News & Analysis as of

Department of Veterans Affairs VA Loans

Orrick, Herrington & Sutcliffe LLP

VA announces its targeted foreclosure moratorium on VA loans

On May 29, the VA announced a targeted foreclosure moratorium on VA-guaranteed loans, which will give servicers time to implement the Veterans Affairs Servicing Purchase (VASP) program. Servicers can implement the VASP...more

Troutman Pepper

VA Announces “Targeted Foreclosure Moratorium” on VA Loans Through December 31, 2024

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On May 29, the Department of Veterans Affairs (VA) announced a targeted foreclosure moratorium on VA-guaranteed loans intended to allow servicers sufficient time to implement the Veterans Affairs Servicing Purchase (VASP)...more

Ballard Spahr LLP

VA Proposes Supplemental Refinance Loan Rule

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As previously reported, in November 2022 the Department of Veterans Affairs (VA) issued a proposal to update its rules for interest rate reduction refinancing loans (often referred to as “IRRRLs”) to conform with VA loan...more

Ballard Spahr LLP

VA Addresses Assumption Fees

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The U.S. Department of Veterans Affairs (VA) recently issued Circular 26-23-10, Change 1, Circular 26-24-5 and an Exhibit to address fees that may be imposed in connection with the assumption of a VA-guaranteed home loan....more

Alston & Bird

Mortgage Servicers: VA Issues Guidance Regarding Noncompliance in Processing VA Assumptions

Alston & Bird on

A&B Abstract: On December 20, 2023, the Department of Veterans Affairs (VA) issued Circular 26-23-27 (the “Circular”) to remind holders and servicers of VA-guaranteed loans about their obligation to process assumptions and...more

Ballard Spahr LLP

VA Urges Servicers to Implement Foreclosure Moratorium on VA Loans

Ballard Spahr LLP on

The U.S. Department of Veterans Affairs (VA) recently issued Circular 26-23-25 in which VA “is strongly encouraging a foreclosure moratorium on all VA-guaranteed loans through May 31, 2024.” Additionally, VA “urges servicers...more

Orrick, Herrington & Sutcliffe LLP

VA reduces funding fee for certain loans

On February 14, the Department of Veterans Affairs announced a funding fee charge update for loans closed on or after April 7, 2023. According to Circular 26-23-06, funding fees are charged on VA transactions involving a home...more

Ballard Spahr LLP

VA Reduces the Funding Fee for Certain VA Loans

Ballard Spahr LLP on

In Circular 26-23-06, the U.S. Department of Veterans Affairs (VA) announced reduced funding fees for purchase, construction and cash-out refinance loans guaranteed by the VA that are closed on or after April 7, 2023. ...more

Ballard Spahr LLP

VA Allows Deferments as Loss Mitigation Options for Borrowers with COVID-19 Forbearances

Ballard Spahr LLP on

In Loan Guaranty Circular 26-20-33, the U.S. Department of Veterans Affairs temporarily authorized the use of deferments as a loss mitigation option for borrowers with a COVID-19 forbearance....more

Ballard Spahr LLP

VA Extends Foreclosure Moratorium

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On May 15, 2020, the U.S. Department of Veterans Affairs (VA) issued Loan Guaranty Circular 26-20-18, dated May 14, 2020, to impose a further foreclosure moratorium on VA-guaranteed loans through June 30, 2020....more

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