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VA Announces Change Regarding Temporary Variance Allowing Veterans to Pay Broker Commissions

By Richard J. Andreano, Jr. on August 5, 2024

Posted in Mortgages, Regulatory and Enforcement

Previously, in connection with the home loan program of the Department of Veterans Affairs (VA) we reported on the VA’s adoption of a temporary local variance allowing veterans to pay the commission of the real estate broker or agent assisting them (a “buyer-broker”). We also reported on a related enhancement made to the Issue Guaranty screen in VA’s WebLGY system.… Continue Reading

Department of Veterans Affairs Enacts Sweeping Loss Mitigation Program Changes

By Reid F. Herlihy on April 29, 2024

Posted in Mortgage Servicing, Mortgages, Regulatory and Enforcement

The Department of Veterans Affairs (VA) made significant changes to its loss mitigation program this month, launching its awaited Veterans Affairs Servicing Purchase Program, and implementing a 40-year loan modification term. Details of those developments are provided below.

Extension to 40-Year Loan Modification Term

On April 17, 2024, the VA issued Circular 26-24-8, which extends the available term of its loan modification option.… Continue Reading