Mortgage Compliance News: 2010 VA Circulars
- Provides guidance on processing Specially Adapted Housing (SAH) cases under new rules.
- 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.
- Announces enactment of Veterans' Benefits Act of 2010.
- Changes to funding fee exemption status
- Creation of Specially Adapted Housing (SAH) assistive technology grant program.
- Effective 9/13/10, Loan Guaranty Service will temporarily relocate to Alexandria, VA.
Circular 26-10-9 – Change 1
- Breakout of charges should be attached to the HUD-1, not on the HUD-1 itself.
- 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
- (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
- Extends rescission date of Cir. 26-08-5 from 1/1/10 to 1/1/12.
- Describes measures VA urges mortgage servicers to employ in providing relief to distressed borrowers affected by Gulf Oil Crisis.
- Requests that servicers extend forbearance for at least 6 months for homeowners with problem drywall.
- Provides authority and revised instructions for modifying VA loans in accordance with Making Home Affordable program. Effective immediately.
Circular 26-09-19 – Change 1
- 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
- Extends rescission date of Circular 26-08-8 to 10/1/11.
Circular 26-08-14 – Change 1
- Extends rescission date of Circular 26-08-14 to 1/1/12.
- Provides guidance on submission of title documents to VA's property management contractor (for Florida properties).
Circular 26-10-2 – Change 1
- Adds contact information for veterans to Circular 26-10-2.
Circular 26-08-4 – Change 1
- 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
- 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
- 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.
- Provides instructions for modifying VA loans in accordance with the Making Home Affordable (MHA) program. Effective 2/1/10.
- 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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