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VA warns against rapid fee changes as committee considers home-loan measures
Summary
The Subcommittee considered proposals to reduce refinancing fees for VA-backed IRRRL loans and to expand voluntary counseling and accessible-home databases; VA told lawmakers the refinancing-fee change would have system, implementation, and taxpayer implications.
Lawmakers discussed several proposals aimed at improving veterans’ access to homeownership and preventing loan defaults, including a bill to reduce the VA Interest Rate Reduction Refinance Loan (IRRRL) fee, the HOME Act to expand voluntary financial counseling and create a national database of specially adapted homes, and proposals to increase VA home-loan entitlement limits.
Chairman Van Orden described an IRRRL refinancing relief bill that would “reduce the fee for veterans who are using an interest rate reduction loan or IRRRL,” saying it would make…
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