ICBA and other groups called on the Department of Veterans Affairs to align the minimum property requirements under its Home Loan Guaranty Program with the standards established by Fannie Mae and Freddie Mac.
ICBA, groups urge VA to streamline home loan program
February 12, 2024 / By ICBA
ICBA and other groups called on the Department of Veterans Affairs to align the minimum property requirements under its Home Loan Guaranty Program with the standards established by Fannie Mae and Freddie Mac.
ICBA and other groups called on the Department of Veterans Affairs to align the minimum property requirements under its Home Loan Guaranty Program with the standards established by Fannie Mae and Freddie Mac.
Details: In a joint letter responding to a request for information as part of an advance notice of proposed rulemaking, the groups urged the VA to:
Improve the VA home loan benefit and its utilization by modernizing the collateral valuation process and aligning it with the conventional market.
Address the program’s unnecessary requirements, which often result in closing delays and failed deals without remedying lenders' collateral risk or the soundness of properties.
Require appraisers and property data collectors to holistically determine the condition in accordance with a standardized condition rating, which would reduce impediments to using the VA program.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
