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Greetings,
This communication announces the publication of VA Circular 26-23-10, Change 1, and Circular 26-24-5.
Circular 26-24-5 announces the approval of the holder’s ability to charge a local variance related to assumption transactions, in addition to the assumption processing fee and other permissible fees. The variance permits a loan holder to charge an individual assuming a VA-guaranteed loan an assumption-related fee based on the location of the subject property. This may be charged in addition to the permissible fees listed in Circular 26-23-10, including the maximum assumption processing fee of $300.
Circular 26-23-10, change 1 provides:
- Clarity regarding assumption processing and reporting procedures. Specifically, section 2(1)(f) outlined permissible fees and charges that may be assessed on an assumption transaction.
- An updated method to notify VA of assumption-related activities, like sending VA notice that an assumption package has been uploaded into VA systems. Circular 26-23-11, Regional Loan Centers transitioned from Outlook mailboxes to a ServiceNow Portal, therefore an update to Circular 26-23-10 was necessary. Any reference to emailing a specific email box is replaced with submitting a Service Now ticket at the following location: https://yourit.va.gov/csm?id=rlc_pathfinder&spa=1&group_id=6c3b027b8766e51034d68737cebb354b
To access these Circulars, please select the link below.
Circulars: Calendar Years 2021 to Present - VA Home Loans
Sincerely,
Loan Guaranty Service
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