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Circulars/News -
2008
Important Announcements:
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Circular 26-08-21 - December 9, 2008
Reporting Paid-In Full Loans
PURPOSE: This circular
describes the procedures for reporting paid-in-full
loans to VA upon full satisfaction of the loan by
payment or otherwise.
Circular 26-08-10 - Change 1 - November 7, 2008
New VA Property Management Contractor
PURPOSE: The purpose of this
change is to revise the address for holders and
servicers to submit title documents to VA's property
management contractor, Countrywide Home Loans (CHL),
and to change the address to be reflected on all
endorsements on insurance in force at the time of
loan termination.
Circular 26-08-20 - October 21, 2008
Processing Instructions for Specially Adapted Housing (SAH) Grants
PURPOSE: On July 30, 2008,
Circular 26-08-12, Changes To The Specially Adapted
Housing Program Under H.R. 3221, was issued to
announce the increase in the maximum grant amount
under Title 38 U.S.C 2101(a) to $60,000 and under
2101(b) to $12,000 as well as the other programmatic
changes resulting from the enactment of Public Law
110-289, the Housing and Economic Recovery Act of
2008. As stated in paragraph 3b of Circular
26-08-12, the grant increase applies to grants in
process that were not paid in full prior to July 1,
2008. This circular provides additional details
regarding processing procedures for such grants.
Circular 26-08-19 - October 16, 2008
Implementation of Loan Guaranty Provisions of Public Law 110-389
PURPOSE: On October 10, 2008,
the President signed Public Law 110-389, the
Veterans’ Benefits Improvement Act of 2008. This
circular addresses the changes to VA’s Loan Guaranty
Program that were included in that law.
Circular 26-08-18 - September 10, 2008
Termination of
Telephone Access to CAIVRS
PURPOSE: This circular
announces that the Department of Housing and Urban
Development (HUD) will discontinue telephone access
to the Credit Alert System (CAIVRS) on October 1,
2008. Therefore effective October 1, lenders must
obtain CAIVRS information via the Internet.
Circular 26-08-17 - September 5, 2008
Elimination/Consolidation of Certain Certifications
PURPOSE: This circular
announces the elimination of certain certifications
and requirements in the processing of VA guaranteed
home loans. It also provides a consolidated
certification (exhibit A) for use in originating VA
loans. These changes will help lenders by
eliminating redundancies and consolidating mandatory
certifications into a single certification. The
changes do not signal a relaxing of VA credit
underwriting standards or a lessening of lender
responsibilities.
Circular 26-08-16 - September 5, 2008
(Rescinded by
Circular 26-08-19 on 10/16/2008)
Maximum Guaranty Amounts
for Loans Originated After January 1, 2009
PURPOSE: On July 30, 2008,
the President signed Public Law 110-289, the Housing
and Economic Recovery Act of 2008. Section 2201 of
the Act provides a temporary increase in VA’s
maximum guaranty amount through December 31, 2008.
This temporary increase was detailed in VA Circular
26-08-11. Effective January 1, 2009, VA’s maximum
guaranty amount will change as described below.
Circular 26-08-15 - September 4, 2008
(Rescinded by
Circular 26-08-19 on 10/16/2008)
Expiration of VA
Authority to Guarantee Adjustable Rate Mortgages and
Hybrid Adjustable Rate Mortgages
PURPOSE: Unless Congress
extends the Department of Veterans Affairs’
authority to guarantee adjustable rate mortgages (ARMs)
and hybrid adjustable rate mortgages (HARMs), these
loan types will expire on September 30, 2008.
Lenders should not accept applications for
VA-guaranteed ARMs and HARMs after September 30,
2008. Lenders with an ARM or HARM application dated
September 30, 2008 or earlier may obtain a VA Loan
Guaranty Certificate so long as the loan closes
within a reasonable time and satisfies all other VA
program requirements.
Circular 26-08-14 - August 19, 2008
VA Acceptance of
Homebuyer Assistance Programs
PURPOSE: The purpose of this
circular is to establish requirements for VA
acceptance of Homebuyer Assistance Programs (HAP)
for use by veteran-homebuyers in conjunction with
VA-guaranteed home financing.
Circular 26-08-13 - August 7, 2008
Access to Vacant
Properties for Liquidation Appraisals
PURPOSE: This
circular describes the policies and procedures for
VA fee appraisers to obtain access to vacant
properties to perform VA liquidation appraisals.
Circular 26-08-12 - July 30, 2008
Changes To The Specially
Adapted Housing Program Under H.R. 3221
PURPOSE:
On July 30, 2008, the President signed H.R. 3221,
the Housing and Economic Recovery Act of 2008. This
circular explains changes to the Specially Adapted
Housing (SAH) program made by Sections 2602, 2603,
and 2605 of that Act.
Circular 26-08-11 - July 30, 2008
Temporary Increase in
Maximum Guaranty Amount Under H.R. 3221
PURPOSE:
On
July 30, 2008, the President signed H.R. 3221, the
Housing and Economic Recovery Act of 2008. This
circular explains the procedures for implementing
Section 2201 of that Act, the “Temporary Increase in
Maximum Loan Guaranty Amount for Certain Housing
Loans Guaranteed by the Secretary of Veterans
Affairs."
Circular 26-08-10 - July 22, 2008
New VA Property Management Contractor
PURPOSE:
This circular provides guidance for submission of
title documents to the new property management
contractor for the VA home loan guaranty program,
which is Countrywide Home Loans (CHL), a
wholly-owned subsidiary of Bank of America.
Circular 26-08-9 - June 18, 2008
Interior Inspections on Abandoned Properties
PURPOSE:
The purpose of this circular is to clarify VA’s
position on requirements for conducting interior
inspections on abandoned properties.
Circular 26-08-7 - Change 1 - June 18, 2008
Allowable Attorney Fees
and Outsourcing
PURPOSE:
The purpose of this change is to clarify as simply
as possible VA’s position on outsourcing.
Circular 26-01-10 - Change 4 - June 13, 2008
Soldiers' and Sailors'
Civil Relief Act of 1940, as Amended
PURPOSE:
The purpose of this change is to extend the
rescission date of the basic circular so that
stations continue to provide guidance on VA’s
position with respect to this act.
Circular 26-08-8 - June 10, 2008
Loan Modifications Under
VALERI
PURPOSE:
The purpose of this circular is to clarify the
applicable maximum interest rate and new
requirements when modifying a loan under the new VA
Loan Electronic Reporting Interface (VALERI)
environment.
Circular 26-08-7 - May 1, 2008
Allowable Attorney Fees
and Outsourcing
PURPOSE:
The purpose of this circular is to clarify VA’s
position on allowable attorney fees and costs of
outsourcing foreclosure referral and management
services.
Circular 26-08-6 - April 22, 2008
Guidelines for
Processing Share Loans for Cooperative Dwellings
PURPOSE:
Public Law 109-461, the Veterans Benefits, Health
Care, and Information Technology Act of 2006,
authorized the Department of Veterans Affairs (VA)
to guarantee loans made to veterans for the purchase
of stock or membership in cooperative housing
corporations (“co-ops”) to enable veterans to occupy
such co-ops as their residence. VA’s authorization
for this program expires in December 2011. The
purpose of this circular is to provide guidance on
share loans for co-ops.
Circular 26-06-2 -
Change 1 - April 4, 2008
Conveyance of Properties
to VA
PURPOSE:
The purpose of this change is to extend the
rescission date of the basic circular so that
stations continue to provide guidance on VA’s
position with respect to this procedure.
Circular 26-08-5 -
March 12, 2008
Expansion of the Types of Ownership Interests
Permissible Under the Specially Adapted Housing (SAH)
Grant Program
PURPOSE:
This circular announces an expansion of the types of
ownership interests permissible under the Specially
Adapted Housing (SAH) grant program.
Circular 26-08-4 -
February 14, 2008
Temporary
Reduction in the Validity Period on VA Notices of
Value and Master Certificates of Reasonable Value
for Proposed Construction Cases
PURPOSE:
The purpose of this circular is to announce a
temporary reduction in the validity period for VA
Notices of Value (NOV) and Master Certificates of
Reasonable Value (MCRV) for proposed construction
cases. VA will use a 6-month validity period for all
proposed construction cases. This action will result
in the same validity periods for both existing
construction and proposed construction cases.
Circular 26-08-3 -
February 7, 2008
Processing Transfers of
Ownership Under VALERI
PURPOSE:
The purpose of this circular is to explain how to
process transfers of ownership under new VA
regulations, specifically subpart F of part 36 of
Title 38 of the Code of Federal Regulations (CFR),
which establishes the VA Loan Electronic Reporting
Interface (VALERI) environment.
Circular 26-08-2 -
February 5, 2008
Clarifications Regarding
Interest Rate Reduction Refinance Loans in Minnesota
PURPOSE:
The purpose of this circular is to address the
implementation of Minnesota House File No. 1004,
which became effective on August 1, 2007.
Specifically, this circular will explain that
interest rate reduction refinance loans (IRRRLs), if
processed in accordance with VA’s guidelines, will
still be available to veterans in the state of
Minnesota.
Circular 26-08-1 -
February 5, 2008
Allowable Attorney Fees, Claim Time Limits, and New
Liquidation Appraisal Review Authority
PURPOSE:
The purpose of this circular is to announce new
limits on allowable attorney fees, the establishment
of a time limit on the submission of claims under
loan guaranty, and new authority for review of
liquidation appraisals.
Circular 26-07-3 - Change 1 -
January 15, 2008
Appraisal of Proposed or
Under Construction Properties from Model Homes
PURPOSE:
The purpose of this change is to correct a chapter
reference in paragraph 3 of the basic circular.
Circular 26-06-5 - Change
1 -
November 8, 2007
The Veterans Housing Opportunity and Benefits Act of
2006
PURPOSE: The purpose of
this circular is to make a clarification regarding
the maximum loan amounts for Native American Direct
Loans.
Circular 26-05-11 -
Change 1 - October 11, 2007
Claim Adjustment on a Modified Loan
PURPOSE:
The purpose of this change is to extend the
rescission date of the basic circular so that
stations continue to provide guidance on VA’s
position with respect to this procedure.
Circular 26-05-9 -
Change 2 - October 11, 2007
Continued Forbearance on Loans
Affected by Hurricanes Katrina and Rita
PURPOSE:
The purpose of this change is to extend the
rescission date of the basic circular so that
stations continue to provide guidance on VA’s
position with respect to this procedure.
Circular 26-04-9 -
Change 1 - October 11, 2007
New Procedures for Submission of
E-Appraisal Reports
PURPOSE:
The purpose of this change is to extend the
rescission date of the basic circular so that
stations continue to provide guidance on VA’s
position with respect to this procedure.
VALERI
(VA Loan Electronic Reporting Interface)
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