VA issued Circular 26-24-14, Change 1, amending how veteran-paid buyer-broker charges are to be recorded on the Closing Disclosure. Per the original Circular, VA authorized a temporary local variance that allows borrowers to pay reasonable and customary amounts for any buyer-broker charges (including commissions and any other broker-related fees). In such event, the charges must recorded on the Closing Disclosure. The original Circular required the charges to be recorded in lines 1 through 3 of Section H. This Circular removes the requirement that the charges be recorded in lines 1 through 3; however, the charges must still be recorded in Section H. The new requirements become effective August 10, 2024.
Click to view the VA Circular 26-24-14: https://www.tenaco.com/wp-content/uploads/2024/08/VA-Circular-26-24-14-06-11-24.pdf
Click to view the VA Circular 26-24-14, Change 1: https://www.tenaco.com/wp-content/uploads/2024/08/VA-Circular-26-24-14-Change-1-08-05-24.pdf
