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Announcement 2020-012: Government Updates -VA Eligibility Matrix & Product Profile Revisions

The following summary of updates to the VA Product Profiles is effective immediately. Please refer to Product Profile for full details.

VA product profile

• Eligibility Matrix
       oVA IRRRL: mortgage payment history 0x30x6 per VA. Removed 0x30x12 requirements.
• 2.7 Cash-Out
       o Added language clarifying disclosure requirements for loan comparison of existing and new loan at application and at closing
• 2.8 IRRRL
       o Added language clarifying disclosure requirements for loan comparison of existing and new loan at application and at closing
       o Removed requirement for verbal verification of employment and existence of business for self-employed borrowers.
• 4.5 Properties Previously Listed for Sale
       o Listing cancellation must be by Note date (no longer application date)