The Department of Veterans Affairs has unveiled new procedures for distressed borrowers with mortgages it partially guarantees, including an option that may help many who got loans at lower rates than are currently available in the market. Processing Content The VA will be ready to accept the legislatively-mandated partial claim that addresses the interest rate […]
VA finalizes new distressed borrower assistance Read More »
The Veterans Affairs mortgage benefit got high marks in a survey of current and past military members, but more than half still have at a minimum one misconception about the program. Processing Content NewDay USA, which specializes in serving this community, commissioned the online survey of 1,238 people conducted by Researchscape between Feb. 18 and
VA mortgage survey reveals gaps in benefit awareness Read More »
Federal officials are ordering a community bank and national mortgage lender to investigate and take corrective action over alleged misconduct that targeted Department of Veterans Affairs borrowers. Processing Content In a consent order filed in early April, the Office of the Comptroller of the Currency accused The Federal Savings Bank, a Chicago-based depository institution specializing
Regulator: Bank misled veterans on VA loan refinances Read More »
The Department of Veterans Affairs put a long-awaited policy for a new, temporary borrower assistance option out for comment this week. Processing Content Mortgage market participants welcomed the drafting table release of the VA partial claim proposal. That proposal stems from a bill sponsored by Rep. Derek Van Orden, R. Wis., which passed and went
VA partial claim draft arrives with detail sought on limits Read More »
Former Federal Housing Commissioner Brian Montgomery is joining VA lender Newday USA as vice chairman of its advisory board. Processing Content “Brian’s record of leadership at the highest levels of federal housing finance speaks for itself,” said Rob Posner, CEO of Newday USA in a press release. “As we continue to set new standards and
Brian Montgomery joins Newday advisory board as vice chair Read More »
The Senate-approved budget extender has several provisions around the Veterans Affairs partial claims program to help distressed borrowers. In particular, one section of the bill is called in part Improvements to Partial Claim Program. A change extends the period for a second partial claim filing following a natural disaster to 180 days from 120 days.
Senate-approved budget bill adds VA partial claims extension Read More »
The Veterans Affairs home loan benefit has been available for more than 81 years, yet misconceptions about the program persist, a Navy Federal Credit Union survey found. These misunderstandings affect both eligible borrowers and real estate professionals concerned about VA requirements. VA mortgage applications accounted for 13.4% of all mortgage applications in the week ending
VA loans gain ground despite misconceptions and shutdown Read More »
With the U.S. government shutdown in effect and little progress made on an eventual reopening, mortgage lenders are busy measuring operational impacts while introducing strategies drawn on past experience to keep business flowing. As of Wednesday, many questions remain about the full extent of the impact on support provided to lenders, with most federal services
Shutdown tests lenders’ plans to keep loans moving Read More »
John Bell III, executive director of the Department of Veterans Affairs’ Loan Guaranty Service, is leaving his role. The longtime mortgage professional and U.S. Navy veteran had been the executive at LGY since 2022, and spent 15 years at the VA, according to his biography. In a Linkedin post late Sunday night, he announced his
Veterans Affairs mortgage executive John Bell III departs Read More »
A rule establishing permanent foreclosure protection measures for Department of Veteran Affairs borrowers was signed into law by President Donald Trump Wednesday, after a previous iteration of a federal servicing program expired earlier this year. The VA Home Loan Program Reform Act, which was introduced by Rep. Derrick Van Orden R-Wis., aligns servicing guidelines with
VA foreclosure prevention bill signed into law by Trump Read More »