section 203(f)(2) of the National Housing Act (12 U.S.C. 1709(f)(2)(A)) is amended— (A) by inserting (i) after loan-to-value ratio; and (B) by inserting before the semicolon the following:, and (ii) in connection with a loan guaranteed or insured under chapter 37 of title 38, United States Code, assuming prevailing interest rates. (2) Rule of construction Nothing in the amendments made by paragraph (1) shall be construed to require an original lender to determine whether a prospective borrower is eligible for any loan included in the notice required under section 203(f) of the National Housing Act (12 U.S.C. 1709(f)). (b) Military service question (1) In general Subpart A of part 2 of subtitle A of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4541 et seq.), as amended by section 601(a) of this Act, is amended by adding at the end the following: 1330. Uniform residential loan application Not later than 6 months after the date of enactment of this section, the Director shall require each enterprise to— (1) include a military service question on the form known as the Uniform Residential Loan Application; and (2) position the question described in paragraph (1) above the signature line of the Uniform Residential Loan Application.. (2) Rulemaking Not later than 6 months after the date of enactment of this Act, the Director of the Federal Housing Finance Agency shall issue a rule to carry out the amendment made by this section.