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63328828-df4e-4e39-afaa-5335682ebe83
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Placement, 13-7 SAR Certification, 13-8 SAR Conflicts of Interest, 15-5 SAR Employed By New Lender, 15-13 SAR ID Number, 15-8 I-10 VA Pamphlet 26-7, Revised SAR No Longer Employed, 15-13 SAR Requirements, 15-3 SAR Training During or After Case Reviews, 15-9 SAR Training, 15-9 SAR With Prior LAPP Experience, 15-9 SAR’s Responsibility, 13-7 SAR’s Value Change was Unwarranted, 13- 9 Satisfying the
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VA_Guidelines.txt
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7072018a-4b46-46f8-a655-80581498df91
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Change was Unwarranted, 13- 9 Satisfying the Occupancy Requirement, 3- 13 Scope of Audits or Reviews, 1-52 Scope of Exclusion, 17-16 Scope of MPRs, 12-1 Search Requirement of Debts Owed to the Federal Government
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VA_Guidelines.txt
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10223c3b-3ba8-4727-ad11-13ab2bf4f0cb
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.
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VA_Guidelines.txt
|
c92bb5ea-0a98-4ea0-afa4-3a1b52012fec
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See Chapter 4, CAIVRS Procedures Second Inspection Stage, 14-6 Second Mortgage Requirements, 9-10 Second Mortgages with Unusual Terms, 9- 11 Secondary Borrowing Requirements, 9-10 Secondary Borrowing, 9-9 Secondary Borrowing.
|
VA_Guidelines.txt
|
ec0d14e1-8146-424a-aefa-d7c75b048aab
|
See Section 9
|
VA_Guidelines.txt
|
e41c96a3-2fad-4bb7-a917-81635f3c6d6d
|
.04 for VA Limitations on Secondary Borrowing Section C, Estimated Monthly Shelter Expenses, 4-60 Section D, Debts and Obligations, 4-61 Security for Existing VA Loan, 10-12 Security Instrument Requirements, 9-2 Security Instruments Rules, 3-4 Security Instruments, 9-2 Selection of Comparables, 11-26 Self-Employment Income, 4-14 Seller Concessions, 8-11 Sending Information to the VA Office, 1-8
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VA_Guidelines.txt
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3e600632-7c47-47d3-ab9a-c211934a603f
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8-11 Sending Information to the VA Office, 1-8 Sewage Disposal System, 12-15, 14-8 Shared Facilities and Utilities, 12-9 Shared Wells, 12-15 Social Security Deductions, 4-27 Solar Energy Systems
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VA_Guidelines.txt
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a4daf873-034b-4220-8bd5-ca6fdf152e8c
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.
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VA_Guidelines.txt
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f6443864-8246-465f-afc8-ec23d6babd9c
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See Section 12.03 Space Requirements for Basic MPRs, 12-6 Special Conditions, 16-5 Special Considerations with Homeowners Associations, 9-29 Special Inspections, 14-9, 14-11 Special Provisions for Construction Loans.
|
VA_Guidelines.txt
|
54be1a3d-b532-4fc4-a8a0-b94b5df0956c
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See Section 7
|
VA_Guidelines.txt
|
b644919b-3a4b-4fff-87bf-1d61dfa1a96a
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.02 Index Specially Adapted Housing Cases, 14-2 Specially Adapted Housing, 12-1 Sponsoring Lender Definition, 1-3 Standard and Springfield Plans, 3-22 Standards Applicable to an RMCR, 4-44 State Agency Certification of a Condominium, 16-6 Statement of Qualifications, 16-3 Statement Regarding the Attorney’s Qualifications, 16-3 State's Requirements for Appraisers, 13-10 Subdivision Requirements,
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VA_Guidelines.txt
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778cf962-b013-4aba-9853-b6ea2abcd69a
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for Appraisers, 13-10 Subdivision Requirements, 16-10 Subjective Factual Standards, 16-10 Submission of Appraisal Reports, 11-8 Submission of Real Estate Market Data, 13- 26 Submissions for LAPP Lenders
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VA_Guidelines.txt
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36057513-287c-4da0-9ff4-0a84c1863431
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.
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VA_Guidelines.txt
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642b418b-43f4-42c8-89c9-809d94848950
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See Chapter 15 Submissions for Nonsupervised Automatic Lenders.
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VA_Guidelines.txt
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89017db6-d489-4d32-9594-eed450991ac5
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See Section 1
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VA_Guidelines.txt
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bac59855-9513-4f59-828f-3fc53a7c3299
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.07 Submit Supervised Lender Determination, 1-10 Submitting Cases for Processing, 15-15 Submitting Loans, 17-7 Submitting Required Documents, 16-11 Substantive or Repetitive Errors - Example, 17-12 Superior VA Lien, 16-2 Supervised Lender Definition and Authorities, 1-2 Supervised Versus Nonsupervised Automatic Lenders, 1-4 Supervision by Certain Federal Entities, 1-9 Supervision by the State of
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VA_Guidelines.txt
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468b605f-d4a5-4818-b0a7-6c88b88e7f47
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Federal Entities, 1-9 Supervision by the State of Illinois or New Jersey
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VA_Guidelines.txt
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34216821-5353-4792-ab0a-40d7f5418f7c
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.
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VA_Guidelines.txt
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6d920507-b222-4a1c-9526-8efdd18f24cf
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See Section 1.02, Before a Vendor Starts Making VA Loans Supplemental Loan Definition, 7-22 Supplemental Loans.
|
VA_Guidelines.txt
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50a9c7fe-1c4c-481b-8044-ace649f40ce1
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See 7-22 thru 7-26 Surety Bonds, 9-26 Suspension, 17-15 System Transfer, 12-18 Table of NOV Conditions & Requirements, 13-12 Table of Required Documents, 16-9 Technical Incompetence - Withdrawal Example, 17-12 Temporary Interest Rate Buydowns, 7-33 I-11 Index Ten Year Insured Protection Plans, 10-20, 3- 18 Third Inspection Stage, 14-7 Time Adjustments, 11-10 Title Insurance, 9-5 Title Limitations
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VA_Guidelines.txt
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088e1ab9-5070-4a48-b0c0-8ed870a43bbd
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11-10 Title Insurance, 9-5 Title Limitations on Reasonable Value, 9-7 Title Limitations, 9-5 Title Requirements for Every VA loan, 16-2 Title, 16-11 Title/Lien Requirements, 6-8 Total Loss of Guaranty, 3-25 Training and Case Review Requirements, 15-9 Training and Case Reviews Completed by Experienced SAR, 15-10 Training Announcement Internet Page, 1-48 Training by VA Staff, 15-10 Training
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VA_Guidelines.txt
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2d1b48be-b213-4fcd-b467-51632bf37d2c
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Page, 1-48 Training by VA Staff, 15-10 Training Software, 1-48 Transfer of Appraiser’s Reports Between Lenders, 13-29 Transfer of Loans, 3-28 Treatment of Debts Owed to the Federal Government
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VA_Guidelines.txt
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a14bbe24-bdb6-470b-bba0-728a05aa0cb6
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.
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VA_Guidelines.txt
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73fb5929-cbe3-4c33-90f3-f51005d865fb
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See 4-38 CAIVRS Procedures Trust Deed Forms, 12-17 Trust Deed, 12-18 Type of Participant, 17-1 Types of Property Eligible for Appraisal, 10-8 Unable to Obtain Appraisal, 13-29 Unavailable or Terminated Insurance, 9-28 Underwiting Rules, 3-3 Underwriter Approval of Loans, 1-23 Underwriter Termination, 1-23 Underwriter’s Certification, 4-50 Underwriter’s Objectives for Verifying Income, 4-6
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VA_Guidelines.txt
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9601ad46-e9cf-486a-9c23-119b919d3247
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Objectives for Verifying Income, 4-6 Underwriting a Joint Loan, 7-5 Underwriting Considerations, 7-30 Underwriting Deficiencies, 4-69 Underwriting of IRRRLs, 6-11 Underwriting Policies and Procedures Maintenance, 1-53 Underwriting the Loan
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VA_Guidelines.txt
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d1fe5e3c-2892-4838-8649-b7d5a3020706
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.
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VA_Guidelines.txt
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f1087fae-7b65-411d-b33e-af01c42f6117
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See Section 4, Completing the Procedures, Verifications, and Loan Analysis Unfair Contract Provisions or Features, 9-19 I-12 I-11 VA Pamphlet 26-7, Revised Unfair Contract Provisions or Marketing Practices, 17-21 Unfair Marketing Practices, 17-22 Uniform Standards of Professional Appraisal Practice (USPAP), 11-4 Unresolved Deficiencies, 17-20 Unusual Occupancy Circumstances, 3-15 Unvented Space
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VA_Guidelines.txt
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7c5d93b5-3aad-43eb-97c0-74960fdc61cc
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Occupancy Circumstances, 3-15 Unvented Space Heaters, 11-22 Use of a Multitude of Agents, 1-27 Use of Attorney’s Opinion
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VA_Guidelines.txt
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ce89fca8-5d1a-4c25-bbcf-4e0b21c36e40
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.
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VA_Guidelines.txt
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bd13b0e9-13c4-4f3e-baf6-7eeadc5d1f62
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See Section 16- B Use of Imaged Documents, 5-5 Use of Previously Approved Documents, 16-6 User’s Guide, 10-4 Using Appraisal Requirements Information, 11-2 Using HUD Publications for VA Purposes, 12-5 Using the Funding Fee Tables, 8-18 Utilities, 12-9 VA Appraisal Requirements, 11-4 VA Approval Related Requirements, 16-4 VA Approved Condominium List Internet Address, 16-1 VA Assignment System,
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VA_Guidelines.txt
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6e7d4ffe-96d4-4e34-9ee4-e1d21b10889a
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List Internet Address, 16-1 VA Assignment System, 10-4 VA Business With Other Participants, 17-7 VA Decision, 16-7 VA Fee Panel Appraisals, 15-7 VA Form 26-0285 Transmittal List, 5-23 VA Form 26-0286 VA Loan Summary Sheet, 5-24 VA Forms and Their Uses
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cba5af7b-2ea1-4caa-a2b3-9d9577b77199
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.
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VA_Guidelines.txt
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20c73971-9b27-400d-92c4-137eccf86a8c
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See Appendix B VA Funding Fee, 8-1, 8-16 VA Guarantee Loan Basic Requirements, 4- 2 VA Guaranteed Loan General rules, 3-2 VA ID Number, 1-28 VA Loan and Guaranty, 3-1 VA Loan Guaranty Program, 17-1 VA Loan Identification Number, 6-11 VA Loan Review, 1-20 VA Loan Size Limitations, 3-8 VA May Impose Sanctions, 17-21 VA Minimum Property Requirements (MPRs).
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VA_Guidelines.txt
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d9c26c93-fd35-49cf-9e1c-1c948616578b
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See Minimum Property Requirements VA Notice to Program Participants, 13-34 I-12 VA Pamphlet 26-7, Revised VA Office of Jurisdiction.
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VA_Guidelines.txt
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26a3e277-fe0c-4d55-8772-30dcccff640e
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See Section 1.04, Lenders that are Considered Supervised VA Policy on Fees and Charges, 8-2 VA Process for Approving Requests, 16-5 VA Reasonable Value, 11-3 VA Regulations for Joint Loans, 7-2 VA Regulations on Debarments or Suspensions, 17-16 VA Reliance on Local Building Inspections, 14-10 VA Required Documents, 16-9 VA Reviews Submission.
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VA_Guidelines.txt
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cbf8a1c8-a5b2-4bf3-9000-c520b25ec15a
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See Section 1
|
VA_Guidelines.txt
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dd047c3c-d374-4144-a4eb-9a3a682c292a
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.04, Lenders that are Considered Supervised VA Underwriting Standards, 4-2 VA Value Based on HUD Appraisal, 13-30 VA’s Policy on Unfair Marketing Practices, 17-23 VA’s Role on NOVs, 13-27 Validity Period Issues, 13-29 Valuation, 12-18 Value Adjustments, 11-11 Value Notices, 13-1 Value of the Subject Property, 16-3 Valuing Options, 11-17 Ventilation, 12-8 Verification and Procedural Errors, 4-70
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VA_Guidelines.txt
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914dbb35-8a1f-4a4e-81ca-757d86158fdd
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12-8 Verification and Procedural Errors, 4-70 Verification and Rating of Debts and Obligations, 4-45 Verification of Active Military Applicant's Income, 4-15 Verification of Alimony and Child Support Obligations, 4-32 Verification of Multi-Unit Property Securing the VA Loan, 4-23 Verification of Other Military Allowances, 4-18 Verification of Recently Discharge Veterans Income, 4-20 Verification
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VA_Guidelines.txt
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06b2e872-b6f4-4ec9-a962-373d544bed7b
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Discharge Veterans Income, 4-20 Verification of Rental of Other Property Not Securing the VA Loan, 4-24 Verification of Rental of the Property Applicant Occupied Prior to the New Loan, 4-23 Verification of Subsistence and Clothing Allowances, 4-18 Verification Requirement of Assets, 4-29 Verification: Military Quarters Allowance, 4-17 Index Verify Exempt Status, 8-17 Verifying Debts and
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VA_Guidelines.txt
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3759bc46-8c81-41a4-ac9c-f7e071e6bf52
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Verify Exempt Status, 8-17 Verifying Debts and Obligations, 4-31 Verifying Excluded Parties, 17-5 Veteran as Contractor, 19
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.
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VA_Guidelines.txt
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d4fa1c6e-7eb7-4de4-9dcc-7eac31249e65
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See Section 10
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VA_Guidelines.txt
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14bb1ca0-542c-4123-9627-1d6b8a6e8e7b
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.08 Veteran Equal Housing Certification, 17-24 Veteran Fees, 7-14 Veteran Under Contract, 13-25 Veteran/Nonveteran Joint Loan, 7-3 Veteran’s Entitlement, 6-20 Veteran’s Statement and Lender’s Certification, 6-3 Veteran’s Statement, 7-31 Veteran’s Status as Alive, not MIA, 9-16 Violation of Building or Use Restrictions of Record, 13-31 Violations of Equal Housing Opportunity Laws, 17-23 Violations,
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VA_Guidelines.txt
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b229f0d6-621e-4712-bac2-2eb2783a44b8
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Equal Housing Opportunity Laws, 17-23 Violations, 7 Waivers or Limitations, 8 Waiving First and Second Stage Inspections, 14-10 Water Quality, 12-14 Water Supply and Sanitary Facilities for Basic MPRs, 12-7 Water Treatment Systems, 12-14 Water/Sewer System Acceptability, 13-14 What Does a VA Guaranty Mean to the Lender, 3-24 What Does VA Do When Loans are Reported, 5-22 What LAPP Lenders Can
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VA_Guidelines.txt
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d58e69bb-8042-44ab-b872-78d99a04ea12
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Loans are Reported, 5-22 What LAPP Lenders Can Expect, 15-14 When a Trust Deed is Required, 12-16 When an Escrow is not Required, 9-22 Where a Building Code is Enforced, 12-4 Where a Building Code is Not Enforced, 12- 4 Who Can Request an Appraisal, 10-3 Who Can Signing Documents for the Lender, 5-5 Why An Appraisal Is Required, 10-2 Withdrawal for 1 to 3 Years, 1-39 Withdrawal for 180 Days, 1-38
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VA_Guidelines.txt
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d793f5ac-3a4b-4ed5-9c39-4c809e3bc295
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1 to 3 Years, 1-39 Withdrawal for 180 Days, 1-38 Withdrawal for 60 Days, 1-37 Withdrawal for an Indefinite Period, 1-36 , 17-7 Withdrawal For Proper Cause, 17-7 I-13 I-13 Index VA Pamphlet 26-7, Revised Withdrawal of Automatic Authority from Withdrawal Time Periods, 17-8 Supervised or Nonsupervised Automatic Wood Destroying Insect Information, 13-13 Lenders, 1-36 Wood Destroying
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bfdece3c-a75c-4cdf-9522-44ae05b55788
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Information, 13-13 Lenders, 1-36 Wood Destroying Insects/Fungus/Dry Rot, Withdrawal of Lender’s Automatic 12-11 Authority, 1-36 Written Notification of Deficiencies, 1-52 Withdrawal Period: 1-3 Years, 17-10 Zoning Requirements, 10 Withdrawal Period: 180 Days, 17-9 Withdrawal Period: 60 Days, 17-8 I-14 Chapter 1 Lender Approval Guidelines Overview In this Chapter This chapter contains the
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afa9bf19-a12a-4af4-b617-4883c7845975
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In this Chapter This chapter contains the following topics
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.
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b7accd80-2581-4f85-9b25-c4f4fbbf453d
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Topic Topic See Page 1 Definitions and Authorities 1-2 2 Before a Lender Starts Making VA Loans 1-6 3 Lenders That are Considered Supervised 1-8 4 How a Non-supervised Lender Applies for Automatic 1-10 Authority 5 Certifications a Non-supervised Automatic Lender 1-15 Must Comply With 6 How a Non-supervised Automatic Lender Requests 1-18 Underwriter Approval or Approval to Close Loans Involving an
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Approval or Approval to Close Loans Involving an Affiliate 7 How a Supervised or Non-supervised Automatic 1-20 Lender Requests VA Recognition of an Agent 8 Mergers and Acquisitions Involving Supervised or 1-25 Non-supervised Automatic Lenders 9 Withdrawal of Automatic Authority from Supervised or 1-31 Non-supervised Automatic Lenders 10 Participation Fees for Supervised and Non-supervised 1-34
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19d689aa-acf4-4bbd-a468-6ab845ab4354
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Fees for Supervised and Non-supervised 1-34 Automatic Lenders 11 Maintenance of Loan Records 1-37 12 Lender Access to Training and Information 1-38 13 Calculation of Adjusted Net Worth 1-40 14 Elements of a Quality Control Plan 1-41 15 Application Checklist for Authority to Close Loans on 1-45 an Automatic Basis VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 1
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.
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3310a548-d56a-410d-ac6e-6ecbf955d080
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Definitions and Authorities Change Date February 1, 2019 This chapter has been revised in its entirety. a.
Lender Any person or entity (private sector or government) that originates, holds, services, funds, buys, sells or otherwise transfers a loan guaranteed by VA. b.
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fedf524e-f071-4f48-8e19-0cdf013911bc
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Supervised A lender that is subject to mandatory periodic examination and supervision by Lender an agency of the United States or of any State or territory, including the District of Columbia.
VA determines whether the level of examination and supervision to which a lender is subject satisfies the requirement.
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291607a2-4647-41c2-8ac2-18437c1e2513
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Examples of supervised lenders include: Financial institutions which are members of the Federal Reserve System, Financial institutions whose accounts are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), Financial institutions which are members of the Office of Thrift Supervision, Federal Savings Banks, National Banks, Farm Credit
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afe85a6e-d6bc-4132-bf3c-8011aa57ba0a
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Savings Banks, National Banks, Farm Credit System Institutions, State Chartered Banks, Insurance Companies, Credit Unions, Savings and Loan Associations, and Private banks
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.
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A state acting as a lender is also considered supervised.
Continued on next page 1-2 1-2 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 1.
Definitions and Authorities, continued c.
Non- Any lender that is not a supervised lender. supervised Lender d.
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ca48d008-a07e-4672-9f46-cfc5c0159246
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Non- A lender who has applied for authority to close loans on an automatic basis supervised and has been formally granted such authority by VA.
Automatic Lender e.
Agent An Agent may also be referred to as a Mortgage Broker.
An Agent is a person or entity that performs any activity on behalf of, or in the name of, a sponsoring lender. f.
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1248b2ab-7850-4e8c-971b-0e1deb413c42
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Sponsoring A lender that uses an agent to perform any portion of the work involved in Lender originating and closing a VA-guaranteed loan is the “sponsoring lender” for that agent. g.
Mergers and Lender mergers and acquisitions are discussed in section 8 of this chapter.
Acquisitions h.
Prior A Prior Approval lender is neither a supervised or non-supervised automatic Approval lender.
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All prior approval loans must be submitted to VA for underwriting and approval prior to closing the loan.
All lenders, whether or not they have automatic authority, must submit the following types of loans to VA for prior approval: Joint loans (Veteran/Veteran or Veteran/non-Veteran).
Loans to Veterans in receipt of VA nonservice-connected pension.
Loans to Veterans with a VA appointed fiduciary.
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e33da37c-b765-49ac-b9de-1ef1a83caf80
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Loans to Veterans with a VA appointed fiduciary.
Interest Rate Reduction Refinancing Loans (IRRRLs) made to refinance delinquent VA loans.
Manufactured home loans (except when the manufactured home is permanently affixed to the lot and considered real estate under state law) unless the lender has been separately approved for this purpose.
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Unsecured loans or loans secured by less than a first lien.
Continued on next page 1-3 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 1.
Definitions and Authorities, continued h.
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Definitions and Authorities, continued h.
Prior Lenders with automatic authority may also elect to submit a loan (of a type Approval, not on the above list) for prior approval when issues or circumstances cannot continued be resolved by the lender’s own underwriting staff (see section 5 of Current Issues).
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The submission must include the underwriter’s analysis and explanation of why it is being submitted for prior approval.
Do not use this provision to shift the burden of a loan rejection to VA.
Lenders without automatic authority must submit all loans to VA for prior approval except IRRRLs made to refinance VA loans that are not delinquent. i.
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89561b0a-aa62-4ae7-bf36-f4e3e3258b85
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Automatic Automatic authority is authority for a lender to close VA-guaranteed loans Authority without the prior approval of VA.
Lenders with automatic authority should (Authority to use it to the maximum extent possible.
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a6526447-2caf-4950-a0b3-8cee6ba7acc3
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The following lenders have automatic Close Loans on authority: an Automatic Basis) all supervised lenders, certain non-supervised lenders who apply for and are granted automatic authority by VA, and any lender (even a lender who does not otherwise have automatic authority) for the limited purpose of closing an IRRRL, as long as the loan being refinanced is not delinquent.
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Continued on next page 1-4 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 1.
Definitions and Authorities, continued h.
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Definitions and Authorities, continued h.
Prior Lenders with automatic authority may also elect to submit a loan (of a type Approval, not on the above list) for prior approval when issues or circumstances cannot continued be resolved by the lender’s own underwriting staff (see section 5 of Current Issues).
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The submission must include the underwriter’s analysis and explanation of why it is being submitted for prior approval.
Do not use this provision to shift the burden of a loan rejection to VA.
Lenders without automatic authority must submit all loans to VA for prior approval except IRRRLs made to refinance VA loans that are not delinquent. i.
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5358a6f7-472e-4a1a-a5c7-7edcb9c09ff7
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Automatic Automatic authority is authority for a lender to close VA-guaranteed loans Authority without the prior approval of VA.
Lenders with automatic authority should (Authority to use it to the maximum extent possible.
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cc5c7062-0806-41eb-a3be-a87b6f11e194
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The following lenders have automatic Close Loans on authority: an Automatic Basis) all supervised lenders, certain non-supervised lenders who apply for and are granted automatic authority by VA, and any lender (even a lender who does not otherwise have automatic authority) for the limited purpose of closing an IRRRL, as long as the loan being refinanced is not delinquent.
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Continued on next page 1-4 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 1.
Definitions and Authorities, continued j.
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f7a89759-4461-47b6-9742-24d1a42794bd
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Definitions and Authorities, continued j.
Supervised A non-supervised lender that wishes to close loans on an automatic basis must Versus Non- obtain both VA authorization for automatic authority and obtain VA approval supervised of other elements of its automatic lending operations (that is, underwriter Automatic approval).
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ab03edd8-4c0b-4a81-89cd-e5e8ebcd4d01
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This difference between supervised and non-supervised lenders is Lenders outlined below.
Authority Supervised Lender Non-supervised Automatic Lender To close No VA approval needed.
Must submit application and be loans on the authorized by VA to close loans automatic on an automatic basis. basis To use No VA approval needed.
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4956cdeb-d18a-41e6-b025-ec793d0e5363
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Must submit application and certain Any of the lender’s obtain VA approval for each underwriters underwriters may person to underwrite VA loans underwrite loans processed on the automatic basis. processed on the automatic basis.
To close No VA approval needed.
No VA approval needed.
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7d77cb53-d10b-4741-a7e6-35895fc94de8
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No VA approval needed.
Lender loans in Lender may close loans may close loans in any state. particular in any state. states To use agents Must submit request and Must submit request and obtain to process obtain VA recognition of VA recognition of each agent VA loans each agent with whom with whom the lender has an the lender has an ongoing relationship. ongoing relationship. k.
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7f226de0-9e77-489e-b3e8-a5c95211d0b4
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IRRRL IRRRLs, except those intended to refinance delinquent VA loans, can be Exception closed automatically by any lender in any state without specific approval of automatic authority, underwriters, or the state in which the loan is made.
|
VA_Guidelines.txt
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5f2ee290-4a89-4d85-9dbe-a90b4d9c6b7a
|
Use of agents to process IRRRLs is subject to the same requirements as agents processing other types of loans (see Topic 7 of this chapter). 1-5 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 2.
Before a Lender Starts Making Loans Change Date February 1, 2019 This chapter has been revised in its entirety. a.
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VA_Guidelines.txt
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a2d51f7c-c706-4369-a8ea-4b7a353359d1
|
Sending the This section applies to all lenders (supervised, non-supervised automatic, and Initial prior approval).
Information Package to VA First-time VA lenders must send the certain information to the VA Regional Loan Center (RLC) or the Honolulu Regional Office according to jurisdiction.
A complete list may be found at: http://www.benefits.va.gov/homeloans/contact_rlc_info.asp.
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VA_Guidelines.txt
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f29add7e-cc89-4339-af01-7458bde50c5b
|
The information that should be sent includes: specimen signatures of all officers, underwriters, or other personnel authorized to sign documents related to VA-guaranteed loan activities, VA Form 26-8812, VA Equal Opportunity Lender Certification, and a letter identifying the lender’s corporate address, the lender’s owners, any lending personnel or officers that VA or HUD ever debarred or took
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VA_Guidelines.txt
|
c069622e-a1df-4362-b4aa-64097e9ff8f7
|
or officers that VA or HUD ever debarred or took other adverse action against, and a list of all the lender’s branch offices that are involved in VA mortgage lending
|
VA_Guidelines.txt
|
ba0cf800-aba2-452c-9c54-4dd9ca490366
|
.
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VA_Guidelines.txt
|
92e08894-a73b-40e7-994a-c780d45fb6cd
|
In addition, VA may, at its discretion, order a credit report on a lender and/or interview principal officers.
Continued on next page 1-6 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 2.
Before a Lender Starts Making Loans, continued b.
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VA_Guidelines.txt
|
762e3061-69c0-42a2-90b2-fe1e26a09f61
|
Before a Lender Starts Making Loans, continued b.
What The VA RLC of jurisdiction will provide information to the lender, including Happens Next? training on VA loan processing, and a VA ID number to use for all VA lending transactions and documents as an identifier of the lender.
|
VA_Guidelines.txt
|
11860bd5-4f93-4b61-8639-1d1491ea87b6
|
The lender may download a copy of this VA Pamphlet 26-7, Lender’s Handbook, at http://www.warms.vba.va.gov/pam26_7.html.
To receive new lender information from the VA, including updates to this manual, the lender will need to sign up for GovDelivery at https://public.govdelivery.com/accounts/USVAVBA/subscriber/new?preferen ces=true.
|
VA_Guidelines.txt
|
607e238b-931d-4aef-b6f3-823b241a7ef8
|
The VA RLC of jurisdiction will serve as the lender’s primary contact point with VA.
Please direct all technical questions, requests for training, or requests for VA publications and materials to that office.
As soon as a lender becomes familiar with the laws, regulations, and procedures pertaining to VA-guaranteed loans, it may begin making VA loans.
|
VA_Guidelines.txt
|
925c8922-da3c-4ad5-aa7f-cd2468e6f876
|
A non-supervised lender must submit all loans except certain IRRRLs to VA for prior approval, unless the lender applies for, and receives, specific authority from VA to close loans on the automatic basis.
A lender supervised by one of the Federal entities described in Topic 3 of this chapter can begin closing loans on the automatic basis immediately.
|
VA_Guidelines.txt
|
7441a889-30b2-4e35-acba-75f39a2ce06d
|
A lender that must submit a request to VA for recognition as supervised must submit all loans except certain IRRRLs to VA for prior approval until it receives recognition as supervised.
See Topic 3 of this chapter for more information. 1-7 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 3.
|
VA_Guidelines.txt
|
396b948f-6bee-4ebd-9d68-853f1e0f58da
|
Lenders That are Considered Supervised Change Date February 1, 2019 This chapter has been revised in its entirety. a.
|
VA_Guidelines.txt
|
b76f195d-64e9-4d68-bbda-040e0a753252
|
Supervision VA considers any lender subject to mandatory periodic examination and by Certain supervision by any of the following Federal entities to be supervised: Federal Entities The Board of Governors of the Federal Reserve System The Federal Deposit Insurance Corporation The Comptroller of the Currency The National Credit Union Administration The Farm Credit Administration Lenders supervised
|
VA_Guidelines.txt
|
c43307f2-f532-49f9-a72d-f6ea3eb10d2a
|
The Farm Credit Administration Lenders supervised by these Federal entities are not required to request recognition from VA
|
VA_Guidelines.txt
|
ecd53887-d7cc-4ee3-8bbf-86fd017ec0ad
|
.
|
VA_Guidelines.txt
|
08713485-2b70-412d-80ef-8821901995db
|
Indicate which of the above Federal entities supervises the lender in the initial information package submitted to VA.
If VA needs clarification of the lender’s status, VA will request appropriate documentation from the lender. b.
|
VA_Guidelines.txt
|
8df13472-9d4e-43d3-a8b7-9cf6a2e705e5
|
These instructions apply to a lender that wishes to be recognized as a Circumstances supervised lender by VA, but is not directly supervised by one of the Federal under which VA entities listed in Topic 3, Subsection a, of this chapter.
|
VA_Guidelines.txt
|
e07a1072-16ae-4415-b935-148095f65ed5
|
In such cases, the Recognition as lender must request that VA specifically recognize it as supervised and must Supervised is be a wholly owned subsidiary or affiliate of a VA recognized supervised Needed lender.
|
VA_Guidelines.txt
|
c856d8ae-e769-4f89-aa8b-4a5460551e9f
|
The relationship between a wholly-owned subsidiary or affiliate of a VA- recognized supervised lender and that supervised lender is to be the basis for recognition as supervised, documentation of the structure, capitalization, and ownership of the subsidiary or affiliate and its legal/financial relationship to the supervised lender must be submitted to the VA office with jurisdiction over the
|
VA_Guidelines.txt
|
e52667cd-dff1-4af4-8765-69f3f8edf26c
|
to the VA office with jurisdiction over the lender’s home office
|
VA_Guidelines.txt
|
a0d8f094-ca45-4589-aa04-6131d093feed
|
.
|
VA_Guidelines.txt
|
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