| VA Appraisals – No More Wiggle Room – Cir 26-11-21 – Policy Changes Affecting Value Adjustments and Photographs – 12-15-11 — January 2012
VA is now saying that the appraiser is the best authority on the value of the home and the SAR (Staff Appraiser Reviewer) no longer has the option to issue the NOV 5% higher or lower than the appraised value, as they have been allowed in the past.
I’m confused because issuing a NOV no longer makes any sense. Why not just give the Veteran a copy of the appraisal and call it good? Interior pictures are now required too.
(Circular 26-11-21, Policy Changes Affecting Value Adjustments And Photographs, December 15, 2011)
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| DU for Government Release Notes – FHA and VA Updates- February 18, 2012 [Chart/Checklists, FHA and VA Loan Limits for 2012]
— January 2012
Fannie Mae has announced that they will update DU for Government Loans to reflect the new 2012 FHA and VA loan limits, BUT not until the weekend of February 18, 2012.
Manually check every VA and FHA loan file for loan limit compliance. DO NOT accept DU findings as valid until you have done this.
(Fannie Mae – DU For Government Release Notes February 2012 Release – Dated 12-20-11)
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| VA Loan Limits for 2012 [Download Chart/Checklist, VA County Loan Limits (Effective Jan 1, 2012)] — January 2012
No Circular. No “official” announcements. Just “boom.” They quietly post a document (that you have to dig to find) to say, “Here are our loan limits for 2012.”
The really crappy thing going on here is that some of the county limits dropped and DU for Government Loans won’t be updated until the weekend of February 18, 2012. This gives us lots of fabulous opportunities to close unsalable AND uninsurable VA loans.
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| Final VA Funding Fee Changes. The Madness Has Stopped – VA Cir 26-11-19 (Effective November 21, 2011) [Download Chart/Checklist - VA Funding Fee Chart (as of 11-22-11)]
— December 2011
I propose we take a moment to breathe deeply and savor this moment. It’s finally over. We finally have fees that are effective through September 30, 2016. The fee structure has changed 4 times in 54 days. How’s that for government efficiency?
(VA Circular 26-11-19: Funding Fee Update as of November 22, 2011)
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| VA “Warns” Us about the Future VA Funding Fee Changes - Cir 26-11-17 — VA Funding Fees November 2011
VA released this Circular with no actual changes announced. It predicts that the VA Funding Fee reductions scheduled to take place on November 18, 2011 will be withdrawn through upcoming legislation (surprise, surprise) and the changes listed in the Funding Fee Table will NOT go into effect.
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| VA Extends Homebuyer Assistance Program Until 1-1-13 – Cir 26-08-14. [Download Mortgage Talking PointsTM flyer, Homebuyer Assistance Programs for VA Loans]
— VA Homebuyer Assistance November 2011
It is VA’s practice to issue Circulars and include an automatic rescission on those directives. This forces them to go back and revisit the Circular, and either allow the policy to expire or extend the rescission date to keep the policy in place. So this one remains the same. (See previous article - VA Accepts Homebuyer Assistance Program; HAP, DAP, HPA. What\'s Allowable for Veterans?
(Circular 26-08-14, Change 2, October 28, 2011, VA Acceptance of Homebuyer Assistance Programs)
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| DU for Government Release Notes – VA Approvals About to Get Tougher – FHA Message Updates – FHA & VA Loan Limit Changes (Effective December 17, 2011) — November 2011
The big update here is that the risk assessment is going to get tougher on VA loans submitted under the updated version. So on Friday December 16 you could have an Approve/Eligible that switches to a Refer/Eligible on Monday December 19 when you adjust something in the loan and rerun it through DU. Check every VA loan with a credit score under 680 and try to get it buttoned up before the new version hits. Just sayin’….
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| VA COE Processing Moved to Atlanta Regional Loan Center – Cir 26-11-13: (Effective 9-9-11) [Download Chart/Checklist: Form 26-1880 Request for Certificate of Eligibility. ] — October 2011
Effective October 1, 2011 COEs will be processed by the Atlanta RLC instead of the Winston-Salem Eligibility Center. Download Form 26-1880 Request for COE in charts section. It may be a while before your LOS is updated to include the revised form.
(VA Circular 26-11-13 Transfer of Certificate of Eligibility (COE) Processing to Atlanta Regional Loan Center (RLC), September 9, 2011)
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| VA Funding Fee Changes - And It’s Not over Yet! – Cir. 26-11-15 & Cir. 26-11-12 [Download Charts/Checklist: VA Funding Fees – As of October 1, 2011 & On or After November 18, 2011] — VA Funding Fee October 2011
We have a political ‘situation’ that is messing with the mortgage business. . The first Circular (triggered by the Restoring GI Bill Fairness Act) lowered the funding fees--Circular 26-11-12. We knew it would be quickly rescinded. Then Circular 26-11-15 (triggered by the Veterans Health Facilities Act Capital Improvement Act – Circular copy attached) was issued and that put everything back to the previous fee structure but only until November 18, 2011. Right now, everything is set to move AGAIN to the lower fee structure on that day…..sort of. [Download Charts/Checklist: VA Funding Fees – As of October 1, 2011 & On or After November 18, 2011]
(VA Circular 26-11-15 Updated Funding Fee Changes, October 6, 2011 and VA Circular 26-11-12 Funding Fee Changes Effective October 1, 2011, September 8, 2011)
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| VA New Information Included on Certificates of Eligibility- Cir. 26-11-11 (Effective 9-11-11) — October 2011
Effective September 11, 2011 Certificates of Eligibility (COEs) will have a new field entitled “Funding Fee”. The exemptions status of the Veteran will be displayed in this field. There are 3 status options. This new COE format is no guarantee that won’t still have to use form 26-8937 to verify exemption status and disability income.
(VA Circular 26-11-11 Funding Fee Exemption Status and Verification of Income on Certificate of Eligibility, September 8, 2011)
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| VA Adopts Uniform Appraisal Dataset (UAD) Circular 26-11-14 (Effective January 1, 2012) — October 2011
VA is the last to jump on the UAD bandwagon but it was inevitable. With all of this electronic data collection and uniform codes it’s going to be an interesting future. Link here to read a recent article on the subject.
(VA Circular 26-11-14 Uniform Appraisal Dataset (UAD), September 26, 2011)
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| VA Loan Limits-No Changes through December 31, 2011 – Why Are We Talking About Loan Limits in September? [Download Mortgage Talking PointsTM flyer, Loan Limit Changes in October 2011? What's Going On? What's the Difference between FHA & VA?]
— FHAVA Loan Limit Changes September 2011
The Veterans’ Benefits Improvement Act of 2008 provided a temporary increase in VA loan limits for loans closed January 1, 2009 through December 31, 2011. Please note that VA does not have a maximum loan amount. Loan limit refers to the maximum loan a lender could make and still receive a 25% guaranty from VA, assuming the veteran has full entitlement.
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| Foreclosure, Bankruptcy and Wait Periods – New Challenges [Download Mortgage Talking Points™ flyer, FHA/VA Derogatory Credit Chart & Charts/Checklist - FHA/VA Reference Chart for Loan Originators] — Mortgage Talking Points flyer June 2011
A whole new twist has come into play and being interpreted by FHA/VA when it comes to a mortgage included in a bankruptcy. I don’t want to mention any names here (Bank of America) but there seem to be a lot of situations where the mortgage has been included in the bankruptcy, the bankruptcy has been discharged, but the lender has yet to complete the foreclosure process.
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| VA Prior Loan Validations No Longer Necessary for Interest Rate Reduction Refinances – VA Cir 26-11-08 [Download Charts/Checklist - VA IRRRL Tip Sheet] — June 2011
Now that the VA has gone “high tech” with WebLGY on their web portal, a prior VA loan is validated automatically when you request a case number. It’s been doing this for quite a while, but VA just got around to dropping the requirement of printing out the PLV for the file.
(VA Circular 26-11-08, Elimination of the Prior Loan Validation Requirement, May 20, 2011)
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| DU For Government Loans Release Notes (Effective 6-18-11) — May 2011
DU for Government Loans is for FHA and VA lending, is updated infrequently and is not tracked by a “Version” number. We just always call it “DU for Government Loans” and we usually have no idea when it was last updated. Well, the weekend of June 18th, DU will be updated to incorporate FHA and VA guidance issued back from March of 2009. (I wasn’t kidding about the infrequent updates.)
(DU For Government Release Notes, April 21, 2011)
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| VA Service Members Civil Relief Act – Cir 26-11-3 — February 2011
The purpose of the Act is to allow the service member to devote their full attention to duty and relieve stress on their family in times of deployment. While this Circular doesn’t directly affect your origination business, it is great information to share with any financially struggling clients currently serving in the military.
(VA Circular 26-11-3, Service Members Civil Relief Act (SCRA), January 26, 2011)
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| VA Guidance for Implementing New SAH (Specially Adapted Housing) Regulations – (Effective December 22, 2010) – VA Circular 26-10-15 [Download Mortgage Talking PointsTM flyer, VA Specially Adapted Housing Grants Taking Care of Our Heroes]
— VA SAH January 2011
This grant program offers a great service to disabled Veterans in need of specialized housing due to their disability. The grant funds are used to modify an existing home or build a new home. The application and grant process are performed by the Veteran directly with VA. Your part is to simply originate a regular VA loan once everything has a green light.
(VA Circular 26-10-15, Guidance for Implementing New Specially Adapted Housing (SAH) Regulations, December 22, 2010)
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| VA Renewal Fees Are Due January 31, 2011 — January 2011
Company owners/Lenders – This one does not affect loan officers—but wanted to make sure as a lender or company owner, that you don’t miss this deadline.
(VA 26-7, Revised, Chapter 1: The Lender )
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| VA 2011 Loan Limits (Effective January 1, 2011) [Download Charts/Checklist: 2011 VA Loan Limits for High-Cost Counties — VA Loan Limits December 2010
Limits have gone higher in MANY counties and down in a few. Double-check your origination area for changes and let your Realtor know.
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| VA Transfer of the Appraisal System (TAS) Functions to WebLGY – VA Cir. 26-10-14 (Effective December 6, 2010). [Download Charts/Checklists: VA Instructions for Using TAS Functions That Have Been Migrated to WebLGY.]
— December 2010
How you order VA appraisals has changed. Make sure your processing and underwriting staff is informed of this change. There will be much confusion and time wasted trying to figure out what the heck is going on. [ Charts/Checklists: VA Instructions for Using TAS Functions That Have Been Migrated to WebLGY.]
(VA Circular 26-10-14, Transfer of TAS Functions to WebLGY, December 2, 2010)
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| Veteran’s Benefits Act of 2010 – Funding Fee Waiver to Include More Veterans (Effective 10-13-10) — November 2010
You will have to ASK on EVERY VA file from now on “Are you ENTITLED to receive service-connected disability?” not “Are you RECEIVING service-connected disability?” You can no longer rely on bank statement electronic deposits labeled “VA Disability” to tip you off when you forgot to ask during the loan application.
(VA Circular 26-10-13, The Veterans Benefits Act of 2010)
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| FHA/VA Derogatory Credit Rules - [Download Mortgage Talking PointsTM flyer, FHA/VA Derogatory Credit Chart and FHA/VA Derogatory Credit Chart (expanded version for loan officers).] — Mortgage Talking PointsTM September 2010
Don\'t be surprised if you learn a thing or two. Included is a Derogatory Credit Chart for FHA and VA loans AND as a bonus, you get a Mortgage Talking PointsTM flyer on the subject for your Realtors. Keep in mind that the Realtor version contains the primary items of interest to them, while the full chart for you, goes into much more detail.
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| VA Clarifies Itemization of Credits/Title Charges on HUD-1 – VA Cir. 26-10-9 (Effective October 1, 2010) — August 2010
VA is very strict about what a veteran borrower can and can’t pay, and the new HUD-1 and GFE can make it impossible for VA to tell who paid what. Clarifies how a couple of charges should be shown on the HUD-1.
(VA Circular 26-10-9, Itemization of Credits and Title Service Charges, July 30, 2010)
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| VA Extends Expansion of Ownership Interests Allowable for Specially Adapted Housing – Cir. 26-08-5 — July 2010
VA recognized that there are more choices being utilized by today’s veterans when it came to property ownership and estate planning. Therefore they announce the acceptance of 2 more types of ownership interests.
(Expansion of the Types of Ownership Interests Permissible Under the Specially Adapted Housing (SAH) Grant Program, Circular 26-08-5, Change 2.)
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| VA Offers Some Temporary Leniency on Condo - VA Cir. 26-09-19 (Effective May 17, 2010) [Download Condo Comparison Chart Updated] — Increase Potential Buyer Seller Pool June 2010
We just got done telling you for the last 5 months that the only way we could do a VA loan on a condo was if the project was on the VA approved list. This change is a big deal for the next 6 months and will open up the number of properties available to veteran buyers. Download Condo Comparison Chart Updated
(Rescission of VA Acceptance of HUD/FHA Condominium Approvals, Circular 26-09-19, Change 1, May 17, 2010)
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| VA Updated Home Buyer Assistance Program Dates – Cir 26-08-14 — May 2010
The original Circular 26-08-14 (attached to this article) was issued in August of 2008 and explained what is and isn’t acceptable to VA when it comes to Homebuyer Assistance Programs (HAPs). In a nutshell, VA accepts government HAPs but private HAPs have to be submitted to VA for approval.
(Circular 26-08-14, Change 1, April 23, 2010, VA Acceptance of Homebuyer Assistance Programs)
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| VA - Temporary Reduction in the Validity Period on Value and Master Certificates of Reasonable Value for Proposed Construction Cases (Extended to 1-1-12) — April 2010
VA uses Circulars to update old circulars. This forces them to go back and revisit the Circular and either allow the policy to expire or extend the rescission date to keep the policy in place. So in this case, VA extended this rescission to January 1, 2012.
(VA Circular 26-08-4, Change 1, March 16, 2010)
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| VA Regional Loan Center Appraisal Fees and Timeliness Requirements – [Includes Website Link & RLC Rules (All 10 Regions) Provided.] — March 2010
YEESSSSS! VA finally published Appraisal fees & turn around time requirements on a consolidated webpage. Before, it could take some digging to get this information. These lists give you the allowed appraisal fees and turn-around times by RLC. They are attached for every Regional Loan Center (RLC) & link to consolidated page provided.
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| VA Issues Cir. 26-10-01: Impact of New RESPA Rule on Fees. Sec 8 “Borrowers Fees & Charges” Included. (Effective May 1, 2010) — January 2010
VA kept their 1% origination cap and clarified that they want the “Our Origination Charge” to be itemized at settlement on the HUD-1using one of the two methods. They do not allow you to combine methods. Sec 8 “Borrowers Fees & Charges” Included.
(Circular 26-10-01, Impact of New Real Estate Settlement Procedure Act (RESPA) Rule on Fees and Charges for Department of Veterans Affairs (VA) Loans)
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| VA No Longer Accepting HUD/FHA Condominium Approvals – Cir. 26-09-19 [Link For List of VA Approved Condos] (Effective December 7, 2009) — January 2010
Simply put, if you want to do a VA loan on a condominium project, the project MUST be listed on VAs approved list. (Link Provided to get list of VA approved condos!)
(Circular 26-09-19, Rescission of VA Acceptance of HUD/FHA Condominium Approvals, November 30, 2009)
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| VA Loans and Their Deal-Saving Secrets – Seller Concessions! [Includes Mortgage Talking PointsTM What You Need to Know About Seller Concessions & VA Loans] — LittleKnown Facts About VA Loans Seller Concessions January 2010
VA is a popular loan option again, so refresh your Realtors memory on how these guidelines can benefit their VA borrower with the attached Quick Fact- VA allows sellers to pay off debt for buyers. It is also a little known fact, that the 4% limitation on seller concessions does not include closing costs. [Mortgage Talking PointsTM for your Real estate agents included!]
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| VA Changes to the Specially Adapted Housing (SAH) Program, Public Law 110-289 - Fact Sheet Included (Effective October 1, 2009) — October 2009
VA provides these grant programs so that eligible veterans can purchase, build or remodel homes that will accommodate their special needs. Print out the Specially Adapted Housing and Special Housing Adaptation Fact Sheets that I’ve attached to this article.
(VA Circular 26-09-16)
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| VA Centralizes LAPP and SAPP Programs (Effective September 1, 2009) — September 2009
Owners, managers, and underwriters take heed. If you are thinking about streamlining your VA lending process by participating in the LAPP or SAPP Programs (which I highly recommend) it will work a little different than before.
(Circular 26-09-13, August 24, 2009 and Circular 26-09-13 Change 1, August 28, 2009
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| VA Market Conditions Addendum to Appraisal – Higher Preparation Fee Allowed (Effective August 1, 2009) — July 2009
VA has determined that the impact of the Market Conditions Addendum requirement for every VA appraisal report warrants the increased fee across the board.
(VA Circular 26-09-11: Market Conditions Addendum to VA Appraisal - Preparation Fee)
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| Suspension of Master Certificate of Reasonable Value Issuance (Effective May 22, 2009) — June 2009
Since VA recognized that there was potential disservice to the veteran, they have discontinued the practice of issuing MCRVs until further notice.
(VA Circular 26-09-8, Effective May 22, 2009)
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| VA Reporting of Paid-in-Full Loan Speeds UP COEs - (Effective May 1, 2009) — May 2009
Here’s hoping that this change makes the process of getting the Veteran’s eligibility restored faster and easier. More often than not, when a Veteran has a previous VA loan it is still showing on his Certificate of Eligibility (COE) even after it has been paid.
(VA Circular 26-09-7, May 1, 2009)
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| VA Relaxes Rules - Sale of New Construction Properties Owned by Lenders - (Effective March 31, 2009) — April 2009
Great way to help clear out some of the new construction inventory on the market right now. VA has taken a more cautious approach by requiring the appraisal be reviewed by one of their own appraisers…but hey…who can blame them. This is 100% financing we are talking about.
(Circular 26-09-6, March 31, 2009)
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| VA Change to the Certificate of Eligibility - Eliminating Birth Date on COE — April 2009
No big dealio here - but it\'s a privacy issue that VA wants to eliminate from the COE!
(VA Circular 26-09-2, March 12, 2009)
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| VA Requires Sales Contract to be provided to Appraisers — April 2009
Geez, folks. it’s an embarrassment that VA had to even issue this letter. So apparently some lunkheads out there thought that the details contained in a sales contract were not important to an appraiser.
(VA Circular 26-09-3, March 27, 2009)
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| VA Market Conditions Addendum to Appraisal - 1004MC (Effective April 1, 2009) — April 2009
No longer can the appraiser simply check the Neighborhood Market Condition box as Stable, Declining, etc. It’s like your math teacher asking you to “show your work” for your homework answers.
(VA Circular 26-09-4, March 27, 2009)
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| VA New Appraisal Requirements on Foreclosed Properties (Effective March 31, 2009) — April 2009
Biggest thing to remember here is that if you are the lender/owner on a foreclosed property your SAR (Staff Appraisal Reviewer) can’t issue the Notice of Value (NOV). This will slow down your processing time. Plan for it.
(Circular 26-09-5, March 31, 2009)
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| VA Clarifies Entitlement Calculations and Updates Loan Limit List - VA Guaranty Calculation Examples Included (Effective 2-18-09) — March 2009
Entitlement calculations can be tricky when a veteran has used a portion of his entitlement but would like to purchase another home using his remaining entitlement. The “examples” form that is included (and can also be found in Charts & Checklists) will really help you get a grasp on the concept.
(Circular 26-08-19, Change 1, February 18, 2009)
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| Everything You Ever Wanted to Know About VA Underwriting - At a Glance (VA Underwriting Matrix, Tables, Tip Sheets and VA County Loan Limits 2009) — February 2009
Originators who have previously avoided VA loans because of fee limitations, extra paperwork, or fear of the unknown are reconsidering the product. Whether you are new or just want a refresher course on basic underwriting guidelines, I’ve put together some great resources; including a handy VA Matrix with 3 different programs—Purchase-Interest-Rate Reduction-Cash Out Refis!
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| Changes to VA Loan Summary Sheet (Form 26-0286) - More Info Required if Cash Out Refinance! — February 2009
Looks like VA is keeping “track”! With the announcement VA made last year increasing the LTV from 90% to 100% on cash-out refinance loans, it must be dawning on them that tracking the types of loans being refinanced, could be helpful if they start experiencing higher claims.
(Changes to VA Loan Summary Sheet Form 26-0286; Circular 16-09-01, dated 2-2-09; VA Loan Summary Sheet; Form 26-0286)
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| VA Interest Rate Reduction Refinance Loans (IRRRLs) - Refinance Worksheets (Rate Reduction & Streamline) and Helpful Hints Included — January 2009
VA Interest Rate Reduction Refinance Loans (IRRRLs) or VA Streamlined Refinances, are a gift from the loan gods. They are the ultimate reward for those of us who originate VA loans. With home values falling right along with interest rates, it’s their time to shine! Download the handy worksheets and VA IRRRL Fact Sheet.
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| Veteran's Benefit Improvement Act - Higher Loan Amounts for 2009 Plus 100% Cash-out Refinances! Too Good to be True? — November 2008
VA has two refinance types. The previous rules limited regular refinance loans to 90% of the appraised value. Now 100% refis have been introduced. Download VA Guaranty Calculation Examples & 2008 VA County Loan Limit Charts for loans closed until December 31, 2008
(VA Circular 26-08-19: Implementation of Loan Guaranty Provisions of Public Law 110-389, October 16, 2008)
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| VA Form Simplifications and Eliminations - Processing Changes — October 2008
Mostly minor stuff, but you\'ve got to know it. It\'s very nice having them all in one place at the least, as a reminder of when a certification is necessary. I\'d put this form in all VA loan packages, and have the areas signed as needed. I actually like this one.
(VA Circular 26-08-17, September 5, 2008)
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| Will Congress Reinstate the VA ARM or Hybrid Adjustable Rate Mortgage Program? — October 2008
ARM Loan applications taken before 10-1-08 will be eligible for guarantee if closed within a reasonable amount of time. Extension of the program must be approved by Congress.
(VA Circular 26-08-15, September 4, 2008)
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| VA Accepts Homebuyer Assistance Programs; HAP, DAP, HPA, What's Allowable for Veteran Loans? — September 2008
Have you noticed that VA loves to create and use their own acronyms? I swear their HAP is what we have all been calling downpayment assistance programs (DPAs or DAPs) all along. But in all fairness, VA doesn’t require a downpayment – so HAP it is!
If you use any of these HAP-type programs for your FHA homebuyers, why not VA? If you don’t use them, maybe you could start.
(Circular 26-08-14, August 19, 2008)
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| How to Get the Certificate of Eligibility And/Or Find the DD214 Form — September 2008
VA loans are gaining popularity again with the elimination of most other 100% purchase mortgage products. For those of you who are wading into the waters of VA lending for the first time or haven\'t been doing them lately, here are some great tips to help our veteran get a copy of their Certificate of Eligibility (COE) and/or their DD214 - Report of Separation.
Written By: Tracey Rumsey, CMI, DRIE, SWBC Mortgage Co. & MortgageCurrentcy.com Advisory Board member.
Read more on how easy it is to become a VA-Approved Lender.
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| VA Guaranty Increased; VA Loan Amounts to $729,750; VA Jumbo Loans Should Be More Desirable to Lenders! (VA Jumbo Loan Limits Expire 12-31-08) — August 2008
If you originate VA loans, stay on top of your lenders. It\'s up to them, but pricing should be reasonable. You may want to call your reps. You need to get this product out to your veterans!
(H.R.3221.ENR Sec.2201. TEMPORARY INCREASE IN MAXIMUM LOAN GUARANTY AMOUNT FOR CERTAIN HOUSING LOANS GUARANTEED BY THE SECRETARY OF VETERANS AFFAIRS; VA Circular 26-08-11, July 30, 2008)
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| Financing for Co-Ops Now Allowed by VA — May 2008
If you live in a market that has co-ops and veterans, this one is for you! In fact, you may want to talk to your employer or lender about following through with this, because it\'s an entirely new and untapped market.
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| Adapted Housing Loans for Veterans with Service-Connected Disabilities — May 2008
Those of you who work with veterans should be aware of the Special Adapted Housing and make it known to veteran clients who may qualify. It also affects us as US citizens in this time of war when we have so many veterans who are coming home disabled.
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| Read This Only if You Originate in Minnesota. Stated-income on VA streamlined refi's now allowed! — March 2008
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| Expiration Dates for VA New Construction Appraisals Change. Covers both NOVs and Master CRVs. — March 2008
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| Model Home Appraisals - Technical Correction. — February 2008
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| Easier Appraisals for New Construction Using Model Homes. — January 2008
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| VA Allows 100% Loans in Declining Markets, Appraisal Guidelines — January 2008
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