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VA Funding Fee update

VA Funding Fee update

Previously, VA issued Circular 26-11-12 announcing the reduction of funding fees effective on October 1, 2011. We have been notified that the President signed H.R. 2646: Veterans Health Care Facilities Improvement Act of 2011, which reverts the VA Funding Fees back to the higher, pre-October 1st percentages. The reduced VA Funding Fee Schedule in Circular 26-11-12 would apply for a very short period of time, theoretically for loans that closed during October 1st through October 4th. The VA is expected to provide guidance on the exact validity period for the VA Funding Fee schedule set forth in Circular 26-11-12, but it is likely that the guidance will come first via the VA Funding Fee payment process.

To apply for a VA home loan, click here.

Ray

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Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.

387 N Corona St #646, Denver, CO 80218.

NMLS Unique Identifier #1838215

Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

Home Mortgage Disclosure Act Notice. The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.

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