Information for Sending Title Packages to VA
VA has revised its procedures for title document submissions, due to the transition of VA's Property Management activity to a private contractor, Countrywide Home Loans. Click for details on the changes and effective dates.

Net Value Factor

The percentage factor used when estimating acquisition, management, and resale costs to calculate the net value of properties in the VA home loan program is 11.87%.

This figure has remained unchanged since January 4, 2000. This is the percentage to be used by participants in VA's Servicer Loss Mitigation Program (SLMP) when estimating VA claim payments to compare anticipated losses under an alternative and foreclosure.

SLMP Promissory Note Rate

VA's Servicer Loss Mitigation Program requires in some instances that the obligors sign a note promising to pay VA for a portion of the claim paid under SLMP. The rate of interest on such notes is set by the Treasury Department. The rate established for the period January 1, 2007, through December 31, 2007, is 4.0%. Please see page 16 of the SLMP instructions for further guidance on obtaining promissory notes.

New Procedure for Interest Rate Reduction Loan & Servicer Status Inquiries using the New WebGIL application located within the Veterans Information Portal
Lenders and Servicers will no longer use the GILoan Status Inquiry web site to submit Status Inquiries to use in lieu of a Certificate of Eligibility. VA has now replaced the previous web site with an application called WebGIL located within the Veterans Information Portal. To access this application, each intended user must register as a Lender or Servicer to obtain an individual user ID and password. Current users should already have access and do not need to re-register. This is an instant automated service that will process Status Inquiries within seconds. This service can be used for all VA loans, regardless of the property location or VA office of jurisdiction. If the LIN Search returns information showing the Active loan to be refinanced etc., print the output and use in lieu of a COE.

To access the LIN Search Function
Login and click on the WebGIL application listed under the Applications section on the left-hand side of the screen. After the WebGIL application opens, put your cursor over the words ALL USERS, then select Search LIN. If you have any questions, please email the VIP Helpdesk for assistance

Service Members Civil Relief Act
VA issued Circular 26-01-10 on September 26, 2001, to provide guidance on the Soldier's and Sailor's Civil relief Act as members of the National Guard and Reserves were called to active duty following the events of 9/11/2001. Much of the guidance is still valuable as VA plans to issue additional information about the new Act. You can see a copy of the circular.

National Foreclosure Timeframes
Here is a spreadsheet showing VA timeframes for completing foreclosure in all jurisdictions. Also on the spreadsheet is information about when to order appraisals for termination's, and when to provide VA with the status of loan account (VA Form 26-567) prior to foreclosure.