Bulletin W14-005 – Update, Policies and Procedures; Appraisal Management and Retail Appraisal Policy

January 10, 2014Bulletins

Topic included in Bulletin W14-005:

  • VA Underwriting Guideline, VA IRRRL Underwriting Guidelines and VA IRRRL Matrix updated
  • Updates include:
    • VA Underwriting Guidelines
      • Clarification regarding Flipped Properties
      • Flipped Property dates defined
      • Safe Harbor
    • VA IRRRL Underwriting Guidelines
      • HPML Loans, HPML loans must have income and asset verification
      • HPML Loans; HPML loans now require a 1004, Uniform Residential Appraisal Report
      • Safe Harbor
      • Non-Credit Qualifying IRRRLs cannot be closed as HPML
    • VA IRRRL Program Matrix
      • Non-Credit Qualifying IRRRLs cannot be closed as HPML
      • HPML Loans; HPML loans now require a 1004, Uniform Residential Appraisal Report
      • HPML Loans; HPML loans must have income and asset verification
  • Updates are effective with applications taken on or after January 10, 2014

Download: Bulletin – W14-005 (PDF)

Latest Advertisement