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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.
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