LINDON, Utah, Jan. 18, 2018 /PRNewswire/ — Less than a week ago, two U.S. senators proposed bipartisan legislation that would increase restrictions on the VA home loan program, especially the VA IRRRL product.
In reviewing this legislation, the CEO of Low VA Rates, Eric Kandell, discovered that the proposed bill was reactionary and those who proposed it did not take the appropriate time to research, analyze, and evaluate how it might negatively impact veterans.
In an article evaluating the proposed changes, Mr. Kandell once again took a stand that defended our nation’s heroes and their rights. He pointed out areas of concern that would potentially allow lenders to take advantage of veteran homeowners, causing them more financial harm than good.
He said, “I have a strong fear that when government steps in and tries to regulate the private mortgage sector, it could lead to overreaching. In turn, overreaching legislation could end up hurting the veterans it was initially meant to protect.”
In addition to his evaluation, Mr. Kandell himself proposed better alternatives to solve the concerns with the VA home loan program. His solutions included a longer time for loans to recoup closing costs, applying a universal interest reduction rule, and allowing veterans to refinance when it makes sense.
About Low VA Rates
Low VA Rates is a leading lender for VA home loans. They help both active and prior members of the United States military get great rates on their mortgage so affordable homeownership is a reality for all servicemen and women.
For more details, please contact:
Director of Marketing
Low VA Rates
Tel: (866) 569-8272 ext. 521
SOURCE Low VA Rates