VA Amends COVID-19 Home Retention Waterfall and COVID-19 Refund Modification Requirements

VA issued Circular 26-23-12, Change 1, amending COVID-19 Home Retention Waterfall and COVID-19 Refund Modification requirements. Per the Circular, VA amended Section 7(a)(2) of the original Circular 26-23-12 (page 4, paragraph 1) by inserting “To identify an affordable target, servicers may ask borrowers the amount of monthly mortgage payment they can afford”. This Circular went into effect October 2, 2023.

Click to view the VA Circular 26-23-12, Change 1: https://www.tenaco.com/wp-content/uploads/2023/10/VA-Circular-26-23-12-Change-1-10-02-23.pdf