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

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)