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Circulars: Calendar Year 2020
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Circular 26-20-36 - September 18, 2020
Changes to Processing Site Condominiums Located in the State of Michigan
PURPOSE: The purpose of this circular is to announce changes to processing Site Condominiums for VA loan purposes in the State of Michigan.
26-20-25 Change 1 - September 15, 2020
Impact of CARES Act Forbearance on VA Purchase and Refinance Transactions
PURPOSE: The purpose of this Circular is to clarify that periods of forbearance under the CARES Act cannot count toward loan seasoning requirements for both Interest Rate Reduction Refinancing Loans (IRRRLs) and cash-out refinancing loans made to refinance a VA-guaranteed loan.
Circular 26-20-33 - September 14, 2020
Deferment as a COVID-19 Loss Mitigation Option for CARES Act Forbearance Cases
PURPOSE: The purpose of this Circular is to clarify whether, due to the impact of Coronavirus Disease 2019 (COVID-19), servicers may offer deferment as a COVID-19 loss mitigation option.
Circular 26-20-12 Change 1 - September 9, 2020
Extended Relief Under the CARES Act for those Affected by COVID-19
PURPOSE: This Circular is to clarify the loan modification option, VA Purchase option, and remove a reference to a lump sum payment.
Circular 26-20-34 - September 4, 2020
Special Relief Following Hurricane Laura
PURPOSE: This Circular expresses concern about the Department of Veterans Affairs (VA) home loan borrowers affected by Hurricane Laura, and describes measures mortgagees may employ to provide relief.
Circular 26-20-32 - August 28, 2020
Special Relief Following Severe Storms in Iowa
PURPOSE: The purpose of this Circular is to provide assistance to Veterans Affairs (VA) home loan borrowers affected by the Severe Storms in Iowa.
Circular 26-20-31 - August 27, 2020
Special Relief Following California Wildfires
PURPOSE: The purpose of this Circular is to provide assistance to Veterans Affairs (VA) home loan borrowers affected by the wildfires in California.
Circular 26-20-30 - August 24, 2020
Extended Foreclosure Moratorium for Borrowers Affected by COVID-19
PURPOSE: The CARES Act protects borrowers with Federally backed mortgage loans who are experiencing financial hardship due to the COVID-19 national emergency. The purpose of this Circular is to extend the foreclosure moratorium.
Circular 26-20-29 - August 24, 2020
Extended Eviction Moratorium for Borrowers Affected by COVID-19
PURPOSE: The CARES Act protects borrowers with Federally backed mortgage loans who are experiencing financial hardship due to the COVID-19 national emergency. The purpose of this Circular is to extend the eviction moratorium.
Circular 26-20-28 - August 12, 2020
Interest Rate on Loan Modifications with a Trial Payment Plan
PURPOSE: This Circular provides guidance to mortgage loan servicers regarding the interest rate for loan modifications with a Trial Modification, also known as a Trial Payment Plan (TPP), on Department of Veterans Affairs’ (VA) guaranteed home loans.
Circular 26-20-27 - July 27, 2020
SAH COVID-19 Precautions for Veteran Engagement by Stakeholders: Building Contractors and VA assigned Compliance Inspectors
PURPOSE: This Circular provides guidance regarding personal precautions during the ongoing Coronavirus Disease 2019 (COVID-19) pandemic.
Circular 26-19-22 Change 1 - July 24, 2020
Clarification and Updates to Policy Guidance for VA Interest Rate Reduction Refinance Loans (IRRRLs)
PURPOSE: This Circular clarifies guidance on the calculation of statutory fee recoupment as required by Public Law 115-174, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), for Interest Rate Reduction Refinance Loans (IRRRLs).
Circular 26-19-13 Change 1 - July 7, 2020
Updated Prior Approval Loan Procedures
PURPOSE: This Circular extends the rescission date of Circular 26-19-13.
Circular 26-20-25 - June 30, 2020
Impact of CARES Act Forbearance on VA Purchase and Refinance Transactions
PURPOSE: This Circular provides guidance on cases impacted by the CARES Act Forbearance on VA Purchase and Refinance Transactions.
Circular 26-20-24 - June 19, 2020
Evidence of Guaranty
PURPOSE: This Circular is to notify lenders of an upcoming WebLGY system update to be released tentatively for July 12, 2020, and to provide guidance in the interim.
Circular 26-20-23 - June 18, 2020
Extended Eviction Moratorium for Borrowers Affected by COVID-19
PURPOSE: This Circular is to extend the eviction moratorium.
Circular 26-20-22 - June 17, 2020
Extended Foreclosure Moratorium for Borrowers Affected by COVID-19
PURPOSE: This Circular is to extend the foreclosure moratorium.
Circular 26-18-7 Change 1 - June 16, 2020
Construction/Permanent Home Loans
PURPOSE: This Circular is to extend the rescission date of Circular 26-18-7.
Circular 26-20-21 - June 8, 2020
Property Inspection Requirements on CARES Act Forbearance Cases
PURPOSE: This Circular is to clarify inspection requirements for properties purchased with Department of Veterans Affairs (VA) guaranteed loans where the borrowers have been impacted by Coronavirus Disease 2019 (COVID-19).
Circular 26-20-20 - June 1, 2020
Index for Adjustable-Rate Mortgage (ARM) Products
PURPOSE: This Circular is to remind lenders of Department of Veterans Affairs (VA) regulations establishing the Constant Maturity Treasury (CMT) rate as the only approved index for Adjustable Rate Mortgage (ARM) products.
Circular 26-20-14 Change 2 - May 28, 2020 | Exhibit A
New Appraisal Review Requirements and Instructions Regarding the Department of Veterans Affairs Appraisal Management Service for the Lender Appraisal Processing Program and the Servicer Appraisal Processing Program Staff Appraisal Reviewers
PURPOSE: This Circular is to provide Frequently Asked Questions (FAQs) related to the new VA Automated Management Service.
Circular 26-19-17 Change 2 - May 22, 2020
Funding Fee Guidance to Lenders and Servicers
PURPOSE: This Circular supplements the Department of Veterans Affairs (VA) Lenders Handbook, Chapter 8, Topic 8, The VA Funding Fee, and updates Chapter 6, Refinancing, concerning Interest Rate Reduction Refinancing Loans (IRRRLs).
Circular 26-20-19 - May 20, 2020
Additional Lender Guidance Concerning COVID-19
PURPOSE: This Circular is to remind lenders of current VA policies and to provide further guidance to assist the processing of VA-guaranteed loans during the National Emergency.
Circular 26-20-18 - May 15, 2020
Extended Foreclosure Moratorium for Borrowers Affected by COVID-19
PURPOSE: This Circular is to extend the foreclosure moratorium.
Circular 26-20-13 Change 1 - May 11, 2020
Valuation Practices during COVID-19 (Updated)
PURPOSE: This Circular is to provide further clarification on the effective date of the temporary guidance and additional information for valuation during a National Emergency.
Circular 26-20-17 - April 29, 2020
New Reason for Default for those Affected by COVID-19
PURPOSE: The purpose of this Circular is to announce a new Reason for Default (RFD) to help the Department of Veterans Affairs (VA) identify borrowers affected by COVID-19.
Circular 26-20-10 Change 1 - April 27, 2020
Lender Guidance for Borrowers Affected by COVID-19
PURPOSE: This Circular is to provide further guidance on temporary measures regarding loan origination, closing, and guaranty.
Circular 26-20-16 - April 21, 2020 | Exhibit A
Guidance for Noncompliant Interest Rate Reduction Refinance Loans (IRRRLs)
PURPOSE: This Circular is to outline VA's expectations regarding loans that fail to meet the statutory requirements set forth in section 309 of Public Law 115-174
Circular 26-18-6 Change 1 - April 20, 2020
Loans for Alteration and Repair
PURPOSE: This Circular is to extend the rescission date of Circular 26-18-6.
Circular 26-18-5 Change 1 - April 20, 2020
Department of Veterans Affairs (VA) Property Management and Servicing Contract
PURPOSE: This Circular is to extend the rescission date of the original Circular.
Circular 26-18-3 Change 1 - April 20, 2020
Department of Veterans Affairs (VA) Acceptance of Properties
PURPOSE: This Circular is to extend the rescission date of the original Circular.
Circular 26-20-14 Change 1 - April 17, 2020
New Appraisal Review Requirements and Instructions Regarding Department of Veterans Affairs Appraisal Management Service for the Lender Appraisal Processing Program and the Servicer Appraisal Processing Program Staff Appraisal Reviewers
PURPOSE: This Circular is to provide additional guidance and information regarding the Department of Veterans Affairs (VA), Loan Guaranty Service (LGY), transition to the new automated Appraisal Management Services (AMS) for use in enhancing the appraisal review process prior to issuance of the Notice of Value (NOV).
Circular 26-20-14 - April 14, 2020
New Appraisal Review Requirements and Instructions Regarding Department of Veterans Affairs Appraisal Management Service for the Lender Appraisal Processing Program and the Servicer Appraisal Processing Program Staff Appraisal Reviewers
PURPOSE: This Circular is to announce the Department of Veterans Affairs (VA) new automated Appraisal Management Service (AMS) for use in enhancing the appraisal review process prior to issuance of the Notice of Value (NOV).
Circular 26-20-13 - April 10, 2020 | Exhibit A
Valuation Practices during COVID-19 (Updated)
PURPOSE: On March 13, 2020, the President of the United States declared a National Emergency due to Coronavirus Disease 2019 (COVID-19). Loan Guaranty (LGY) is committed to protecting Veterans, appraisers and industry stakeholders while continuing to execute our mission of delivering VA home loan benefits.
Circular 26-20-12 - April 9, 2020
Extended Relief Under the CARES Act for those Affected by COVID-19
PURPOSE: On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), Public Law 116-136. The CARES Act protects borrowers with Federally backed mortgage loans who are experiencing financial hardship due to the COVID-19 national emergency.
Circular 26-20-11 - March 27, 2020 | Exhibit A
Valuation Practices during COVID-19
PURPOSE: This Circular provides guidance for valuation and appraising for VA home loan purposes during COVID-19.
Circular 26-20-10 - March 27, 2020
Lender Guidance for Borrowers Affected by COVID-19
PURPOSE: This Circular provides guidance for Department of Veterans Affairs (VA) home loan borrowers affected by COVID-19 and describes temporary measures regarding loan origination, closing, and guaranty.
Circular 26-20-8 - March 18, 2020
Foreclosure Moratorium for Borrowers Affected by COVID19
PURPOSE: The Department of Veterans Affairs (VA) strongly encourages mortgage servicers to observe the following actions regarding home loan borrowers affected or potentially affected by Coronavirus Disease 2019 (COVID-19).
Circular 26-20-7 - March 16, 2020
Special Relief for those Potentially Impacted by COVID-19
PURPOSE: The Department of Veterans Affairs (VA) is working with other federal partners to assess next steps in response to recent reports of cases of Coronavirus Disease 2019 (COVID-19) in the United States. To keep Veterans and stakeholders safe while continuing the mission of VA Home Loan Program, VA is providing the following information. Please note, VA is continuing with normal program operations and information will be shared as updates are made available regarding the VA Home Loan program.
Circular 26-20-6 - March 16, 2020
Electronic Filing of Condominium Association Documents
PURPOSE: This Circular is to announce that the Department of Veterans Affairs (VA) will require the electronic submission of documents for condominium approval requests through WebLGY, effective immediately.
Circular 26-20-5 - March 11, 2020
Special Relief Following Tennessee Severe Storms, Tornadoes, Straight-line Winds, and Flooding
PURPOSE: This Circular expresses concern about the Department of Veterans Affairs (VA) home loan borrowers affected by the severe storms, tornadoes, straight-line winds, and flooding in Tennessee, and describes measures mortgagees may employ to provide relief. Mortgage servicers and borrowers alike should review VA’s Guidance on Natural Disasters to ensure Veterans receive the assistance they need.
Circular 26-20-3 - February 26, 2020
2020 Modification of Prior Approval Process for Loans Involving a Beneficiary
PURPOSE: This Circular is to modify section c, Special Procedures for Veterans Rated “Unable to Manage VA Benefits,” of Chapter 2, Topic 2, How to Process a Prior Approval Loan (Pre-Closing) of the Department of Veterans Affairs (VA) M26-1, Revised, Guaranteed Loan Processing Manual.
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