Guidance on timelines for servicers of loans guaranteed by the Secretary of Veterans Affairs

Not later than 30 days after the date of the enactment of this Act, the Secretary of Veterans Affairs shall update guidance and communications materials for servicers of loans guaranteed under chapter 37 of title 38, United States Code, to clearly state that— (1) the 45-calendar-day processing timeline established in section 3710A of title 38, United States Code, as inserted by section 3, is a statutory requirement; (2) servicers may not threaten, suggest, or imply to individuals who are potential assumers of such loans that the processing timeline will exceed 45 calendar days as a reason to discourage assumptions; and (3) any communication made by servicers regarding processing timelines must be consistent with the statutory requirement.