2022 Veterans Day Tribute
Veterans Day Tribute
Celebrating Veterans’ Advocacy with Ashley Gorbulja-Maldonado, Public Affairs Specialist at the U.S. Department of Veterans Affairs: On Record PR
The U.S. Senate recently passed H.R. 1815, the VA Home Loan Program Reform Act, to reauthorize partial claims with U.S. Department of Veterans Affairs (VA) guaranteed home loans. The U.S. House of Representatives passed the...more
What Happened? On April 23, 2025, the U.S. Department of Veterans Affairs (VA) issued Circular 26-25-2 (the Circular), which announces that the VA’s Veterans Affairs Servicing Purchase (VASP) program is winding down. As of...more
As previously reported, last year the U.S. Department of Veterans Affairs (VA) launched a Veterans Affairs Servicing Purchase (VASP) program, which VA characterized as a “last-resort tool” for VA home loan borrowers facing...more
On April 3, 2025, the U.S. Department of Veterans Affairs (VA) announced it will end the Veterans Affairs Servicing Purchase (VASP) program on May 1, 2025. This decision comes just shy of one year since the program’s...more
In Circular 26-24-19, the Department of Veterans Affairs (VA) sets forth documentation requirements for fees and charges that may be imposed on veterans in connection with VA-guaranteed home loans, other than the VA funding...more
Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) announced it had entered into a consent order with NewDay USA, a Florida-based non-bank direct mortgage lender, over allegations that the lender misled...more
What Happened? On August 11, 2024 the Department of Veterans Affairs (the “VA”) released Circular 26-24-17, clarifying how a servicer should process an assumption when there is secondary financing. Significantly, the VA...more
In connection with its guaranteed home loan program, the Department of Veterans Affairs (VA) announced in Circular 26-24-17 [Link: https://benefits.va.gov/HOMELOANS/documents/circulars/26-24-17.pdf] requirements when a party...more
Previously, in connection with the home loan program of the Department of Veterans Affairs (VA) we reported on the VA’s adoption of a temporary local variance allowing veterans to pay the commission of the real estate broker...more
On May 29, the VA announced a targeted foreclosure moratorium on VA-guaranteed loans, which will give servicers time to implement the Veterans Affairs Servicing Purchase (VASP) program. Servicers can implement the VASP...more
Buyer-Broker Commissions - In connection with its guaranteed home loan program, the Department of Veterans Affairs (VA) recently adopted a temporary local variance allowing veterans to pay the commission of the real estate...more
On May 29, the Department of Veterans Affairs (VA) announced a targeted foreclosure moratorium on VA-guaranteed loans intended to allow servicers sufficient time to implement the Veterans Affairs Servicing Purchase (VASP)...more
The Department of Veterans Affairs (VA) made significant changes to its loss mitigation program this month, launching its awaited Veterans Affairs Servicing Purchase Program, and implementing a 40-year loan modification term....more
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
The U.S. Department of Veterans Affairs (VA) recently issued Circular 26-23-10, Change 1, Circular 26-24-5 and an Exhibit to address fees that may be imposed in connection with the assumption of a VA-guaranteed home loan....more
A&B Abstract: On December 20, 2023, the Department of Veterans Affairs (VA) issued Circular 26-23-27 (the “Circular”) to remind holders and servicers of VA-guaranteed loans about their obligation to process assumptions and...more
The U.S. Department of Veterans Affairs (VA) recently issued Circular 26-23-25 in which VA “is strongly encouraging a foreclosure moratorium on all VA-guaranteed loans through May 31, 2024.” Additionally, VA “urges servicers...more
On November 17, the U.S. Department of Veterans Affairs (VA) asked all mortgage servicers to pause any foreclosure proceedings of VA-guaranteed loans, as well as extended its Covid-19 Refund Modification program through May...more
On February 14, the Department of Veterans Affairs announced a funding fee charge update for loans closed on or after April 7, 2023. According to Circular 26-23-06, funding fees are charged on VA transactions involving a home...more
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
On July 23, 2021, the Department of Veterans Affairs (VA) released Circular 26-21-13, which announced a new temporary modification called the COVID-19 Refund Modification. The COVID-19 Refund Modification and the COVID-19...more
In just a few days, on July 31, 2021, the national moratoriums on residential evictions and foreclosures are set to expire. With this deadline fast approaching, the Biden administration announced a new mortgage relief plan...more
A&B Abstract: Today, the Biden Administration announced an extension of the foreclosure moratorium for federally-backed mortgage loans (the “Presidential Announcement”). ...more
REMOVALS- Can I be removed from my home as a result of a foreclosure proceeding during the COVID-19 emergency? No. On March 19, 2020, New Jersey Governor Philip Murphy issued Executive Order 106, which suspended...more
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