News & Analysis as of November 17, 2024

Veterans

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The term "mortgage" typically refers to a mortgage loan. A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +

VA Documentation Requirements for Allowable Fees

Ballard Spahr LLP on 9/26/2024

In Circular 26-24-19, the Department of Veterans Affairs (VA) sets forth documentation requirements for fees and charges that may be imposed on veterans in connection with VA-guaranteed home loans, other than the VA funding...more

CFPB Penalizes VA Lender for Misrepresenting Cost of Cash-Out Refinance Loans

Sheppard Mullin Richter & Hampton LLP on 9/9/2024

On August 29, the CFPB issued a consent order against a non-bank direct mortgage lender for misrepresenting the cost of its cash-out refinance loans, which are guaranteed under the VA home loan program, to active-duty...more

VA Announces Secondary Borrowing Requirements for Loan Assumptions

Ballard Spahr LLP on 8/20/2024

In connection with its guaranteed home loan program, the Department of Veterans Affairs (VA) announced in Circular 26-24-17 [Link: https://benefits.va.gov/HOMELOANS/documents/circulars/26-24-17.pdf] requirements when a party...more

VA Announces Change Regarding Temporary Variance Allowing Veterans to Pay Broker Commissions

Ballard Spahr LLP on 8/6/2024

Previously, in connection with the home loan program of the Department of Veterans Affairs (VA) we reported on the VA’s adoption of a temporary local variance allowing veterans to pay the commission of the real estate broker...more

VA Announces Temporary Variance Allowing Veterans to Pay Broker Commissions and Announces a Targeted Foreclosure Moratorium

Ballard Spahr LLP on 6/14/2024

Buyer-Broker Commissions - In connection with its guaranteed home loan program, the Department of Veterans Affairs (VA) recently adopted a temporary local variance allowing veterans to pay the commission of the real estate...more

Department of Veterans Affairs Enacts Sweeping Loss Mitigation Program Changes

Ballard Spahr LLP on 4/30/2024

The Department of Veterans Affairs (VA) made significant changes to its loss mitigation program this month, launching its awaited Veterans Affairs Servicing Purchase Program, and implementing a 40-year loan modification term....more

VA Proposes Supplemental Refinance Loan Rule

Ballard Spahr LLP on 3/11/2024

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

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