The House Veterans Affairs Committee didnt waste any time rushing a bill to fine-tune the VA loan guaranty program through the often- tedious legislative process, registering approvals at both the subcommittee and full committee levels July 21.

The committee introduced the bill July 12, and sources there expect it to be voted on by the full House by Aug. 1. The biggest effect for mortgage lenders is in a provision that will permit the conversion of adjustable-rate mortgages to fixed-rate mortgages, a stipulation mortgage bankers were quick to advocate during a hearing on the issue before the Housing and Memorial Affairs Subcommittee June 30.

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