Do you qualify for a VA home loan? These veteran benefits in the GI Bill of Rights provide veterans with a federally guaranteed mortgage with no down payment. This topic has 0 replies, 1 voice, and was last updated 2 years, 4 months ago by Anonymous. September 12, at pm Anonymous Inactive. You must be logged in to reply to this topic. Keep me signed in. Connect with:. Quality Control Plan. The lender must implement a written quality control plan which ensures compliance with VA requirements and meets the criteria outlined in section 15 of this chapter.
Copy of quality control plan which meets the criteria outlined in section 15 of this chapter Liaison. The lender must designate one qualified employee and an alternate to be the primary liaison with VA. VA Form contains a space in which to indicate liaison selections. Sanctions For Prior Acts. There must be no factors indicating the lender would not exercise the necessary care and diligence. A statement of facts is required in any case where:.
Areas that are not affected by the disaster will likely not receive any instructions regarding it. From this point on, the regional VA office that has provided the new lender with these things will become the primary point of contact between the lender and the VA.
Any questions, concerns, training requests, or any other requests or issues should be brought up with the regional office first. Borrowers can get frustrated with any delays to getting their VA loan, but they should know that the lender is required to first go through the regional VA office before going higher up.
The VA allows that as soon as the lender is familiar enough with the VA loan program to begin making VA loans without violating any of the laws, regulations, and procedures, they may begin to do so. At this point, the process becomes different for supervised and nonsupervised lenders. For a nonsupervised lender, they will need to submit every single loan they wish to close on to the VA for prior approval first. If they wish to have automatic authority, they will need to go through the application process.
For supervised lenders, they can immediately begin making and closing on VA loans without prior approval unless it is one of the loan types mentioned in Chapter 1 Part 1 of this series. If a lender is supervised by any of those agencies, then they need not submit the majority of VA loans to the VA for prior approval.
The lender indicates which if any of the agencies they are supervised by in the initial application process. While there may be some additional documentation required, it is handled on a case by case basis. Interestingly, the VA recognizes the supervision of the states of Illinois or New Jersey also as sufficient supervision. However, the supervision of these states only applies to offices and loans inside those states. For a lender that is supervised by either of these states, they are asked for certain information during the initial application process.
Illinois lenders need a copy of their state license from the Office of Banks and Real Estate. The Handbook does not list any other states that can count as supervisory entities. As a borrower, you should ask any prospective lenders whether they are supervised or nonsupervised and if they are nonsupervised, whether they have the automatic authority or not. There are a few more important details regarding nonsupervised lenders applying for automatic authority that the Handbook covers, and, therefore, will be covered here.
Firstly, a lender that has been granted automatic authority can use that authority anywhere in the country; they are not limited to the state in which their main office resides. The lender is then notified via mail on the decision. After getting approved, the lender begins a probationary period of one year. The lender is closely monitored by the regional VA office during this time, and are carefully checked to ensure quality underwriting, complete loan applications, and full compliance with all VA requirements and procedures.
At the end of the initial year of probation, the VA will send the lender another letter that does one of three things. The letter may terminate the probationary period and the lender will be in the green to continue offering VA loans with automatic authority, it may extend the probationary period to give the lender time to bring itself up to par with VA requirements, or it may revoke the automatic authority and the lender will be back to submitting everything to the VA for prior approval.
A nonsupervised lender has some regulations that they must comply with in order to stay in good standing with the VA and maintain their automatic authority. Firstly, they are not allowed to close loans on behalf of other lenders who do not have automatic authority. They are also not allowed to close on loans for a builder or any other entity that the lender has a financial interest in without first getting approval from the VA.
The lender must also keep the VA updated on any significant changes to the organization. Show All Comments. DDR Realty. Very good and informative post. To many buyer the VA process may seem to be cumbersome.
Information like this surely helps to keep buyers informed. Robin Dahlstrom. I appreciate any feedback you can give me. Best, Robin. Scott Hoag. Back to Top. Newer Post. Rainer 33, FBC Mortgage N. Follow Profile. Contact The Author.
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