By Sue-Lynn Carty
The United States Department of Veteran's Affairs, or VA, offers veterans of the U.S. Armed Forces home mortgage loans with lower interest and costs than many conventional loans. Not all lenders have the ability to process and close VA home mortgage loans. Lenders have to submit an application, as well as provide other information in order to get approval from the VA before they can process and close VA home mortgage loans.Obtain all required signatures. The VA requires lenders to submit signatures of all the lending institution's officers, loan processors, underwriters and any other personnel with the authorization to write VA loans. The VA then keeps these signatures on file.
Submit the VA Equal Opportunity Lending Certification Form. The VA also refers to this as the VA Form 26-8822. The VA requires this form for all lending institutions that want to write VA loans.
Write an identification letter. This letter must include the lending institution's corporate address, the names of its owners and a list of all other lending branches that will write VA loans
Provide a banned personnel list. The lending institution must provide the VA with a list of persons the VA or U.S. Department of Housing and Urban Development has previously debarred or banned from working with either government institution.
Obtain a corporate credit report. The VA may require the lender to provide a copy of its corporate credit report in order to make sure the company is in good financial standing, is not in default with any of its creditors or behind on any payments to creditors.
Always get a copy of the VA Lenders Handbook. This gives lenders the basic guidelines for processing and closing VA loans. Having a copy of the lenders handbook helps to make sure that all personnel writing VA loans adhere to its loan-writing guidelines.
Never begin writing VA loans without the proper training. Not having the proper training can lead to costly mistakes when writing VA loans. The VA provides training for loan personnel.
http://www.lenderva.com
the form VA 26-8812
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