|
Lender Sample Documents
Reserve-Guard Obligation
Lenders must ask every applicant, whose income is being used to qualify for a loan, if their income is subject to change due to activation with a reserves/national guard unit. To accomplish this, lenders must obtain a statement, which affirms that an applicant's status relative to membership in the Reserves or National Guard, has been ascertained and considered.
The statement should be made part of the origination package and should be submitted to VA in the event the loan is selected for full review. A sample of this affirmation is available here. Lenders may use this sample document, provided it is on the lender's letterhead.
POA (aka Live and Well) Certification
When a power of attorney (POA) is used, the lender must verify that the veteran is alive, and, if on active military duty, not missing in action. To do this, the lender must complete a POA certification. Lenders may use this sample document, provided it is on the lender's letterhead. See VA Lenders Handbook, Chapter 9, Section 7.b.
Escape Clause
If sales contract was signed by the veteran prior to receipt of the NOV, the contract must contain the following clause found at CFR 4303(k)(4). The clause may be printed on the Lender’s or Real Estate Agent’s letterhead in its entirety as written in the sample document.
Lender Certification:
An officer of the lender authorized to execute documents and act on behalf of the lender must complete the Lender Certification. Lenders may use this sample document, provided it is on the lender's letterhead.See VA Lenders Handbook, Chapter 4, Section 1.#7
Old vs. New loan comparison and certification
Lenders must include with every Interest Rate Reduction Refinance loan, a statement signed by the borrowers showing they understand the effects of the refinance. In most cases this statement must also show the effects of the refinance through a summary of how long it will take the veteran to recoup the costs associated with the refinance. Lenders may use this sample document. This statement should be on the lender's letterhead. See VA Lenders Handbook, Chapter 6, Section 1.d.
|
