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

The U.S. Department of Veterans Affairs (VA) recently issued Circular 26-23-10, Change 1, Circular 26-24-5 and an Exhibit to address fees that may be imposed in connection with the assumption of a VA-guaranteed home loan.

The VA advises in the Circulars that the holder or servicer of a VA-guaranteed home loan with automatic authority may charge an assumption processing fee not to exceed $300.… Continue Reading

The CFPB announced on August 14, 2019 that, subject to the approval of the Federal District Court for the Eastern District of Arkansas, the Bureau and the Arkansas Attorney General have entered into a proposed settlement with Andrew Gamber, Voyager Financial Group, LLC, BAIC, Inc., and SoBell Corp. to resolve the Bureau’s allegations that the defendants violated the Consumer Financial Protection Act and the Arkansas Deceptive Trade Practices Act while brokering contracts that offered high-interest credit to veterans and other consumers, through which these consumers received lump-sum payments in exchange for assigning their monthly pension or disability payments to investors.… Continue Reading

On May 9, 2014, the Department of Veterans Affairs (VA) issued an interim final rule defining a qualified mortgage (QM) for VA insured and guaranteed loans.  Under the proposed rule, all purchase money origination loans and refinances other than certain interest rate reduction refinance loans (IRRRL) guaranteed or insured by the VA are defined as safe harbor QM loans. … Continue Reading