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Volume 7 - Number 10

May 9, 2014

VA to Focus Scrutiny on Lenders’ QC Plans

The Department of Veterans Affairs will soon begin looking closely at whether lenders are complying with the agency’s requirement for a quality control plan. Participants at a recent VA lender conference in Houston said officials warned of impending audits of lenders’ quality control regimes as the agency tightens its oversight. All lenders authorized to process VA loans automatically are required to maintain a QC plan and execute it in the course of making VA loans. Lenders were advised to familiarize themselves with VA’s QC plan requirements and be ready when VA scrutinizes the process in future lender-monitoring audits, participants said. This initiative is consistent with VA auditing an increasing percentage of loans to refine its ...

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Poll

HUD has announced a 25 basis point cut in FHA premiums, which is slated to take effect in late January. Is your lending shop for or against a cut in FHA premiums?

For. It should help lending volumes.
Against. The private MI sector should take on this risk, not the government.
Too early to say.
I believe the new White House may scuttle the idea so it doesn’t matter.

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