The Office of the Comptroller of the Currency (OCC) recently entered into a consent order with The Federal Savings Bank in Chicago, Illinois (Bank) to settle allegations of false or misleading statements regarding cash-out mortgage refinance loans guaranteed by the Department of Veterans Affairs (VA). The consent order includes typical allegations of improper marketing of VA cash-out loans, although the remedy provisions have drawn the ire of at least one consumer group.… Continue Reading
Department of Veterans Affairs
VA Announces Change Regarding Temporary Variance Allowing Veterans to Pay Broker Commissions
By Richard J. Andreano, Jr. on
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 Ballard CFS Group on
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