Regulation and Compliance

VA Refunds $400M in Home Loan Snafu

Phil Hall
Oct 10, 2019
Photo credit: Getty Images/Kiyoshi Tanno

The Department of Veterans Affairs (VA) has announced the issuance of more than $400 million in refunds to home loan borrowers.
 
According to the VA, the Loan Guaranty Service (LGY) program identified more than 130,000 loans where a refund was potentially due. In a statement, insisted that “while some funding fees charged were found to be attributable to clerical errors, most fees were charged correctly. The exception was for those veterans whose exemption status changed following the issuance of a disability rating after the closing of their loan.”
 
“VA staff worked diligently throughout the summer reviewing 130,000 cases, which is an average of 16,000 loans reviewed per week,” said VA Secretary Robert Wilkie. “This effort included loans dating back nearly 20 years. Our administration prioritized fixing the problems and paid veterans what they were owed.”
 
The VA recently signed a contract with Veros Real Estate Solutions, that will enable Veros to provide appraisal solutions as part of VA Home Loan Guaranty program. 
 
Link copied
Published
Oct 10, 2019
Get the NMP Daily
Regulation and Compliance
CFPB Slaps Bank Of America With $12 Million Penalty For False Mortgage Data Reporting

For at least four years, hundreds of Bank of America loan officers failed to ask mortgage applicants certain demographic questions.

The Consumer Financial Protection Bureau (CFPB) issued a $12 million penalty against Bank of America for submitting inaccurate mortgage lending information to the federal government. The consent order issued Tuesday says that for a period of at least four years, Bank of Ame...

Continue reading
Regulation and Compliance
Rising Home Values Propel Higher Loan Limits

FHFA Announces 5.6% Increase in Conforming Loan Limits for 2024

The baseline conforming loan limit for one-unit properties under government-sponsored enterprise mortgages in 2024 will rise to $766,550, marking a 5.6% increase from the current limit. In high-cost areas, the GSE loan limit for one-unit properties will reach as high as $1.1...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Regulation and Compliance
CFPB Slaps Bank Of America With $12 Million Penalty For False Mortgage Data Reporting

For at least four years, hundreds of Bank of America loan officers failed to ask mortgage applicants certain demographic questions.

Regulation and Compliance
Nov 28, 2023
Rising Home Values Propel Higher Loan Limits

FHFA Announces 5.6% Increase in Conforming Loan Limits for 2024

Regulation and Compliance
Nov 28, 2023
NMLS — Then, Now, And To Come

Leaders reminisce, plan, and dream about the regulatory group on its 15th birthday

Regulation and Compliance
Nov 02, 2023
Fannie Mae, Freddie Mac Shareholders Win Prejudgment Interest On $299M Verdict

Federal court upholds shareholders' right to interest after government's wrongful claim on profits; simple interest rate set, drawing from Delaware law precedent.

Regulation and Compliance
Oct 26, 2023
ADUs Can Now Be Sold Separately In California

‘Backyard revolution’ opens up the affordable housing market.

Regulation and Compliance
Oct 20, 2023
Cracking The Crackdown

How to eliminate and prevent ‘junk’ fees to avoid penalties

Regulation and Compliance
Oct 03, 2023