News & Analysis as of January 28, 2025

Interest Rate Reduction Refinancing Loan (IRRRL)

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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 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

VA Reduces the Funding Fee for Certain VA Loans

Ballard Spahr LLP on 2/22/2023

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

UPDATE Ginnie Mae clarifies first payment basis intended by APM 21-06

David Shirk - Shirk Law on 11/10/2021

Yesterday, Ginnie Mae clarified in an industry forum that its APM 21-06 seasoning requirements for the VA IRRRL Refinance of a Modified Loan are measured from the contracted first payment due date under a modification...more

Ginnie Mae APM 21-06 restates interpretation of VA seasoning requirements

David Shirk - Shirk Law on 11/1/2021

Ginnie Mae clarifies its MBS Guide with respect to seasoning of VA IRRRLs that are a “Refinance of a Modified Loan.” Issuers had challenged Ginnie Mae’s buy out demands that claimed insufficient seasoning when measured from...more

Why Ginnie Mae Issuers are Challenging VA Seasoning Buyout Demands and Why Lenders Care

David Shirk - Shirk Law on 10/13/2021

Issuers should be aware that Ginnie Mae interpreting its MBS guide in a manner that departs from VA circular 26-19-22, and the plain reading of statutory language with respect to the beginning and ending dates used to...more

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

Ballard Spahr LLP on 9/17/2020

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

VA Addresses CARES Act Forbearance Effect on VA Loan Eligibility

Ballard Spahr LLP on 7/4/2020

In Loan Guaranty Circular 26-20-25, dated June 30, 2020, the U.S. Department of Veterans Affairs (VA) addresses the effect of a CARES Act forbearance, or some other COVID-19 credit relief, on the eligibility of a veteran for...more

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