Home Loan Guaranty
Services
Loan Guaranty
Monitoring Unit
Mission Statement:
The mission of the Loan Guaranty Monitoring Unit is
to protect the interests of the Government and the
veterans we serve by ensuring that program
participants process and close VA home loans in
accordance with the law, regulations, and program
directives.
The VA Loan Guaranty
Monitoring Unit was created in 1989 to perform
oversight of VA lender operations through a program
of performance audits. Lender audits are
performed both onsite at lenders' offices and at the
Monitoring Unit's office in Nashville, Tennessee.
The audits include a review of loans to determine
that the lender met VA requirements in the appraisal
and valuation of property as well as the processing,
underwriting, and closing of the home loan.
Although the Unit has a current staff of 15 employees, it has performed approximately 1,500 lender
audits since its inception.
The results of
Monitoring Unit audits include:
- Obtaining
refunds to veterans for unallowed charges and
overcharges
- Ensuring that
the homes which are security for loans meet VA
minimum property standards
- Protecting the
taxpayer against loss by obtaining
indemnification for loan processing that clearly
does not meet program requirements
- Recovering
losses suffered on loan defaults that result
from poorly processed loans that should not have
been made
- Educating
lenders about program requirements to improve
the quality of loans
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Reviewed/Updated Date: October 9, 2007 |
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