Thursday, September 29, 2016

Department of Veteran’s Affairs for speeding up the Certificate of Eligibility (COE) process!

A Word from the VA... Read below for suggestions from the Department of Veteran’s Affairs for speeding up the Certificate of Eligibility (COE) process!



TIP #1: If you don’t have an urgent need (like an impending closing date), or a potentially deal-breaking question or concern, please give the VA a few business days to process your COE request before checking on status.

• Currently, the majority of the incoming calls to the VA relate to Certificate of Eligibility (COE) processing – particularly requests
for status updates. While the VA’s COE staff is there to help answer your questions about COEs, it is important to note that
the staff is currently processing COE requests in about 4 business days (on average). Despite system enhancements that
allows the VA to provide you instant COEs in over two-thirds of cases, record-setting loan volume means that the COE staff is
working as hard as ever to process the remainder as quickly as possible.

TIP #2: Please be sure the “T’s” are crossed and the “I’s” are dotted prior to submission of a COE request. Providing a complete and accurate submission increases the probability that the VA can process your request instantaneously.

• The VA sometimes finds that COE requests are missing critical pieces of information or that the submitter has forgotten to provide a required form (such as a National Guard member’s NGB-22 or a Reservist’s Points Statement). It may also be helpful to proof the forms you’re uploading to ensure they’re legible and complete. The VA finds that oftentimes submissions cannot be processed immediately online, only because a key data field or required piece of evidence is illegible, or missing.

• Some commonly required (but often omitted) forms are:
• For Veteran borrowers, the DD214 copy that includes the Character of Service
• For Reservist borrowers, the Point Statements document which proves 6 Creditable Years and Character of Service
• For National Guard borrowers, the Form NGB 22
• For Active-Duty Servicemember borrowers, the Statement of Service from a commanding officer

TIP #3: Please help the VA help you with your ‘special requests’ regarding COEs.

• If your borrower has a special circumstance that requires you to submit a request for more than just a standard COE issuance, it is helpful to provide details about that special circumstance in the “Notes” field of the COE submission page. The VA staff can process your full request in an accurate and timely fashion if all the details are easily discernable.
• For example, if your borrower is submitting evidence of a name change along with their request for a COE, and you note both requests in the submission, the VA staff can easily and quickly discern that two actions are required of them and quickly process your request. If that same submission did not note the requested name change, the staff may attempt to process only the COE request and initially reject it, due to non-matching information in their system. The “Notes” field can be found in the
left-side vertical toolbar on the submission page.

TIP #4: Please be sure your COE request makes it to the Internet in complete form.

• You may be used to other online web forms that allow you to hit “Enter” on your keyboard to navigate through sections of the form or complete a transaction. However, the VA online COE tool is a bit different. Hitting “Enter” to navigate through the page can result in your incomplete form being submitted to the VA. If you hit “Enter” multiple times, the VA can get multiple
incomplete requests for the same COE. Please also note that after you complete the form/process, you should click the “Submit” button in order for the request to be transmitted to the VA processing system. The “Submit” button can be found at the bottom center of the COE submission page.

TIP #5: If you’re stuck or have a general question, you may find the answers you need in the VA web tutorials and guides.

• Helpful information can be found at: The Lender’s Tutorial “How to Order a Certificate of Eligibility on the VA Portal”.

TIP #6: If you have issues with the web form or are experiencing other technological issues, the BEST way to report a problem or get help with a problem, is to email the system Help Desk at VIP.VBACO@va.gov rather than call the COE toll-free line.







Joel Lobb
Senior  Loan Officer
(NMLS#57916)


text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.



Kentucky VA Mortgage Guidelines


Attention Kentucky Veterans and Active Duty Military,
The VA Loan Benefit makes it easier to get a Kentucky home loan of up to $417,000 and allows qualified borrowers to buy a home with $0 down or streamline refinance to a lower rate.

Qualified Borrowers:



VA Funding Fee Table For Kentucky VA Homebuyers


Kentucky VA Funding Fee Table for VA Loans






text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.



Thursday, August 25, 2016

Kentucky VA Funding Fee Guidelines

Kentucky VA Funding Fee Guidelines for Mortgages Explained 


A VA Reduced Funding Fee is Only permitted when a down payment is made on a purchase transaction.
Below is a quick job aide to assist in calculating the correct VA Funding Fee for A VA Mortgage in Kentucky.

1. Includes any R/T or Cash Out Refinance

• A reservist may use the lower percentage for Active Duty when calculating the funding fee ONLY if the reservist served more than 90 days of active duty.

If you are disabled, sometimes the VA Funding fee is excluded. This will show on your VA Certificate of Eligibility if you are exempt from the VA Funding Fee.


Mortgage Calculator
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Joel Lobb (NMLS#57916)
Senior  Loan Officer

American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 MB73346


Text/call 502-905-3708
 kentuckyloan@gmail.com



The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of  my employer. Not all products or services mentioned on this site may fit all people.
, NMLS ID# 57916, (www.nmlsconsumeraccess.org). I lend in the following states: Kentucky

Wednesday, April 13, 2016

VA has issued CIRCULAR 26-16-10 Policy Clarification for Unreimbursed Employee Business Expenses.


 







VA has issued CIRCULAR 26-16-10 Policy Clarification for Unreimbursed Employee Business Expenses.  The following policy will be effective for all loan applications date on or after June 1, 2016.
 
For a borrower who qualified using commission income of less than 25% of the total annual employment income:
 
(1) IRS Form 2106 expenses are not required to be deducted from income even if they are reported on IRS Form 2106 and are not required to be added as a monthly liability.
 
(2) Tax returns are not required to document the source of income and deductions.
 
For a borrower earning commission income that is 25% or more of annual employment income, IRS Form 2106 expenses must be deducted from gross commission income regardless of the length of time the borrower has filed the expenses with the IRS.
 
(1) One exception to the policy clarification concerns an automobile lease or loan payment. Automobile lease or loan payments are not subtracted from the borrower's income; they are considered part of the borrower's recurring monthly debt obligations in Section D on the VA Form 26-6393.
 
(2) Tax returns are required to document the source of income and deductions.
 
If the borrower reports an automobile allowance as part of the monthly qualifying income, the lender must determine if the automobile expenses reported on IRS Form 2106 should be deducted from income or treated as a liability.
 
(1) If the reported expense exceeds the automobile allowance, the amount must be deducted from income as a net calculation in Section D on the VA Form 26-6393.
 
(2) If the reported expense is less than the automobile allowance, the amount must be treated as net income and added to the Veteran's monthly income.