# Plain Language Summary: Honoring Military Service in Homebuying Act of 2021

This bill requires mortgage lenders to add a single question to their standard loan application forms asking whether the person applying is a military veteran or currently serving in the military. The question would appear on the Uniform Residential Loan Application, which is the standard form that most people fill out when they apply for a home loan. The question needs to be positioned right before the signature line so applicants see it clearly.

The bill directs the Federal Housing Finance Agency (the government agency that oversees major mortgage companies like Fannie Mae and Freddie Mac) to make this change happen within six months. The lenders themselves would have six months to update their forms once the rule is issued. This is a straightforward data collection measure—the bill doesn't change lending rules, interest rates, or approval processes. It simply asks lenders to track and record military service information from applicants.

The practical effect is that the government will have better data about how many military members and veterans are buying homes and whether they're getting approved for loans at similar rates as non-military applicants. This information could help policymakers understand if veterans face any barriers in the homebuying process and could inform future decisions about veteran benefits or lending practices. For most people applying for mortgages, this just means answering one additional question on their application form.

Honoring Military Service in Homebuying Act of 2021

Green, Al

Honoring Military Service in Homebuying Act of 2021 This bill requires the uniform residential loan application to include a military service question.