VA Lenders guidelines
Things You’ll Need to become a VA Lender
• Bank officer signatures
• Loan processor signatures
• Underwriter signatures
• VA Equal Opportunity Lending Certification Form
• Identification letter
• Lender’s credit report
Gather all signatures that are required to become an official VA Lender. The Veterans Affairs requires lenders to send them the signature of every loan processor, all lending institution’s officers, underwriters and every other member of the staff who has an authorisation to write VA loans. The VA then stores these signatures in a database for their administration.
Send the VA Equal Opportunity Lending Certification Form. This form is also known as the VA Form 26-8822. The VA requires this form for every financial institution that wants to write VA loans.
Write a letter to identificate the institution. This letter must include the corporate address of the lending institution, the names of the owners and a complete list of all other lending branches that will write VA loans.
Provide a list of banned personnel. The lending institution must provide the VA with a list of employers the VA or U.S. Department of Housing and Urban Development has debarred or banned before from working with any government institution.
Not all lenders are allowed to process and close VA home mortgage loans. And that is a good thing. Lenders have to apply officially, as well as provide other data in order to get approval from the VA before they get permission to process and close VA home mortgage loans. With more than 26 million veterans and service personnel eligible for VA financing, this loan is very attractive and has many benefits.
Official VA mortgage lenders are the only loan companies that have the authority to offer VA home loans to borrowers using their VA loan eligibility. VA loan rates are very cheap and have dropped to 4.75% on 30-year fixed rate loans last year. Of course, these VA loan rates change regularly just like normal commercial mortgage rates. VA loans require a thorough understanding of the Department of Veterans Affairs and how to navigate through the government administration and all the different rules. It is of course necessary to follow the VA Lenders guidelines in order to get this permission from the government.