Real estate attorneys and settlement agents have had nearly six months to get used to the 2010 Real Estate Settlement and Procedures Act (“RESPA”) rule. And now, there are more changes, if you are dealing with VA guaranteed home loans. As of May 1, 2010, the Department of Veterans Affairs (VA) issued new loan documentation requirements for lenders in response to the RESPA Rule.
VA Circular 26-10-01 specifies that lenders must either itemize their VA loan origination and other fees on the empty 800 lines to the left of the column in the HUD-1 statement or, if the information does not fit in the space provided, the lender must prepare a separate “Origination Statement.”
Although the VA Circular indicates that lenders are to prepare the Origination Statement, we’ve learned from conversations with customers that many lenders are asking settlement agents to prepare the form themselves.
Easy Soft to the Rescue!
Even if you find that a lender expects you to prepare VA loan closing itemization and origination statements, our real estate closing software, Easy HUD has got you covered.
For more information on the new VA guaranteed loan requirements, click here.