VA issued Circular 26-17-11, setting forth VA’s requirements for completion of the Closing Disclosure. As VA no longer accepts a separate itemized list of credits and charges, lenders must document all allowable fees and charges assessed against the borrower (as well as any lender and seller credits) on the Closing Disclosure. The Circular also sets forth VA’s requirements for accurately disclosing such fees, charges and credits on the Closing Disclosure. Sample Closing Disclosures are attached to the Circular illustrating the proper way to document charges assessed against the borrower, and lender or seller credits. The requirements explained in the Circular apply to all loan applications dated on or after July 2, 2017.
Click here to view the VA Circular
