Mortgage Compliance News: 2010 VA Circulars

2010 VA Circulars | MCA

Circular 26-10-15

Guidance for Implementing New SAH Regulations

  • Provides guidance on processing Specially Adapted Housing (SAH) cases under new rules.

Circular 26-10-14

Transfer of TAS Function to WebLGY

  • Announces transfer of some functions from The Appraisal System (TAS) to WebLGY, so that all functions of loan origination will be performed through one application.

Circular 26-10-13

The Veterans Benefits Act of 2010

  • Announces enactment of Veterans' Benefits Act of 2010.
    • Changes to funding fee exemption status
    • Creation of Specially Adapted Housing (SAH) assistive technology grant program.

Circular 26-10-12

Domain Name Change for the VA Home Loan Program Internet Website

Circular 26-10-10

Temporary Relocation of Loan Guaranty Service

  • Effective 9/13/10, Loan Guaranty Service will temporarily relocate to Alexandria, VA.

Circular 26-10-9 – Change 1

Itemization of Credits and Title Service Charges

  • Breakout of charges should be attached to the HUD-1, not on the HUD-1 itself.

Circular 26-10-9

Itemization of Credits and Title Service Charges

  • Effective for loan applications taken on or after October 1, 2010, lenders must include an itemization of credits and title service charges.

Circular 26-10-4 – Change 1

Title Documentation in Florida

  • (For Florida) Amends info concerning fixed period of liability preceding acquisition of title in a foreclosure for HOA dues and assessments on a condo.

Circular 26-08-5 – Change 2

Expansion of the Types of Ownership Interests Permissible Under the Specially Adapted Housing (SAH) Grant Program

  • Extends rescission date of Cir. 26-08-5 from 1/1/10 to 1/1/12.

Circular 26-10-8

Relief for Veteran Homeowners Affected by the Gulf Oil Crisis

  • Describes measures VA urges mortgage servicers to employ in providing relief to distressed borrowers affected by Gulf Oil Crisis.

Circular 26-10-7

Forbearance For Homeowners With Problem Drywall

  • Requests that servicers extend forbearance for at least 6 months for homeowners with problem drywall.

Circular 26-10-6

Revised VA Making Home Affordable Program

  • Provides authority and revised instructions for modifying VA loans in accordance with Making Home Affordable program. Effective immediately.

Circular 26-09-19 – Change 1

Rescission of VA Acceptance of HUD/FHA Condominium Approvals

  • VA can accept HUD/FHA/USDA condo approvals if project approval was dated prior to 12/7/09, but not after...

Circular 26-08-8 – Change 1

Loan Modifications Under VALERI

  • Extends rescission date of Circular 26-08-8 to 10/1/11.

Circular 26-08-14 – Change 1

VA Acceptance of Homebuyer Assistance Programs

  • Extends rescission date of Circular 26-08-14 to 1/1/12.

Circular 26-10-4

Title Documentation in Florida

  • Provides guidance on submission of title documents to VA's property management contractor (for Florida properties).

Circular 26-10-2 – Change 1

VA Making Home Affordable Program

  • Adds contact information for veterans to Circular 26-10-2.

Circular 26-08-4 – Change 1

Temporary Reduction in the Validity Period on VA Notices of Value and Master Certificates of Reasonable Value for Proposed Construction Cases

  • Extends rescission date of Circular 26-08-4 to 1/1/12. Stations can continue to issue VA Notices of Value or Master Certificates of Reasonable Value within the 6-month validity period.

Circular 26-08-3, Change 1

Processing Transfers of Ownership Under VALERI

  • Extends rescission date of Circular 26-08-3 (Processing Transfers of Ownership Under VALERI) from 1/1/10 to 1/1/12.

Circular 26-09-17, Change 1

Interim Process for Pre-Approval of Loan Modifications on Current Loans

  • Extends rescission date of Circular 26-09-17 (Interim Process for Pre-Approval of Loan Modifications on Current Loans) from 2/1/12 to 2/1/14.

Circular 26-10-02

VA Making Home Affordable Program

  • Provides instructions for modifying VA loans in accordance with the Making Home Affordable (MHA) program. Effective 2/1/10.

Circular 26-10-1

Impact of New Real Estate Settlement and Procedures Act (RESPA) Rule on Fees and Charges for Department of Veterans Affairs (VA) Loans

  • Provides guidance on fees and charges, in response to new RESPA rule. Also announces new documentation requirements and elimination of a previously required disclosure statement.

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