DCUC Sends Letter Ahead of House Financial Services Committee Hearing, “Housing Solutions: Cutting Through Government Red Tape”:
DCUC Advocates for the Protection of VA Home Loan Benefits
Today, the Defense Credit Union Council (DCUC) sent a letter to The Honorable Patrick McHenry, Chairman, and The Honorable Maxine Waters, Ranking Member, of the House Financial Services Committee, United States House of Representatives. In its letter, DCUC provided commentary ahead of the committee hearing titled “Housing Solutions: Cutting Through Government Red Tape,” to raise awareness on a regulatory issue that may prevent Veterans from accessing their VA Home Loan benefits based upon recent court decisions.
DCUC noted how many of its member credit unions are concerned veterans will now opt to go unrepresented at the bargaining table when purchasing a home because the VA Home Loan prevents them from paying a commission to a buyer agent. This concern follows the National Association of Realtors' (N.A.R.) new rule to settle legal claims from home sellers who argued that the trade group’s commission policy forced them to pay excessive fees.
DCUC emphasized that once the N.A.R. settlement goes into effect, offers of commission will likely cease due to the new rule being deemed as “anticompetitive. “Without seller agents splitting their commission with buyer agents, buyers who use a real estate agent will now be expected to pick up the bill for their own agents’ services,” said Jason Stverak, DCUC Chief Advocacy Officer, in DCUC’s letter
Stverak added, “While we applaud the Department of Veterans Affairs decision to put in place a temporary fix, we believe that Congress needs to address this issue with legislation to ensure veterans and their families are not denied access to affordable housing financing options.”
DCUC urged the committee to continue working with DCUC, the VA, and other associations and agencies dedicated to finding a permanent legislative solution to this issue so that our Nation’s veterans’ and their families are afforded the ability to purchase a home with their government-backed benefits.
