Yes, it includes advances for preserving lien position, advances for insurances or tax, due interest, foreclosure costs and legal fees.
Are we required to ensure that 80% of the new modified Unpaid Principal Balance (UPB) will be paid off before the original maturity date?
The 80% rule is no longer listed for the loan modification requirement. Is this still applicable? Are we required to ensure that 80% of the new modified Unpaid Principal Balance (UPB) will be paid off before the original maturity date?
Brokers who are interested in it should contact with the Vendor Resource Management for finding information regarding selling acquired properties.
Do we perform loss mitigation the same if the borrower is already under Service members Civil Relief Act (SCRA) protection, but still unable to make his/her monthly payment?
Revision needs to be continued on Loss Mitigation options even in case it is under the protection of SCRA. Everybody should discuss these options with his/her homeowner to get rid of further expenditure.
It is not available to finance vendee since the Department of Veterans Affairs (VA) changes the REO Portfolio to Vendor Resource Management (VRM). Please check back for the status of vendee financing updates.
For information about refund title documentation, you can refer to the Servicer Guide. VA will also notify you about the required papers of the approval letter for refund.
To make sure that your proof is true which truly depicts your identity, the in-person proofing is required. This is also beneficial as an impostor can be prevented from using your personal details to create a DS Logon account that is fraudulent.
A veteran wishes to purchase a 4-plex. One of the units would be his residence, and the other three are currently rented, all of which will remain if he purchases the property.
You must certify that you would like to occupy the property as required by the law. Moreover, this requirement will be considered fulfilled when you actually intend to occupy the property as your home and also, occupy it when closing the loan or after sometime.
Are there instances where we will be seeing more than one BOC per loan? For instance, if a BOC was issued and then it was discovered that there is more than one reason why VA would need funds returned?