VA Revises Servicer Handbook (M26-4)

VA revised chapters 4, 5, 7, 8, 9, 10, 11, 12, 14, 15 and Appendix B, E, G and H of the Servicer Handbook (M26-4). The revisions: clarify servicemember eligibility for protection under the SCRA; refine servicer eligibility for incentive payments; clarify the interest rate and pre-approvals for streamline loan modifications; update policy regarding the use of auction services for the termination of VA loans; amend policy regarding refund consideration and approval; clarify the Review Non-Routine Acquisition process; provide the VA address for title documents; refine title policy coverage; revise the Net Value cost factor; update the name of Loan Guaranty’s counsel; clarify where questions regarding title reconveyance and execution should be directed; update the name of the Closing Disclosure and the date as to when VA will reimburse certain advances; amend names and definitions of required post-audit documents; revise the definition of Real Estate Settlement Procedures Act (RESPA) and add the definition for Consent Judgment Foreclosure; update information regarding the modification of a Texas Veteran Land Board Loan; amend information regarding the type of foreclosure proceedings acknowledged in Illinois and revise the final loan terminating event in Delaware; and update information regarding winterization and snow removal.

Click here to view the Revised Servicer Handbook