Mitchell6024/quickb · Datasets at Hugging Face

id stringlengths 36 36	text stringlengths 1 400	source stringclasses 1 value
28d5972a-36e2-47ce-9450-19341d1a8911	Lenders Lenders that use a multitude of agents on an ongoing basis may submit a That use a “blanket” corporate resolution that contains: Multitude of Agents the agents’ function(s) (such as, taking the loan application, ordering the credit report and verifications of employment and deposit, holding settlement), a statement that the lender takes full responsibility for all acts, errors, or	VA_Guidelines.txt
4d7366d0-3b3d-4be2-be93-213790257528	full responsibility for all acts, errors, or omissions of its agents and agents’ employees, if agents will enter into interest rate lock-in agreements on the lender’s behalf, a statement that the lender will honor the lock-in, and the identity of the officer(s) of the lender who is (are) delegated authority to request recognition of additional agents under the “blanket” corporate resolution and	VA_Guidelines.txt
931cdfe7-17a6-4a36-a0fc-1d35a2fab990	under the “blanket” corporate resolution and delete agents	VA_Guidelines.txt
2c5d1ed1-1696-4825-975c-cd8beb970e86	.	VA_Guidelines.txt
a56a804c-b051-45a3-88d1-51830a854ce9	Even using a “blanket” corporate resolution, a request for VA recognition must be made for each new agent and appropriate fees paid. Include the agent’s name, address, telephone number, e-mail address, Federal Tax ID number and refer to the “blanket” corporate resolution, giving the date the board adopted it.	VA_Guidelines.txt
46b46bf4-e0b0-4679-ab46-a1e8c82c32c0	The lender may begin to use an agent after VA sends recognition of the relationship to the lender in writing. Continued on next page 1-22 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 7. How a Supervised or Non-supervised Automatic Lender Requests VA Recognition of an Agent, continued c.	VA_Guidelines.txt
c3ff8359-a46d-4620-9582-a31a03a4e500	Lenders Lenders that use a multitude of agents on an ongoing basis may submit a That use a “blanket” corporate resolution that contains: Multitude of Agents the agents’ function(s) (such as, taking the loan application, ordering the credit report and verifications of employment and deposit, holding settlement), a statement that the lender takes full responsibility for all acts, errors, or	VA_Guidelines.txt
c4001f58-127a-43ea-80ab-d25904c1d593	full responsibility for all acts, errors, or omissions of its agents and agents’ employees, if agents will enter into interest rate lock-in agreements on the lender’s behalf, a statement that the lender will honor the lock-in, and the identity of the officer(s) of the lender who is (are) delegated authority to request recognition of additional agents under the “blanket” corporate resolution and	VA_Guidelines.txt
193e0175-66ff-4547-9f6a-ecd762d81399	under the “blanket” corporate resolution and delete agents	VA_Guidelines.txt
ef7a94e4-6e35-4762-b928-f8fd4dccd0cf	.	VA_Guidelines.txt
30c5960f-ed6f-4a64-8e0c-6e284fc07106	Even using a “blanket” corporate resolution, a request for VA recognition must be made for each new agent and appropriate fees paid. Include the agent’s name, address, telephone number, e-mail address, Federal Tax ID number and refer to the “blanket” corporate resolution, giving the date the board adopted it.	VA_Guidelines.txt
53f9c4c1-0155-4612-acdc-313ec78e9570	The lender may begin to use an agent after VA sends recognition of the relationship to the lender in writing. Continued on next page 1-22 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 7. How a Supervised or Non-supervised Automatic Lender Requests VA Recognition of an Agent, continued d.	VA_Guidelines.txt
35fcc079-067d-47f4-ac63-2ae27963d388	How to If the loan is closed and funded by the lender (not the agent), or an agent Complete VA conducts the closing but a sponsoring lender buys (funds) the loan at closing Form 26-1820 (commonly called table funding), enter the: lender’s VA ID number in item 2B, and name and function of the agent in item 24J. Note: The lender must complete items 25 and 26.	VA_Guidelines.txt
df099d8c-0af5-4064-84a5-5cc7d119d0b2	Note: The lender must complete items 25 and 26. If the loan is closed and funded in the agent’s name pursuant to an agent agreement, enter the following: agent’s VA ID number in item 2B name and function of the agent in item 24J, and agent’s name, followed by the words “agent for (lender’s name),” and agent’s address in 25A. Note: The agent must complete items 25 and 26. e.	VA_Guidelines.txt
e75759d5-a310-4904-9d82-7deb38e61a4d	Note: The agent must complete items 25 and 26. e. Enter Both VA Form 26-0286, VA Loan Summary Sheet, contains spaces marked ID Numbers “Lender VA ID Number” and “Agent VA ID Number (if applicable).” on VA Form Always enter both ID numbers if an agent has performed any function(s) on 26-0286 behalf of the sponsoring lender in connection with the loan. f.	VA_Guidelines.txt
91e45842-36f7-4bca-9466-13dd92b89665	Who is the VA will issue the Loan Guaranty Certificate (LGC) to the sponsoring lender LGC Issued in WebLGY. to? Continued on next page 1-23 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 7. How a Supervised or Non-supervised Automatic Lender Requests VA Recognition of an Agent, continued g.	VA_Guidelines.txt
49163419-e1ff-46a1-a9db-0533a95f5939	When Can If the lender has automatic authority, its agent can close loans automatically an Agent Close on its behalf.	VA_Guidelines.txt
ae94f36d-e6c2-480d-8f38-5fe51bfb6c70	This can be done to the extent the loans could be closed Loans automatically if made by the lender, provided VA requirements for Automatically? recognition of an agency relationship and reporting it on VA Form 26-1820, Report and Certification of Loan Disbursement, have been complied with.	VA_Guidelines.txt
44058eef-9150-4cdb-97ff-6006b79c3e57	If the lender is a non-supervised automatic lender, this means all loans must be reviewed and approved by a VA-approved underwriter employed by the lender. Exception: The underwriter’s certification must appear on VA Form 26- 6393, Loan Analysis, as required for VA loans closed on the automatic basis that do not involve agents. h.	VA_Guidelines.txt
7dbf5b48-4585-4907-8d76-0880fd28b9c9	Prior If the lender does not have automatic authority, they may not use the services Approval of an agent. Follow prior approval procedures in Chapter 5 of this handbook. Lenders 1-24 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8.	VA_Guidelines.txt
0a20ebcb-7a45-4c23-aabc-c9b92777b1cd	Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders Change Date February 1, 2019 This chapter has been revised in its entirety. a. The Issue Changes in ownership or corporate structure of a lender may impact its continued qualifications for automatic authority.	VA_Guidelines.txt
e1c5628f-d12f-4779-9b82-7c1c44f5c121	Lenders must notify VA whenever a merger, acquisition, or change in the ownership of the lender occurs, so that VA can evaluate any impact on the lender’s participation in the VA Home Loan program.	VA_Guidelines.txt
686ecf03-849e-4dd1-963b-ec60ea40962b	Although only the terms “merger” and “acquisition” and “selling,” “acquiring” or “surviving” entities are used in this paragraph, the concepts and procedures in this paragraph apply to every type of restructuring that has a significant impact on an organization’s ownership, structure, or assets, and so on.	VA_Guidelines.txt
278585c7-5f0c-4d28-ad6a-704d412562a6	Continued on next page 1-25 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8. Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders, continued b.	VA_Guidelines.txt
7d399096-a8e6-48ca-9d9f-99ac3c965203	Required Whenever a supervised or non-supervised lender with automatic authority is Submissions involved in a merger or acquisition, it must submit a $100 processing fee along with the following information to the RLC with jurisdiction over its home office: the names of the acquiring and selling entities, and the surviving entity	VA_Guidelines.txt
ac4b4561-ff8d-4a9f-a626-a3b03208f6ca	. the information listed in Topic 2, Subsection a, of this chapter for the surviving entity. a general description of the assets being acquired in the merger or acquisition. the addresses of all branch offices and their current VA ID numbers that are involved in VA mortgage lending, and whether they will continue to operate or be closed	VA_Guidelines.txt
2b9a2c4d-e358-4d96-bde2-1e3649597025	. a list of agents and their VA ID numbers that will be used by the surviving entity and have already been recognized by VA as agents of the selling or acquiring entities.	VA_Guidelines.txt
e2425431-9a1d-45f0-aa2f-99e25dd6b867	Requests for recognition of new agents may accompany the submission along with appropriate fees and corporate resolutions. See Topic 7 of this chapter for more information. Note: Any of these items that remain unchanged do not have to be resubmitted; simply indicate that they are unchanged. Questions about merger or acquisition transactions should be sent to the RLC of jurisdiction.	VA_Guidelines.txt
c790238c-a4c3-41ae-bcaf-31a2e48d620f	Since each merger or acquisition is unique, VA may discover that it needs to request additional information from the lender during its review. Lenders with questions may send an e-mail to LoanPolicy. VBAVACO@va.gov. Continued on next page 1-26 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8.	VA_Guidelines.txt
63acef75-489a-4cef-b87b-bb1fc050f3ba	Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders, continued c.	VA_Guidelines.txt
0b07562f-d03a-457e-8413-8fd43d20d067	Additional Non-supervised automatic lenders must also provide: Submissions for Non- a resume for each new owner or principal officer (president plus any supervised officers involved in managing loan origination functions) of the surviving Automatic entity showing mortgage lending experience, and Lenders a list of underwriters to be employed by the surviving entity who had already been approved by	VA_Guidelines.txt
6871db9b-96df-4ce7-965a-faf7e04f236c	surviving entity who had already been approved by VA as underwriters for the selling or acquiring entities	VA_Guidelines.txt
a1afb2d7-b9a3-4cc7-9554-074c5a131b51	.	VA_Guidelines.txt
803062e2-1f41-4fd4-bc23-cc47ed21bf99	Requests for approval of new underwriters may accompany the submission along with appropriate fees and application materials. d. Additional LAPP lenders must also provide a list of LAPP Staff Appraisal Reviewers Submissions (SAR) to be employed by the surviving entity that had already been approved for the Lender by VA as SARs for the selling or acquiring entities.	VA_Guidelines.txt
8647e90e-3146-4c38-8c40-b5f9b0a737c0	Include their SAR ID Appraising numbers and a copy of any VA letter(s) which state that these SARs have met Processing the VA training and case review requirements. Program (LAPP) An additional submission is required for any of these SARs if the entity that employed them when they were approved by VA bore a different company name than the surviving entity.	VA_Guidelines.txt
588ec677-1807-44b7-aca8-4c0637a50864	For each such SAR, submit a newly executed SAR application and lender certifications by the surviving entity, in the prescribed order. (See Chapter 15 of this handbook.) Exception: If the entity that previously employed the SAR was a wholly owned subsidiary of the surviving entity, this additional submission may not be required.	VA_Guidelines.txt
b5b5e816-5dcb-44c1-8431-1888e68b13a7	Also provide a list of the LAPP SARs (and their ID numbers) of the selling or acquiring entities that will no longer be employed by the surviving entity. Requests for approval of new SARs may accompany the submission along with appropriate fees and application materials. Reference: See Chapter 15 of this handbook.	VA_Guidelines.txt
6f4022f3-604e-412e-9ec7-d5e1165963d3	Reference: See Chapter 15 of this handbook. Continued on next page 1-27 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8. Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders, continued c.	VA_Guidelines.txt
037994bd-f3b4-44cc-9061-43418b462aaa	Additional Non-supervised automatic lenders must also provide: Submissions for Non- a resume for each new owner or principal officer (president plus any supervised officers involved in managing loan origination functions) of the surviving Automatic entity showing mortgage lending experience, and Lenders a list of underwriters to be employed by the surviving entity who had already been approved by	VA_Guidelines.txt
16527098-457e-47da-88a5-d1d18c21a13c	surviving entity who had already been approved by VA as underwriters for the selling or acquiring entities	VA_Guidelines.txt
5bd3a3da-74ae-4c77-ac5f-d6a7d66f11fb	.	VA_Guidelines.txt
19b44844-67eb-4c23-9197-c97310983342	Requests for approval of new underwriters may accompany the submission along with appropriate fees and application materials. d. Additional LAPP lenders must also provide a list of LAPP Staff Appraisal Reviewers Submissions (SAR) to be employed by the surviving entity that had already been approved for the Lender by VA as SARs for the selling or acquiring entities.	VA_Guidelines.txt
28b41e6d-918c-44f3-8c57-f31719047d63	Include their SAR ID Appraising numbers and a copy of any VA letter(s) which state that these SARs have met Processing the VA training and case review requirements. Program (LAPP) An additional submission is required for any of these SARs if the entity that employed them when they were approved by VA bore a different company name than the surviving entity.	VA_Guidelines.txt
1c5f8efe-5c27-4331-b559-a9b71bd51a0a	For each such SAR, submit a newly executed SAR application and lender certifications by the surviving entity, in the prescribed order. (See Chapter 15 of this handbook.) Exception: If the entity that previously employed the SAR was a wholly owned subsidiary of the surviving entity, this additional submission may not be required.	VA_Guidelines.txt
dfd28189-ddfc-4df9-818f-d422615e8d52	Also provide a list of the LAPP SARs (and their ID numbers) of the selling or acquiring entities that will no longer be employed by the surviving entity. Requests for approval of new SARs may accompany the submission along with appropriate fees and application materials. Reference: See Chapter 15 of this handbook.	VA_Guidelines.txt
ebb196dd-cb12-462c-ab8a-916627948b39	Reference: See Chapter 15 of this handbook. Continued on next page 1-27 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8. Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders, continued e.	VA_Guidelines.txt
2b36c132-406e-4b79-9a26-e07fb4c19040	Immediate A change in the ownership of a non-supervised automatic lender always Impact While extinguishes the automatic authority (and therefore the LAPP authority) of VA Reviews the lender unless the new entity is supervised.	VA_Guidelines.txt
b37988f6-a186-4ae9-b083-fb830803d585	Submission Whenever a supervised lender undergoes merger or acquisition, apply the standards detailed in Topic 4 of this chapter, to determine whether the surviving entity is supervised.	VA_Guidelines.txt
9d32f289-d382-4dd3-9258-f4eaa193a986	The following table lists some of the scenarios that can emerge from a merger or acquisition and provides whether the surviving entity can exercise automatic authority while VA is reviewing its merger/acquisition submission, and any additional submissions the entity must send to VA. Note: These are in addition to the required submissions detailed in the preceding material in this section.	VA_Guidelines.txt
21073afe-89b2-4d21-b232-b64185fc13ce	Prior Status of Status of Additional Authority of Restructured Surviving Submissions Surviving Entity Entity(ies) Entity Appears Needed while Awaiting to be VA Review Supervised and/or Supervised by a None Automatic Non-supervised Federal entity authority Automatic listed in Topic 3 continues. of this chapter.	VA_Guidelines.txt
1faee42d-f1cf-4867-ab74-d266b202528a	Continued on next page 1-28 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8. Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders, continued e.	VA_Guidelines.txt
ae5ce7bd-0258-48ef-b890-98fe0c1539dd	Immediate Prior Status of Status of Additional Authority of Impact While Restructured Surviving Submissions Surviving Entity VA Reviews Entity(ies) Entity Needed while Awaiting VA Submission, Appears to be Review continued At least one of Supervised, Request for If the nature and the entities was but status is recognition as source of supervision supervised not clear.	VA_Guidelines.txt
20e973ea-7407-4f7a-9b38-aedbdf25c256	VA supervised and of the surviving entity recognition as information is the same as for the supervised is specified in prior supervised required under section 3 of this entity, automatic section 3 of chapter. authority continues. this chapter. If supervision has changed, submit all loans for prior approval until VA makes a determination.	VA_Guidelines.txt
38837eb6-d5a9-4d9e-8165-2c5492a1a3fb	Non-supervised Supervised, Request for Submit all loans for Automatic only but status is recognition as prior approval until not clear. VA supervised and VA makes a recognition as information determination. supervised is specified in required section 3 of this under section chapter. 3 of this chapter. Continued on next page 1-29 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8.	VA_Guidelines.txt
0fc37127-7b60-446f-9cc5-4539bb4d96a0	Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders, continued e.	VA_Guidelines.txt
ec1a5899-74cf-4220-9ac5-915cf3a1b41a	Immediate Prior Status of Status of Additional Authority of Impact While Restructured Surviving Submissions Surviving Entity VA Reviews Entity(ies) Entity Needed while Awaiting VA Submission, Appears to be Review continued At least one of Supervised, Request for If the nature and the entities was but status is recognition as source of supervision supervised not clear.	VA_Guidelines.txt
9c0487ef-f81b-4fa7-b80b-849eec97bb6d	VA supervised and of the surviving entity recognition as information is the same as for the supervised is specified in prior supervised required under section 3 of this entity, automatic section 3 of chapter. authority continues. this chapter. If supervision has changed, submit all loans for prior approval until VA makes a determination.	VA_Guidelines.txt
26aff2b3-1bfb-4de1-ae75-a3212412dbfe	Non-supervised Supervised, Request for Submit all loans for Automatic only but status is recognition as prior approval until not clear. VA supervised and VA makes a recognition as information determination. supervised is specified in required section 3 of this chapter. 3 of this chapter. Continued on next page 1-29 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8.	VA_Guidelines.txt
06c9cca0-3805-4083-ae2f-86b935734a20	Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders, continued e.	VA_Guidelines.txt
b3f37402-9d13-4856-ab33-80a03150dac8	Immediate Prior Status Status of Additional Authority of Impact While of Surviving Submissions Surviving Entity VA Reviews Restructured Entity Needed while Awaiting VA Submission, Entity(ies) Appears to be Review continued Non- Non-supervised If the surviving Automatic authority is supervised lender entity wishes to extinguished.	VA_Guidelines.txt
d750c098-8a05-4cae-8b14-e0be37bc646f	Submit automatic have automatic all loans for prior with different authority, it must approval until VA ownership submit a complete makes a determination than new application on the application for surviving for automatic automatic authority. entity and/or authority with the a supervised appropriate fee lender (see section 5 of this chapter).	VA_Guidelines.txt
39d96581-a088-4a3f-b54e-b1b2e35a37db	Non- Non-supervised None Automatic authority supervised lender continues if lender automatic retains its VA- with same approved ownership as underwriter(s). surviving entity 1-30 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8. Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders, continued e.	VA_Guidelines.txt
a50ee4dc-f884-43e1-a631-cf91dc6febb6	Immediate Prior Status Status of Additional Authority of Impact While of Surviving Submissions Surviving Entity VA Reviews Restructured Entity Needed while Awaiting VA Submission, Entity(ies) Appears to be Review continued Non- Non-supervised If the surviving Automatic authority is supervised lender entity wishes to extinguished.	VA_Guidelines.txt
f57af7d3-9620-4ab9-9d0c-9b7f8c4f343b	Submit automatic have automatic all loans for prior with different authority, it must approval until VA ownership submit a complete makes a determination than new application on the application for surviving for automatic automatic authority. entity and/or authority with the a supervised appropriate fee lender (see section 5 of this chapter).	VA_Guidelines.txt
0414ee77-1f71-437a-9100-aae6f2b60d51	Non- Non-supervised None Automatic authority supervised lender continues if lender automatic retains its VA- with same approved ownership as underwriter(s). surviving entity 1-30 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 9.	VA_Guidelines.txt
c4dbdb90-35c6-4706-8ef3-a5643622687a	Withdrawal of Automatic Authority from Supervised or Non-supervised Automatic Lenders Change Date February 1, 2019 This chapter has been revised in its entirety. a. General VA can withdraw a lender’s automatic authority for proper cause, after giving the lender 30 days notice. This applies to both supervised and non-supervised lenders. VA regulations at 38 CFR 36.4349 provide the framework.	VA_Guidelines.txt
61c6ef58-4168-4938-a49c-72a76497be79	The lender may continue processing loans on a prior approval basis after its automatic authority has been withdrawn. The remainder of this Topic gives the reasons a lender’s automatic authority can be withdrawn, and the corresponding period for which the withdrawal will be effective. b.	VA_Guidelines.txt
841a09f5-4178-4121-a084-c3fceec3a8f4	Withdrawal Withdrawal for an indefinite period can be based on any of the following: for an Indefinite Failure to continue meeting basic qualifying criteria: Period For supervised lenders, this includes loss of status as an entity subject to examination and supervision by a Federal or State regulatory agency.	VA_Guidelines.txt
99dce800-d458-4f84-ae56-89c0a6adbf46	For non-supervised lenders, this includes no approved underwriter, failure to maintain $50,000 working capital or $250,000 adjusted net worth, and/or failure to file the required financial statements. Any of the causes for debarment set forth in 38 CFR 44.	VA_Guidelines.txt
24be3c6f-d6da-4000-9645-21e04e1251ae	During the probationary period for newly-approved non-supervised automatic lenders, automatic authority may be withdrawn for poor underwriting consistently careless processing, failure to provide loan files timely, or to provide other necessary documents as requested by VA.	VA_Guidelines.txt
52deb42b-8f16-47fd-b012-7400b11cfac8	Continued on next page 1-31 Continued from previous page 1-31 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 9. Withdrawal of Automatic Authority from Supervised or Non-supervised Automatic Lenders, continued c.	VA_Guidelines.txt
a2d5c2b6-c990-42d1-9127-2b5ee2ec2511	Withdrawal Withdrawal for 60 days can be based on any of the following: for 60 Days Loan submissions show deficiencies in credit underwriting after repeatedly being called to the lender’s attention, such as the use of unstable sources of income to qualify borrower or ignoring significant adverse credit items affecting applicant’s creditworthiness.	VA_Guidelines.txt
1a7c9995-bcec-4d22-bc64-e6b653d198ef	Employment or deposit verifications are hand carried by applicants or otherwise improperly permitted to pass through the hands of a third party. Consistently incomplete loan submissions after repeatedly being called to the lender’s attention. Continued instances of disregard of VA requirements after repeatedly being called to the lender’s attention.	VA_Guidelines.txt
761bb6c2-6b65-4c37-add9-a5367d9b65ed	Continued on next page 1-32 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 9. Withdrawal of Automatic Authority from Supervised or Non-supervised Automatic Lenders, continued d. Withdrawal Withdrawal for 180 days can be based on any of the following: for 180 Days Loans conflict with VA credit standards and would not have been made by a lender acting prudently.	VA_Guidelines.txt
7ed3b21e-6c36-439c-b6dd-c926fc2b0143	Failure to disclose to VA significant obligations or other information so material to the Veteran’s ability to repay the loan that undue risk to the Government results. Employment or deposit verifications are hand carried by the applicant or otherwise mishandled, resulting in submission of significant misinformation to VA.	VA_Guidelines.txt
d819eb8b-d264-45b1-abeb-c1c83d81142c	Substantiated complaints are received that the lender misrepresented VA requirements to Veterans to the detriment of their interests. Examples: The Veteran was dissuaded from seeking a lower interest rate based on lender’s incorrect advice that such options were excluded by VA requirements.	VA_Guidelines.txt
53208d51-4aa1-4419-9ed4-7eed8b795412	Closing documents show instances of improper charges to Veteran after the impropriety of such charges are called to lender’s attention by VA, or the lender refuses to refund such charges after notification by VA. Other instances of lender actions prejudicial to the interests of Veterans such as deliberate delays in scheduling loan closings. e.	VA_Guidelines.txt
f0fd72fd-d728-4d7a-b100-bb22202a6bd7	Withdrawal Withdrawal for 1 to 3 years can be based on any of the following: for 1 to 3 Years Failure to properly disburse loans, such as loan disbursement checks are returned due to insufficient funds. Involvement by the lender in the improper use of a Veteran’s entitlement, such as knowingly permitting the Veteran to violate occupancy requirements.	VA_Guidelines.txt
e0cd7572-a535-4ff4-895d-09eace0c50ce	Lender involvement in the Veteran’s sale of entitlement to a third party, such as a lender makes the loan with the knowledge that the Veteran is not purchasing the property to be his or her home. Instead, the Veteran intends to transfer title to a third party who assumes the loan shortly after closing. 1-33 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 10.	VA_Guidelines.txt
347794c8-3e98-4f57-a5ec-41f76bb31dff	Participation Fees for Supervised and Non-supervised Automatic Lenders Change Date February 1, 2019 This chapter has been revised in its entirety. a. Introduction Per 38 C. F. R. 36.4348, VA is authorized to collect fees from lenders with automatic authority to help defray the costs of administering the VA Home Loan program.	VA_Guidelines.txt
e10bdf04-c797-43c1-aea6-73fa9594bbb4	Always submit fees to the RLC with jurisdiction over the lender’s home office. Fees consist of annual participation fees, and administrative fees (for processing lender requests). If the lender submits a request for administrative action without the correct processing fee, VA will delay processing of the request until the fee is received.	VA_Guidelines.txt
30eb0991-e132-4b9f-91b3-ebb91d863ecb	Fees are nonrefundable, even if the request is denied (except in cases of accidental overpayment). Pay all fees by lender’s check to the Department of Veterans Affairs. If an agent, underwriter, or SAR approved by VA for a role with one lender begins work for another lender, the new lender must request and pay the fee for a new VA recognition or approval of that individual. b.	VA_Guidelines.txt
0a79f459-6515-4f90-90be-ee1af53a72c1	Annual Fees Remit fees within 120 days of the end of the lender’s fiscal year to the RLC for Non- with jurisdiction of the lender’s home office. If the lender has ongoing VA- supervised recognized agency relationships, a list of agent relationships is required. Automatic Lenders Continued on next page 1-34 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 10.	VA_Guidelines.txt
615636b6-33fe-4182-a025-a873f4571c8f	Participation Fees for Supervised and Non-supervised Automatic Lenders, continued b. Annual Fees The fees are as follows: for Non- supervised $200 annual recertification fee.	VA_Guidelines.txt
673931ee-356c-4795-bb20-57031a34afd1	Automatic $100 for annual renewal of each agent that acts for the lender and was Lenders, recognized by VA as the lender’s agent as of the end of its fiscal year. continued Note: No annual fee is due for an agent if VA’s letter of recognition is dated within the last quarter of the lender’s most recent fiscal year. $500 for processing an application for automatic authority.	VA_Guidelines.txt
94a2d4ed-5cfd-44d3-9443-d528fe29aba4	The required fee includes any requests submitted simultaneously for the review of underwriter nominees, and does not include simultaneous requests for recognition of agents. This requires an additional $100 fee per agent. c. Other Remit fees along with requests for approval, recognition, or other VA actions Administrative related to lender status.	VA_Guidelines.txt
aaeb8be6-35a3-45d2-8c14-9cb6781c410e	Fees for Non- supervised The required fees are: Automatic Lenders $100 for processing requests for approval of each nominee for underwriter.	VA_Guidelines.txt
6ecdaea8-25e5-4c49-8455-bbd8005088a6	This is not required if submitted with the request for automatic authority, $100 for processing requests for VA recognition of each lender agent, $200 for processing requests for reinstatement of lapsed or terminated automatic authority, and a minimum fee of $100 per request for any other VA administrative actions pertaining to a lender’s participation in the automatic lending program.	VA_Guidelines.txt
6aa0eafc-9d63-4aea-9d59-964f835bb4f0	Examples: Submission from a lender that undergoes a merger. If the fee to process a request is greater than $100, VA will notify the lender. Continued on next page 1-35 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 10. Participation Fees for Supervised and Non-supervised Automatic Lenders, continued d.	VA_Guidelines.txt
cfa14c91-630c-4bd7-9642-053d3577456e	Annual Fees Annual fees for supervised lenders are only required of lenders with ongoing for Supervised agency relationships. Remit fees by January 31 of each year based on the Lenders lender’s agent relationships in the previous calendar year, along with a list of agent relationships the lender wants to renew.	VA_Guidelines.txt
8fdaf902-82ce-4d63-a29c-a386baaac152	The required fee is $100 for annual renewal of each lender agent that acts for the lender and has been recognized by VA as the lender’s agent. Note: an annual fee is not due for an agent if VA’s letter of recognition is dated within the last quarter of the most recent calendar year. e. The fee is $100 for processing requests for VA recognition of each lender Administrative agent.	VA_Guidelines.txt
699799bb-c2c1-4da6-b570-2da0199976e1	Fees for Supervised Lenders f. LAPP Fees Lenders must pay a one-time $100 fee for each SAR applicant. Remit the fee with the SAR application to the appropriate VA office. The fee is non- refundable, even if the applicant is found not to be acceptable. If a SAR is approved and subsequently moves to another lender, a $100 application fee must be paid by the new employer.	VA_Guidelines.txt
890b2605-b8d2-459f-98d0-a9241a428fad	For detailed information on the LAPP, see Chapter 15 of this handbook. 1-36 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 11. Maintenance of Loan Records Change Date February 1, 2019 This chapter has been revised in its entirety. a. Requirement Lenders must maintain all loan origination records on VA-guaranteed home loans for at least 2 years from the date of loan closing.	VA_Guidelines.txt
54cc6a2c-fa03-41b7-a71b-26c0f1d88f17	Even if the loan is sold, the original lender must maintain all records (or legible copies) for the required period. b.	VA_Guidelines.txt
875a458d-e639-4673-8a0d-0f796ec415eb	Examples of Loan origination records include: Loan Records the loan application (including any preliminary application), verifications of employment and deposit, all credit reports (including preliminary credit reports), copies of each sales contract and addendum(s), letters of explanation for adverse credit items and discrepancies, direct references from creditors, correspondence with employers,	VA_Guidelines.txt
6ebd9d72-d1e7-4bc3-977a-b6425be78ee8	from creditors, correspondence with employers, appraisal and compliance inspection reports , reports on termite and other inspections of the property, builder change orders, and all closing papers and documents	VA_Guidelines.txt
dfc19cd1-6457-4608-9aae-57ad8727a1c6	. c.	VA_Guidelines.txt
24b105f6-9f36-4379-8f72-1475a39e1e0f	Accessibility Lenders must make these records accessible to VA personnel conducting audit reviews. 1-37 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 12. Lender Access to Training and Information Change Date February 1, 2019 This chapter has been revised in its entirety. a.	VA_Guidelines.txt
113d8af0-bc09-443a-9c28-ea63f4f980f4	VA The RLCs and the Honolulu Regional Office conduct regular training sessions Training for lenders and other program participants in their jurisdictions. Each lender Sessions should: at a minimum, have a representative attend one VA training session per year. increase participation if lender management or VA identifies a greater need.	VA_Guidelines.txt
7831885c-fbca-4b99-a772-7eb8a21ba3fd	Discuss any special training needs with the RLC of jurisdiction. b. Web-based VA offers interactive web-based training sessions to lenders and servicers. The Training HomeTown USA credit standards training course is located on your landing page within VIP at https://vip.vba.va.gov/portal/VBAH/Home.	VA_Guidelines.txt

28d5972a-36e2-47ce-9450-19341d1a8911

Lenders Lenders that use a multitude of agents on an ongoing basis may submit a That use a “blanket” corporate resolution that contains: Multitude of Agents the agents’ function(s) (such as, taking the loan application, ordering the credit report and verifications of employment and deposit, holding settlement), a statement that the lender takes full responsibility for all acts, errors, or

VA_Guidelines.txt

4d7366d0-3b3d-4be2-be93-213790257528

full responsibility for all acts, errors, or omissions of its agents and agents’ employees, if agents will enter into interest rate lock-in agreements on the lender’s behalf, a statement that the lender will honor the lock-in, and the identity of the officer(s) of the lender who is (are) delegated authority to request recognition of additional agents under the “blanket” corporate resolution and

VA_Guidelines.txt

931cdfe7-17a6-4a36-a0fc-1d35a2fab990

under the “blanket” corporate resolution and delete agents

VA_Guidelines.txt

2c5d1ed1-1696-4825-975c-cd8beb970e86

.

VA_Guidelines.txt

a56a804c-b051-45a3-88d1-51830a854ce9

Even using a “blanket” corporate resolution, a request for VA recognition must be made for each new agent and appropriate fees paid. Include the agent’s name, address, telephone number, e-mail address, Federal Tax ID number and refer to the “blanket” corporate resolution, giving the date the board adopted it.

VA_Guidelines.txt

46b46bf4-e0b0-4679-ab46-a1e8c82c32c0

The lender may begin to use an agent after VA sends recognition of the relationship to the lender in writing. Continued on next page 1-22 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 7. How a Supervised or Non-supervised Automatic Lender Requests VA Recognition of an Agent, continued c.

VA_Guidelines.txt

c3ff8359-a46d-4620-9582-a31a03a4e500

Lenders Lenders that use a multitude of agents on an ongoing basis may submit a That use a “blanket” corporate resolution that contains: Multitude of Agents the agents’ function(s) (such as, taking the loan application, ordering the credit report and verifications of employment and deposit, holding settlement), a statement that the lender takes full responsibility for all acts, errors, or

VA_Guidelines.txt

c4001f58-127a-43ea-80ab-d25904c1d593

full responsibility for all acts, errors, or omissions of its agents and agents’ employees, if agents will enter into interest rate lock-in agreements on the lender’s behalf, a statement that the lender will honor the lock-in, and the identity of the officer(s) of the lender who is (are) delegated authority to request recognition of additional agents under the “blanket” corporate resolution and

VA_Guidelines.txt

193e0175-66ff-4547-9f6a-ecd762d81399

under the “blanket” corporate resolution and delete agents

VA_Guidelines.txt

ef7a94e4-6e35-4762-b928-f8fd4dccd0cf

.

VA_Guidelines.txt

30c5960f-ed6f-4a64-8e0c-6e284fc07106

Even using a “blanket” corporate resolution, a request for VA recognition must be made for each new agent and appropriate fees paid. Include the agent’s name, address, telephone number, e-mail address, Federal Tax ID number and refer to the “blanket” corporate resolution, giving the date the board adopted it.

VA_Guidelines.txt

53f9c4c1-0155-4612-acdc-313ec78e9570

The lender may begin to use an agent after VA sends recognition of the relationship to the lender in writing. Continued on next page 1-22 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 7. How a Supervised or Non-supervised Automatic Lender Requests VA Recognition of an Agent, continued d.

VA_Guidelines.txt

35fcc079-067d-47f4-ac63-2ae27963d388

How to If the loan is closed and funded by the lender (not the agent), or an agent Complete VA conducts the closing but a sponsoring lender buys (funds) the loan at closing Form 26-1820 (commonly called table funding), enter the: lender’s VA ID number in item 2B, and name and function of the agent in item 24J. Note: The lender must complete items 25 and 26.

VA_Guidelines.txt

df099d8c-0af5-4064-84a5-5cc7d119d0b2

Note: The lender must complete items 25 and 26. If the loan is closed and funded in the agent’s name pursuant to an agent agreement, enter the following: agent’s VA ID number in item 2B name and function of the agent in item 24J, and agent’s name, followed by the words “agent for (lender’s name),” and agent’s address in 25A. Note: The agent must complete items 25 and 26. e.

VA_Guidelines.txt

e75759d5-a310-4904-9d82-7deb38e61a4d

Note: The agent must complete items 25 and 26. e. Enter Both VA Form 26-0286, VA Loan Summary Sheet, contains spaces marked ID Numbers “Lender VA ID Number” and “Agent VA ID Number (if applicable).” on VA Form Always enter both ID numbers if an agent has performed any function(s) on 26-0286 behalf of the sponsoring lender in connection with the loan. f.

VA_Guidelines.txt

91e45842-36f7-4bca-9466-13dd92b89665

Who is the VA will issue the Loan Guaranty Certificate (LGC) to the sponsoring lender LGC Issued in WebLGY. to? Continued on next page 1-23 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 7. How a Supervised or Non-supervised Automatic Lender Requests VA Recognition of an Agent, continued g.

VA_Guidelines.txt

49163419-e1ff-46a1-a9db-0533a95f5939

When Can If the lender has automatic authority, its agent can close loans automatically an Agent Close on its behalf.

VA_Guidelines.txt

ae94f36d-e6c2-480d-8f38-5fe51bfb6c70

This can be done to the extent the loans could be closed Loans automatically if made by the lender, provided VA requirements for Automatically? recognition of an agency relationship and reporting it on VA Form 26-1820, Report and Certification of Loan Disbursement, have been complied with.

VA_Guidelines.txt

44058eef-9150-4cdb-97ff-6006b79c3e57

If the lender is a non-supervised automatic lender, this means all loans must be reviewed and approved by a VA-approved underwriter employed by the lender. Exception: The underwriter’s certification must appear on VA Form 26- 6393, Loan Analysis, as required for VA loans closed on the automatic basis that do not involve agents. h.

VA_Guidelines.txt

7dbf5b48-4585-4907-8d76-0880fd28b9c9

Prior If the lender does not have automatic authority, they may not use the services Approval of an agent. Follow prior approval procedures in Chapter 5 of this handbook. Lenders 1-24 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8.

VA_Guidelines.txt

0a20ebcb-7a45-4c23-aabc-c9b92777b1cd

Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders Change Date February 1, 2019 This chapter has been revised in its entirety. a. The Issue Changes in ownership or corporate structure of a lender may impact its continued qualifications for automatic authority.

VA_Guidelines.txt

e1c5628f-d12f-4779-9b82-7c1c44f5c121

Lenders must notify VA whenever a merger, acquisition, or change in the ownership of the lender occurs, so that VA can evaluate any impact on the lender’s participation in the VA Home Loan program.

VA_Guidelines.txt

686ecf03-849e-4dd1-963b-ec60ea40962b

Although only the terms “merger” and “acquisition” and “selling,” “acquiring” or “surviving” entities are used in this paragraph, the concepts and procedures in this paragraph apply to every type of restructuring that has a significant impact on an organization’s ownership, structure, or assets, and so on.

VA_Guidelines.txt

278585c7-5f0c-4d28-ad6a-704d412562a6

Continued on next page 1-25 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8. Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders, continued b.

VA_Guidelines.txt

7d399096-a8e6-48ca-9d9f-99ac3c965203

Required Whenever a supervised or non-supervised lender with automatic authority is Submissions involved in a merger or acquisition, it must submit a $100 processing fee along with the following information to the RLC with jurisdiction over its home office: the names of the acquiring and selling entities, and the surviving entity

VA_Guidelines.txt

ac4b4561-ff8d-4a9f-a626-a3b03208f6ca

. the information listed in Topic 2, Subsection a, of this chapter for the surviving entity. a general description of the assets being acquired in the merger or acquisition. the addresses of all branch offices and their current VA ID numbers that are involved in VA mortgage lending, and whether they will continue to operate or be closed

VA_Guidelines.txt

2b9a2c4d-e358-4d96-bde2-1e3649597025

. a list of agents and their VA ID numbers that will be used by the surviving entity and have already been recognized by VA as agents of the selling or acquiring entities.

VA_Guidelines.txt

e2425431-9a1d-45f0-aa2f-99e25dd6b867

Requests for recognition of new agents may accompany the submission along with appropriate fees and corporate resolutions. See Topic 7 of this chapter for more information. Note: Any of these items that remain unchanged do not have to be resubmitted; simply indicate that they are unchanged. Questions about merger or acquisition transactions should be sent to the RLC of jurisdiction.

VA_Guidelines.txt

c790238c-a4c3-41ae-bcaf-31a2e48d620f

Since each merger or acquisition is unique, VA may discover that it needs to request additional information from the lender during its review. Lenders with questions may send an e-mail to LoanPolicy. VBAVACO@va.gov. Continued on next page 1-26 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8.

VA_Guidelines.txt

63acef75-489a-4cef-b87b-bb1fc050f3ba

Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders, continued c.

VA_Guidelines.txt

0b07562f-d03a-457e-8413-8fd43d20d067

Additional Non-supervised automatic lenders must also provide: Submissions for Non- a resume for each new owner or principal officer (president plus any supervised officers involved in managing loan origination functions) of the surviving Automatic entity showing mortgage lending experience, and Lenders a list of underwriters to be employed by the surviving entity who had already been approved by

VA_Guidelines.txt

6871db9b-96df-4ce7-965a-faf7e04f236c

surviving entity who had already been approved by VA as underwriters for the selling or acquiring entities

VA_Guidelines.txt

a1afb2d7-b9a3-4cc7-9554-074c5a131b51

.

VA_Guidelines.txt

803062e2-1f41-4fd4-bc23-cc47ed21bf99

Requests for approval of new underwriters may accompany the submission along with appropriate fees and application materials. d. Additional LAPP lenders must also provide a list of LAPP Staff Appraisal Reviewers Submissions (SAR) to be employed by the surviving entity that had already been approved for the Lender by VA as SARs for the selling or acquiring entities.

VA_Guidelines.txt

8647e90e-3146-4c38-8c40-b5f9b0a737c0

Include their SAR ID Appraising numbers and a copy of any VA letter(s) which state that these SARs have met Processing the VA training and case review requirements. Program (LAPP) An additional submission is required for any of these SARs if the entity that employed them when they were approved by VA bore a different company name than the surviving entity.

VA_Guidelines.txt

588ec677-1807-44b7-aca8-4c0637a50864

For each such SAR, submit a newly executed SAR application and lender certifications by the surviving entity, in the prescribed order. (See Chapter 15 of this handbook.) Exception: If the entity that previously employed the SAR was a wholly owned subsidiary of the surviving entity, this additional submission may not be required.

VA_Guidelines.txt

b5b5e816-5dcb-44c1-8431-1888e68b13a7

Also provide a list of the LAPP SARs (and their ID numbers) of the selling or acquiring entities that will no longer be employed by the surviving entity. Requests for approval of new SARs may accompany the submission along with appropriate fees and application materials. Reference: See Chapter 15 of this handbook.

VA_Guidelines.txt

6f4022f3-604e-412e-9ec7-d5e1165963d3

Reference: See Chapter 15 of this handbook. Continued on next page 1-27 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8. Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders, continued c.

VA_Guidelines.txt

037994bd-f3b4-44cc-9061-43418b462aaa

Additional Non-supervised automatic lenders must also provide: Submissions for Non- a resume for each new owner or principal officer (president plus any supervised officers involved in managing loan origination functions) of the surviving Automatic entity showing mortgage lending experience, and Lenders a list of underwriters to be employed by the surviving entity who had already been approved by

VA_Guidelines.txt

16527098-457e-47da-88a5-d1d18c21a13c

surviving entity who had already been approved by VA as underwriters for the selling or acquiring entities

VA_Guidelines.txt

5bd3a3da-74ae-4c77-ac5f-d6a7d66f11fb

.

VA_Guidelines.txt

19b44844-67eb-4c23-9197-c97310983342

Requests for approval of new underwriters may accompany the submission along with appropriate fees and application materials. d. Additional LAPP lenders must also provide a list of LAPP Staff Appraisal Reviewers Submissions (SAR) to be employed by the surviving entity that had already been approved for the Lender by VA as SARs for the selling or acquiring entities.

VA_Guidelines.txt

28b41e6d-918c-44f3-8c57-f31719047d63

Include their SAR ID Appraising numbers and a copy of any VA letter(s) which state that these SARs have met Processing the VA training and case review requirements. Program (LAPP) An additional submission is required for any of these SARs if the entity that employed them when they were approved by VA bore a different company name than the surviving entity.

VA_Guidelines.txt

1c5f8efe-5c27-4331-b559-a9b71bd51a0a

For each such SAR, submit a newly executed SAR application and lender certifications by the surviving entity, in the prescribed order. (See Chapter 15 of this handbook.) Exception: If the entity that previously employed the SAR was a wholly owned subsidiary of the surviving entity, this additional submission may not be required.

VA_Guidelines.txt

dfd28189-ddfc-4df9-818f-d422615e8d52

Also provide a list of the LAPP SARs (and their ID numbers) of the selling or acquiring entities that will no longer be employed by the surviving entity. Requests for approval of new SARs may accompany the submission along with appropriate fees and application materials. Reference: See Chapter 15 of this handbook.

VA_Guidelines.txt

ebb196dd-cb12-462c-ab8a-916627948b39

Reference: See Chapter 15 of this handbook. Continued on next page 1-27 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8. Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders, continued e.

VA_Guidelines.txt

2b36c132-406e-4b79-9a26-e07fb4c19040

Immediate A change in the ownership of a non-supervised automatic lender always Impact While extinguishes the automatic authority (and therefore the LAPP authority) of VA Reviews the lender unless the new entity is supervised.

VA_Guidelines.txt

b37988f6-a186-4ae9-b083-fb830803d585

Submission Whenever a supervised lender undergoes merger or acquisition, apply the standards detailed in Topic 4 of this chapter, to determine whether the surviving entity is supervised.

VA_Guidelines.txt

9d32f289-d382-4dd3-9258-f4eaa193a986

The following table lists some of the scenarios that can emerge from a merger or acquisition and provides whether the surviving entity can exercise automatic authority while VA is reviewing its merger/acquisition submission, and any additional submissions the entity must send to VA. Note: These are in addition to the required submissions detailed in the preceding material in this section.

VA_Guidelines.txt

21073afe-89b2-4d21-b232-b64185fc13ce

Prior Status of Status of Additional Authority of Restructured Surviving Submissions Surviving Entity Entity(ies) Entity Appears Needed while Awaiting to be VA Review Supervised and/or Supervised by a None Automatic Non-supervised Federal entity authority Automatic listed in Topic 3 continues. of this chapter.

VA_Guidelines.txt

1faee42d-f1cf-4867-ab74-d266b202528a

Continued on next page 1-28 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8. Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders, continued e.

VA_Guidelines.txt

ae5ce7bd-0258-48ef-b890-98fe0c1539dd

Immediate Prior Status of Status of Additional Authority of Impact While Restructured Surviving Submissions Surviving Entity VA Reviews Entity(ies) Entity Needed while Awaiting VA Submission, Appears to be Review continued At least one of Supervised, Request for If the nature and the entities was but status is recognition as source of supervision supervised not clear.

VA_Guidelines.txt

20e973ea-7407-4f7a-9b38-aedbdf25c256

VA supervised and of the surviving entity recognition as information is the same as for the supervised is specified in prior supervised required under section 3 of this entity, automatic section 3 of chapter. authority continues. this chapter. If supervision has changed, submit all loans for prior approval until VA makes a determination.

VA_Guidelines.txt

38837eb6-d5a9-4d9e-8165-2c5492a1a3fb

Non-supervised Supervised, Request for Submit all loans for Automatic only but status is recognition as prior approval until not clear. VA supervised and VA makes a recognition as information determination. supervised is specified in required section 3 of this under section chapter. 3 of this chapter. Continued on next page 1-29 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8.

VA_Guidelines.txt

0fc37127-7b60-446f-9cc5-4539bb4d96a0

Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders, continued e.

VA_Guidelines.txt

ec1a5899-74cf-4220-9ac5-915cf3a1b41a

Immediate Prior Status of Status of Additional Authority of Impact While Restructured Surviving Submissions Surviving Entity VA Reviews Entity(ies) Entity Needed while Awaiting VA Submission, Appears to be Review continued At least one of Supervised, Request for If the nature and the entities was but status is recognition as source of supervision supervised not clear.

VA_Guidelines.txt

9c0487ef-f81b-4fa7-b80b-849eec97bb6d

VA supervised and of the surviving entity recognition as information is the same as for the supervised is specified in prior supervised required under section 3 of this entity, automatic section 3 of chapter. authority continues. this chapter. If supervision has changed, submit all loans for prior approval until VA makes a determination.

VA_Guidelines.txt

26aff2b3-1bfb-4de1-ae75-a3212412dbfe

Non-supervised Supervised, Request for Submit all loans for Automatic only but status is recognition as prior approval until not clear. VA supervised and VA makes a recognition as information determination. supervised is specified in required section 3 of this chapter. 3 of this chapter. Continued on next page 1-29 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8.

VA_Guidelines.txt

06c9cca0-3805-4083-ae2f-86b935734a20

Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders, continued e.

VA_Guidelines.txt

b3f37402-9d13-4856-ab33-80a03150dac8

Immediate Prior Status Status of Additional Authority of Impact While of Surviving Submissions Surviving Entity VA Reviews Restructured Entity Needed while Awaiting VA Submission, Entity(ies) Appears to be Review continued Non- Non-supervised If the surviving Automatic authority is supervised lender entity wishes to extinguished.

VA_Guidelines.txt

d750c098-8a05-4cae-8b14-e0be37bc646f

Submit automatic have automatic all loans for prior with different authority, it must approval until VA ownership submit a complete makes a determination than new application on the application for surviving for automatic automatic authority. entity and/or authority with the a supervised appropriate fee lender (see section 5 of this chapter).

VA_Guidelines.txt

39d96581-a088-4a3f-b54e-b1b2e35a37db

Non- Non-supervised None Automatic authority supervised lender continues if lender automatic retains its VA- with same approved ownership as underwriter(s). surviving entity 1-30 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 8. Mergers and Acquisitions Involving Supervised or Non- supervised Automatic Lenders, continued e.

VA_Guidelines.txt

a50ee4dc-f884-43e1-a631-cf91dc6febb6

Immediate Prior Status Status of Additional Authority of Impact While of Surviving Submissions Surviving Entity VA Reviews Restructured Entity Needed while Awaiting VA Submission, Entity(ies) Appears to be Review continued Non- Non-supervised If the surviving Automatic authority is supervised lender entity wishes to extinguished.

VA_Guidelines.txt

f57af7d3-9620-4ab9-9d0c-9b7f8c4f343b

Submit automatic have automatic all loans for prior with different authority, it must approval until VA ownership submit a complete makes a determination than new application on the application for surviving for automatic automatic authority. entity and/or authority with the a supervised appropriate fee lender (see section 5 of this chapter).

VA_Guidelines.txt

0414ee77-1f71-437a-9100-aae6f2b60d51

Non- Non-supervised None Automatic authority supervised lender continues if lender automatic retains its VA- with same approved ownership as underwriter(s). surviving entity 1-30 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 9.

VA_Guidelines.txt

c4dbdb90-35c6-4706-8ef3-a5643622687a

Withdrawal of Automatic Authority from Supervised or Non-supervised Automatic Lenders Change Date February 1, 2019 This chapter has been revised in its entirety. a. General VA can withdraw a lender’s automatic authority for proper cause, after giving the lender 30 days notice. This applies to both supervised and non-supervised lenders. VA regulations at 38 CFR 36.4349 provide the framework.

VA_Guidelines.txt

61c6ef58-4168-4938-a49c-72a76497be79

The lender may continue processing loans on a prior approval basis after its automatic authority has been withdrawn. The remainder of this Topic gives the reasons a lender’s automatic authority can be withdrawn, and the corresponding period for which the withdrawal will be effective. b.

VA_Guidelines.txt

841a09f5-4178-4121-a084-c3fceec3a8f4

Withdrawal Withdrawal for an indefinite period can be based on any of the following: for an Indefinite Failure to continue meeting basic qualifying criteria: Period For supervised lenders, this includes loss of status as an entity subject to examination and supervision by a Federal or State regulatory agency.

VA_Guidelines.txt

99dce800-d458-4f84-ae56-89c0a6adbf46

For non-supervised lenders, this includes no approved underwriter, failure to maintain $50,000 working capital or $250,000 adjusted net worth, and/or failure to file the required financial statements. Any of the causes for debarment set forth in 38 CFR 44.

VA_Guidelines.txt

24be3c6f-d6da-4000-9645-21e04e1251ae

During the probationary period for newly-approved non-supervised automatic lenders, automatic authority may be withdrawn for poor underwriting consistently careless processing, failure to provide loan files timely, or to provide other necessary documents as requested by VA.

VA_Guidelines.txt

52deb42b-8f16-47fd-b012-7400b11cfac8

Continued on next page 1-31 Continued from previous page 1-31 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 9. Withdrawal of Automatic Authority from Supervised or Non-supervised Automatic Lenders, continued c.

VA_Guidelines.txt

a2d5c2b6-c990-42d1-9127-2b5ee2ec2511

Withdrawal Withdrawal for 60 days can be based on any of the following: for 60 Days Loan submissions show deficiencies in credit underwriting after repeatedly being called to the lender’s attention, such as the use of unstable sources of income to qualify borrower or ignoring significant adverse credit items affecting applicant’s creditworthiness.

VA_Guidelines.txt

1a7c9995-bcec-4d22-bc64-e6b653d198ef

Employment or deposit verifications are hand carried by applicants or otherwise improperly permitted to pass through the hands of a third party. Consistently incomplete loan submissions after repeatedly being called to the lender’s attention. Continued instances of disregard of VA requirements after repeatedly being called to the lender’s attention.

VA_Guidelines.txt

761bb6c2-6b65-4c37-add9-a5367d9b65ed

Continued on next page 1-32 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 9. Withdrawal of Automatic Authority from Supervised or Non-supervised Automatic Lenders, continued d. Withdrawal Withdrawal for 180 days can be based on any of the following: for 180 Days Loans conflict with VA credit standards and would not have been made by a lender acting prudently.

VA_Guidelines.txt

7ed3b21e-6c36-439c-b6dd-c926fc2b0143

Failure to disclose to VA significant obligations or other information so material to the Veteran’s ability to repay the loan that undue risk to the Government results. Employment or deposit verifications are hand carried by the applicant or otherwise mishandled, resulting in submission of significant misinformation to VA.

VA_Guidelines.txt

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Substantiated complaints are received that the lender misrepresented VA requirements to Veterans to the detriment of their interests. Examples: The Veteran was dissuaded from seeking a lower interest rate based on lender’s incorrect advice that such options were excluded by VA requirements.

VA_Guidelines.txt

53208d51-4aa1-4419-9ed4-7eed8b795412

Closing documents show instances of improper charges to Veteran after the impropriety of such charges are called to lender’s attention by VA, or the lender refuses to refund such charges after notification by VA. Other instances of lender actions prejudicial to the interests of Veterans such as deliberate delays in scheduling loan closings. e.

VA_Guidelines.txt

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Withdrawal Withdrawal for 1 to 3 years can be based on any of the following: for 1 to 3 Years Failure to properly disburse loans, such as loan disbursement checks are returned due to insufficient funds. Involvement by the lender in the improper use of a Veteran’s entitlement, such as knowingly permitting the Veteran to violate occupancy requirements.

VA_Guidelines.txt

e0cd7572-a535-4ff4-895d-09eace0c50ce

Lender involvement in the Veteran’s sale of entitlement to a third party, such as a lender makes the loan with the knowledge that the Veteran is not purchasing the property to be his or her home. Instead, the Veteran intends to transfer title to a third party who assumes the loan shortly after closing. 1-33 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 10.

VA_Guidelines.txt

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Participation Fees for Supervised and Non-supervised Automatic Lenders Change Date February 1, 2019 This chapter has been revised in its entirety. a. Introduction Per 38 C. F. R. 36.4348, VA is authorized to collect fees from lenders with automatic authority to help defray the costs of administering the VA Home Loan program.

VA_Guidelines.txt

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Always submit fees to the RLC with jurisdiction over the lender’s home office. Fees consist of annual participation fees, and administrative fees (for processing lender requests). If the lender submits a request for administrative action without the correct processing fee, VA will delay processing of the request until the fee is received.

VA_Guidelines.txt

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Fees are nonrefundable, even if the request is denied (except in cases of accidental overpayment). Pay all fees by lender’s check to the Department of Veterans Affairs. If an agent, underwriter, or SAR approved by VA for a role with one lender begins work for another lender, the new lender must request and pay the fee for a new VA recognition or approval of that individual. b.

VA_Guidelines.txt

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Annual Fees Remit fees within 120 days of the end of the lender’s fiscal year to the RLC for Non- with jurisdiction of the lender’s home office. If the lender has ongoing VA- supervised recognized agency relationships, a list of agent relationships is required. Automatic Lenders Continued on next page 1-34 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 10.

VA_Guidelines.txt

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Participation Fees for Supervised and Non-supervised Automatic Lenders, continued b. Annual Fees The fees are as follows: for Non- supervised $200 annual recertification fee.

VA_Guidelines.txt

673931ee-356c-4795-bb20-57031a34afd1

Automatic $100 for annual renewal of each agent that acts for the lender and was Lenders, recognized by VA as the lender’s agent as of the end of its fiscal year. continued Note: No annual fee is due for an agent if VA’s letter of recognition is dated within the last quarter of the lender’s most recent fiscal year. $500 for processing an application for automatic authority.

VA_Guidelines.txt

94a2d4ed-5cfd-44d3-9443-d528fe29aba4

The required fee includes any requests submitted simultaneously for the review of underwriter nominees, and does not include simultaneous requests for recognition of agents. This requires an additional $100 fee per agent. c. Other Remit fees along with requests for approval, recognition, or other VA actions Administrative related to lender status.

VA_Guidelines.txt

aaeb8be6-35a3-45d2-8c14-9cb6781c410e

Fees for Non- supervised The required fees are: Automatic Lenders $100 for processing requests for approval of each nominee for underwriter.

VA_Guidelines.txt

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This is not required if submitted with the request for automatic authority, $100 for processing requests for VA recognition of each lender agent, $200 for processing requests for reinstatement of lapsed or terminated automatic authority, and a minimum fee of $100 per request for any other VA administrative actions pertaining to a lender’s participation in the automatic lending program.

VA_Guidelines.txt

6aa0eafc-9d63-4aea-9d59-964f835bb4f0

Examples: Submission from a lender that undergoes a merger. If the fee to process a request is greater than $100, VA will notify the lender. Continued on next page 1-35 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 10. Participation Fees for Supervised and Non-supervised Automatic Lenders, continued d.

VA_Guidelines.txt

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Annual Fees Annual fees for supervised lenders are only required of lenders with ongoing for Supervised agency relationships. Remit fees by January 31 of each year based on the Lenders lender’s agent relationships in the previous calendar year, along with a list of agent relationships the lender wants to renew.

VA_Guidelines.txt

8fdaf902-82ce-4d63-a29c-a386baaac152

The required fee is $100 for annual renewal of each lender agent that acts for the lender and has been recognized by VA as the lender’s agent. Note: an annual fee is not due for an agent if VA’s letter of recognition is dated within the last quarter of the most recent calendar year. e. The fee is $100 for processing requests for VA recognition of each lender Administrative agent.

VA_Guidelines.txt

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Fees for Supervised Lenders f. LAPP Fees Lenders must pay a one-time $100 fee for each SAR applicant. Remit the fee with the SAR application to the appropriate VA office. The fee is non- refundable, even if the applicant is found not to be acceptable. If a SAR is approved and subsequently moves to another lender, a $100 application fee must be paid by the new employer.

VA_Guidelines.txt

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For detailed information on the LAPP, see Chapter 15 of this handbook. 1-36 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 11. Maintenance of Loan Records Change Date February 1, 2019 This chapter has been revised in its entirety. a. Requirement Lenders must maintain all loan origination records on VA-guaranteed home loans for at least 2 years from the date of loan closing.

VA_Guidelines.txt

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Even if the loan is sold, the original lender must maintain all records (or legible copies) for the required period. b.

VA_Guidelines.txt

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Examples of Loan origination records include: Loan Records the loan application (including any preliminary application), verifications of employment and deposit, all credit reports (including preliminary credit reports), copies of each sales contract and addendum(s), letters of explanation for adverse credit items and discrepancies, direct references from creditors, correspondence with employers,

VA_Guidelines.txt

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from creditors, correspondence with employers, appraisal and compliance inspection reports , reports on termite and other inspections of the property, builder change orders, and all closing papers and documents

VA_Guidelines.txt

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. c.

VA_Guidelines.txt

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Accessibility Lenders must make these records accessible to VA personnel conducting audit reviews. 1-37 VA Pamphlet 26-7, Revised Chapter 1: Lender Approval Guidelines 12. Lender Access to Training and Information Change Date February 1, 2019 This chapter has been revised in its entirety. a.

VA_Guidelines.txt

113d8af0-bc09-443a-9c28-ea63f4f980f4

VA The RLCs and the Honolulu Regional Office conduct regular training sessions Training for lenders and other program participants in their jurisdictions. Each lender Sessions should: at a minimum, have a representative attend one VA training session per year. increase participation if lender management or VA identifies a greater need.

VA_Guidelines.txt

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Discuss any special training needs with the RLC of jurisdiction. b. Web-based VA offers interactive web-based training sessions to lenders and servicers. The Training HomeTown USA credit standards training course is located on your landing page within VIP at https://vip.vba.va.gov/portal/VBAH/Home.

VA_Guidelines.txt