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VA Refinance Loans Policy.pdf

26_18_13.pdf
Preview of VA Refinance Loans Policy
🔗 Source: benefits.va.gov
📊 Size: 48 KB
👤 Author: Loan Guaranty Service
⬇️ Downloads: 135

Summary

The Veterans Benefits Administration has issued Circular 26-18-13, which updates policy guidance on VA refinance loans in accordance with the Economic Growth, Regulatory Relief, and Consumer Protection Act. The new law aims to protect veterans from predatory lending practices, and VA-guaranteed loans must meet specific requirements, including fee recoupment and net tangible benefit tests. Lenders must provide recoupment statements and certify that fees and costs will be recouped within 36 months. The net tangible benefit test requires a reduction in interest rate of at least 50 basis points for fixed-to-fixed refinances and 200 basis points for fixed-to-adjustable refinances. Additionally, loans must be seasoned for at least 210 days or six monthly payments before refinancing to an Interest Rate Reduction Refinance Loan (IRRRL).

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Description

The Veterans Benefits Administration has issued Circular 26-18-13, which updates policy guidance on VA refinance loans in accordance with the Economic Growth,...

Technical Information

  • File Format: PDF
  • File Size: 48 KB
  • Pages: 2
  • Language: EN
  • Author: Loan Guaranty Service
  • Total Downloads: 135
  • Last Updated: 1 week ago

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This PDF document about VA Refinance Loans Policy provides comprehensive information and guidance. Whether you're a beginner or advanced user, this resource offers valuable insights into VA Refinance Loans Policy.

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