The Office of General Counsel's opinion clarifies the circumstances under which it would reimburse exempt veterans who were improperly charged a funding fee.
Implementing a provision in the Blue Water Navy Vietnam Veterans Act, the guidance would allow a VA fee-panel appraiser to provide property valuation based solely on information provided by an entity with which it has a service agreement.
VA loan-related provisions in the Blue Water Navy Vietnam Veterans Act of 2019 raise the maximum amount of entitlement available to veterans, the maximum guarantee of loans in excess of $144,000, a revised VA funding-fee table and a fee waiver for certain vets.
Buyout may be an option though an unnecessary one in addressing VA’s IRRRL problem, according to industry participants. An analyst suggests a recoupment issue can be cured by a cash payment to the borrower.
VA lending rose to a record $65.06 billion in the third quarter of 2019 as purchase and refinancing activity surged due to a decline in interest rates. (Includes two data charts.)
The Treasury has recommended Congress empower Ginnie Mae to provide “last position” guarantee on MBS backed by conventional home loans and au-thority to adjust its guarantee fee.
The Department of Veterans Affairs has issued guidance to mortgage servicers regarding the process of sending loss mitigation letters to borrowers who have fallen behind on their monthly payments. The guidance encourages servicers to work with distressed borrowers to avoid foreclosure.
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