Withdrawing Automatic Authority

The following applies to both supervised and nonsupervised lenders. If the VA has decided to withdraw a lender’s automatic authority, it will give the lender a 30 day notice. The withdrawal of automatic authority will not be without proper cause, and the lender will be informed of the reason or reasons for the withdrawal.

If a lender’s automatic authority is withdrawn, the lender may still process loans but will require approval from…

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Who Can Request Recognition of an Agent?

Both nonsupervised and supervised lenders can request the VA recognition of one of their agents. To obtain approval of this request, the agent must have an ongoing relationship with the lender. This means the lender has worked with the agent at least four times over the last year.

The lender may allow an agent to perform any loan-related functions. The VA requires that that the lender accepts full responsibility for the agent,…

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Requesting Underwriter Approval for Nonsupervised Lenders

The underwriter is responsible for approving or rejecting all VA loans. Therefore, the underwriter must be VA-approved.

A nonsupervised lender can request the approval of additional underwriters at any time. This request must be sent to the VA Office of Jurisdiction over the nonsupervised lender. Things required for the request include a $100 fee and the proper documentation of the underwriter.

Once this request is sent, the underwriter is required to attend an…

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How a Nonsupervised Lender Can Obtain Automatic Authority

A nonsupervised lender is a lender who can close loans, but only after applying and getting approval by the VA. Nonsupervised lenders have no banking operations and operate solely as lenders or investors. Nonsupervised lenders can do most of the same things supervised lenders can do, but require VA approval in most cases.

The first step a nonsupervised must take to obtaining automatic authority is submitting a completed VA Form 26-8736….

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Required Certifications for a Nonsupervised Automatic Lender

Now that the nonsupervised lender can close loans automatically, they must also follow a set of guidelines to prevent losing their automatic status. If these guidelines are not followed, the VA could revoke the lender’s automatic approval status.


One: No Closing for Others

Firstly, a nonsupervised lender should never close loans for others. A certified copy of the VA Form 26-8736 by the president or principal officer must be sent to…

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What is a Supervised Lender?

What is a Supervised Lender?A supervised lender is any lender that requires scheduled examinations and supervision by a Federal government agency. They are different from a nonsupervised lender in that they do not need VA approval to close or process their loans. While nonsupervised lenders have to send a number of documents to the VA to get approval for a loan, a…

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Am I Eligible For A VA Home Loan?

Am I eligible for a VA home loan?Veterans and active duty military of all branches may be eligible for a VA loan. To be eligible for a VA loan the veteran must have served in 90 days during wartime or 180 days during times of peace.

Veterans who joined the service after Sept. 7, 1980 or entered as an officer after Oct. 16,…

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The Impact Inflation Has on Real Estate

real estate inflationInflation impacts many areas of American consumerism. The price of gas, groceries, cars and most of all the housing market are all influenced by the current state of inflation.

Often, consumers’ erroneously think of pricing in terms of arbitrary processes, overlooking the myriad of things that determine the cost of specific goods. In terms of property value, many factors play a…

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VA Loan For Same Sex Marriages

same sex va home loans

One of the major areas of change facing VA Home Loan Centers, as an agency responsible for administering the VA Home Loan Guarantee to veterans, is the question of same-sex marriage.

Federal law stipulates that veterans and their spouses are eligible to apply jointly for mortgages backed by the Veterans Administration. Unmarried couples (including same-sex couples)…

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48 Home Improvements That Can Be Added To Your VA Loan

energy star appliances save moneyThe VA home loan program offers eligible borrowers a multitude of advantages. No money down, no private mortgage insurance required, accessible refinancing options, no established minimum credit scores, and service-related disability options, anchor the loans appeal. These benefits are the driving force behind the loans expanded popularity in…

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13 Tips To Help You Get A VA Loan

13 tips for first time home buyers

The VA home loan program offers borrowers interest rates that stack up favorably in comparison to traditional loans. Generally, VA loans come with an interest rate between half a percentage point and a full percentage point lower than conventional loans do. The program also has easier qualifying standards, including no minimum credit scores….

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Why Should You Be Accurate When You Apply For A VA Loan?

us army snipers are accurateSince the creation of the original GI Bill, VA home loans have functioned in aiding active duty personnel, and veterans realize the dream of homeownership. Over the past 70 years, the loan program has assisted 18-million people receive the financing needed in securing a mortgage. Today, just as it was true following the conclusion of World War Two,…

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What are the Differences Between Conventional Loans and VA Loans?

difference between conventional & va loansBuying a home is one of the most important decisions a person will make over the course of their life. Although the foreclosure rate rose drastically in the mid-2000s, and the number of younger Americans buying a home has steadily declined in recent years, the American rate of homeownership remains at roughly 65 percent. Despite the percentage…

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Why Get a San Diego VA Mortgage?

san diego city real estateIf you are a serviceman or reservist who is moving to California, a VA home loan can make buying a home in the state more affordable. VA home loans are available not just to veterans and the unmarried spouse of an eligible veteran, but also to active duty, reserve personnel, and even some civilians.

A

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Apply For A VA Loan To Achieve The American Dream

chasing the american dream

The “American Dream” of homeownership has remained the constant aspiration of Americans throughout the years. Even as demographics shift, young Americans aged 18-34 still maintain the same desire for homeownership as previous generations did. In a recent survey of young people, 84 percent of respondents stated intent to someday buy home. Despite this aspiration, a…

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New Residential Home Sales Strengthen After Slow July

Home Sales Strengthen When new residential housing sales were weaker than expected in July, it had many experts worried the strong housing recovery had stalled, but according to the newly released HUD and Census Bureau report on residential home sales for August 2013, this doesn’t seem to be the case. In fact according to the report,

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VA Mortgage Applications Soar in June

mortgage application

As national mortgage applications soar VA Home Loan Centers record highest level of VA loan applications since 2009.

The Mortgage Bankers Association has announced an increase of mortgage applications in the month of June.

The Association also announced that the refinance index increased in the first week of June to…

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Increase in Foreclosures: With VA-HLC it’s Win-Win

VA-HLC-HAS Program

Following the release by RealtyTrac® of their Q1 2012 Metropolitan Foreclosure Market Report showing 54 percent of U.S. metros posting a quarterly increase in foreclosure activity in the first quarter, VA Home Loan Centers (VA-HLC), a San Diego-based organization that specializes in VA loans and helping veterans, active-duty military and their families with homeownership, has…

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VA HLC HAS℠ Program Launched

has program launched

VA Home Loan Centers Launches Homeowners Action Services (HAS℠)
Multi-option action plan for veterans and active-duty service members will keep some families in their homes, help others save credit rating – or both.

VA Home Loan Centers (VA-HLC) has launched a new service to assist eligible homeowners with VA home loans who are facing financial loss when selling their primary-residence homes, as…

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Apply For Va Home Loan Assistance

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