Lenders will now be able make VA loans to veterans who wish to purchase or refinance a home that needs alteration or repair, under new guidance issued by the VA. According to the VA, it has received inquiries from lenders that have expressed interest in originating and processing loans to finance home alteration and repair. The agency noted that the aging housing stock in the U.S. has spurred an increased demand for such loans. Due to their physical condition, older homes are often sold as “cash or conventional financing,” which immediately excludes VA financing and deprives veterans the opportunity to use their VA benefit. The new policy guidance makes the VA guaranty available to lenders looking to finance home alteration, repair, renovation and improvement. It also allows improvements to be included in the value and completed after the loan is closed. The lender disburses the loan proceeds to the ...
There are some in the industry who believe the entire subservicing sector is far behind in technology and customer service – and is ripe for a technology disruption of a major kind.
Verus Mortgage Capital is boosting its correspondent acquisition volume by focusing on non-agency mortgages, including non-qualified mortgages. The aggregator was founded in 2015 by Invictus Capital Partners, an investment firm based in Washington, DC.
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