Codification of 45-calendar-day processing requirement for applications for Department of Veterans Affairs home loan assumptions

(a) In general Chapter 37 of title 38, United States Code, is amended by inserting after section 3710 the following new section: 3710A. Processing timelines for loan assumptions (a) Processing requirement The servicer of a loan guaranteed under this chapter shall process and render a decision on a complete application for the assumption of such a loan within 45 calendar days of receipt of such complete application. The requirement under this subsection shall apply regardless of whether the servicer— (1) is authorized to approve loan assumptions independently; or (2) is required to submit an application for a loan assumption to a regional loan center of the Department for approval. (b) Complete application defined In this section, the term complete application means an application that includes all documents and information required by Department regulations for review and approval.. (b) Conforming amendment The table of sections in chapter 37 of title 38, United States Code, is amended by inserting after the item relating to section 3710 the following new item: 3710A. Processing timelines for loan assumptions..