VA issued Circular 26-18-6 (Circular), amending and enhancing policy with respect to loans used for alteration and repair. The intent of the new policy is to encourage lenders to make VA-guaranteed loans to veterans who wish to purchase or refinance a home that is in need of alteration and/or repair. The Circular sets forth the general process lenders must follow when processing a loan for alteration and repair. 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