Regulation and Compliance

VA Refunds $400M in Home Loan Snafu

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. 
 
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Phil Hall
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Oct 10, 2019
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