VA issued Circular 26-18-7 (Circular), amending requirements with respect to construction loans. Per the Circular, VA has received inquiries regarding the procedures to process construction loans. Although VA currently offers lenders the ability to originate new construction loans, the brevity of VA guidance has kept many lenders from offering the product. The Circular sets forth the general process lenders must follow when processing a construction. The amended policy is effective immediately.
Rural Housing Service
RHS Updates Monthly Electronic Status Reporting Codes
RHS issued a SFH Guaranteed Servicing Notice (Notice) announcing updated Electronic Status Reporting codes for mortgage servicers. Per the Notice, Default Status Code 10 was
September 23, 2024
