Continuing with its efforts to curb serial refinancing, VA is set to tell certain lenders that their recent refinances may be ineligible for a guarantee, accord-ing to industry sources.

The American Legion and the Iraq and Afghanistan Veterans of America have announced their opposition to the House legislation to hike the fees charged for VA home-loan guarantees.

VA lenders and servicers have been instructed to ensure that information regarding funding fee exemptions is current at the time of closing to avoid in-correct fee charges to disabled veterans.

Disabled veterans who were wrongly charged funding fees for their VA home loans will receive refunds totaling more than $400 million.

Legislation passed by the House authorizing another VA guarantee fee hike is facing pushback from community mortgage lenders.

Reverse mortgage lenders saw modest growth in the second quarter with a mere 3.0% increase in HECM originations. The trend in the sector remains weak, with production at the mid-year mark down 33.7% from a year ago.

The volume of broker-originated FHA and VA refinance loans pooled in new Ginnie MBS jumped 94.1% from the first to the second quarter. Correspondent production saw the smallest gains among the three channels.

VA has issued interim guidance for implementing legislation, which removes the VA guaranty cap on jumbos.

Lenders don’t need prior VA approval to cure IRRRLs that do not meet certain standards as long as it doesn’t increase loan costs.

VA has directed lenders not to advise veterans to close a loan without first verifying their exemption from paying the VA funding fee.