Announcement - Operational and Rate Lock Updates

Process for handling VA Refunds

As a reminder, Correspondent Sellers should reference VA Circular 26-23-19 for the correct procedures for handling refunds or corrections to the borrower. Lenders must initiate the request for a refund in the VA Funding Fee Payment System (FFPS).

Refunds should not be reflected as Principal Curtailments on the Closing Disclosures.

VA Price Adjustment

Effective Monday, November 6,th, for VA loans with loan amounts greater than $1.5M, there will be a .25pt adjustment added to the Best Effort loan amount grids.

Loan Amount
> <= FHA VA USDA
min 49,999 (0.300) (0.300) (0.300)
49,999 74,999 (0.200) (0.200) (0.200)
74,999 124,999 (0.070) (0.070) (0.070)
124,999 149,999 (0.030) (0.030) (0.030)
149,999 249,999 0.000 0.000 0.000
249,999 449,999 0.050 0.050 0.050
449,999 499,999 0.070 0.070 0.070
499,999 726,200 0.080 0.080 0.080
726,200 1,500,000 (0.100) (0.100) (0.100)
1,500,000 Max (0.350) (0.350) (0.350)

 
DTI
> <= FHA VA USDA
0% 35% 0.000 0.000 0.000
35% 40% 0.000 0.000 0.000
40% 45% 0.000 0.000 0.000
45% 50% 0.000 0.000 0.000
50% Max (0.100) (0.100) (0.100)

All Adjustments are additive


If you have any questions, please contact your Correspondent Specialist, Sales Executive, or contact us via the support line at 1-800-929-4744.

Thank you for your continued business.