VA Issues FAQs Concerning IRRRLs

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The Veterans Benefits Administration of the Department of Veterans Affairs (VA) promulgated policy guidance for VA Interest Rate Reduction Refinance Loans (IRRRL) in Circular 26-18-1 dated February 1, 2018.  The VA has now issued Change 1 to Circular 26-18-1 that contains a list of eight Frequently Asked Questions (FAQs) concerning the IRRRL policy guidance.  The questions and answers address issues of timing for implementation, Lender’s Certification, specific issues pertaining to the Veteran’s Statement, escrows, and lump sum calculation of closing costs.  The FAQs relating to the lump sum calculation of closing costs pertains only to the Veteran’s Statement and is not intended to provide guidance on completing the Closing Disclosure.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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