VA Circular 26-19-22 Clarification and Updates to Policy Guidance for VA Interest Rate Reduction Refinance Loans (IRRRLs) – Dated August 8, 2019 -Updated VA Refinance Comparison Chart

Written by: Tracey Rumsey, Staff Writer VA issued a major update for IRRRL. Any production staff involved in the VA loan process needs to become aware of these important changes. Rule Synopsis: This Circular supersedes Circulars 26-18-1 (and Change 1) and 26-18-13. This Circular and the VA Handbook are now the guideline authority to follow [...]

2019-08-09T13:33:06-05:00August 12th, 2019|

VA – Discount Points on an IRRRL: Does VA require an appraisal when any discount points are being charged on an IRRRL? VA Refinance Comparison Chart

Answer: VA only requires an appraisal on an IRRRL when a fixed rate is refinanced to an ARM rate and the 2% reduction in rate was produced solely from discount points.  (See the details below.) Reference: VA Guidelines – Chapter 4 Fixed to ARM: New rate must be 2% lower and the new rate can’t be [...]

2019-05-23T12:38:41-05:00May 24th, 2019|

VA – IRRRL for Non-Owner Occupied: Does VA allow an IRRRL for a home that the Veteran no longer lives in? [VA Refinance Comparison Chart]

Answer: Yes.  The veteran just has to certify that they previously occupied the home as their primary residence. Social Media Post: Nice to Know:  VA will allow an IRRRL [Interest Rate Reduction Refinance Loan] on a home the Veteran still owns, but no longer occupies.  The Veteran only needs to certify that they previously occupied [...]

2019-03-25T08:50:53-05:00March 25th, 2019|

VA – IRRRL Net Tangible Benefit: Did the Net Tangible Benefit change this year on an IRRRL? [NEW MTP™ Who Qualifies for a VA IRRRL?]

Answer: Yes, we published this update in our June 10, 2018 rules update which is attached here for your convenience.  [View previous article: VA Refinance Loans and the Economic Growth, Regulatory Relief and Consumer Protection Act] The VA Net Tangible Benefit rules, which were updated this year by the Protecting Veterans from Predatory Lending Act [...]

2018-11-26T11:54:14-05:00November 25th, 2018|

Mortgage Currentcy NEW VA Refinance Comparison Chart

Written By: Tracey Rumsey, Staff Writer VA changed some of their refinance rules in June.  As a result, many originators have been confused regarding the differences between VA refinance types.  Read through this quick article to learn why you should keep this chart handy. Rule Synopsis: The new changes announced in June of this year [...]

2018-08-09T19:03:01-05:00August 9th, 2018|