Submit a completed VA Form 26-8736, Application for Authority to Close Loan on an Automatic Basis-Nonsupervised Lenders, to the VA Regional Loan Center with jurisdiction over your home office. The necessary forms needed to apply for automatic authority can be obtained from the VA Regional Loan Center site.
A senior officer of your company must nominate, on VA Form 26-8736a Nonsupervised Lender's Nomination and Recommendation of Credit Underwriter, at least one full-time qualified employee to act as an underwriter who has either:
All VA-approved underwriters must be familiar with VA's credit underwriting standards and the VA Lenders Handbook.
A lender must maintain, either:
A lender must have one or more unrestricted lines of credit totaling at least $1 million.
If a lender customarily sells loans it originates, it must have a minimum of 2 permanent investors.
The lender must implement a written quality control plan which ensures compliance with VA requirements and meets the criteria outlined in the VA Lenders Handbook.
The lender must designate one qualified employee and an alternative to be the primary liaison with VA. The liaison officers should be thoroughly familiar with the lender's entire operation and be able to respond to any query from VA concerning a particular loan or the firm's automatic authority.
There must be no factors indicating the lender would not exercise the necessary care and diligence.
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Last updated October 22, 2013