PDF VA Training Document

VA Training Document

Important Notice:

The following document was published by VA. VA loans must always follow and meet

all of VA requirements. However, also refer to PRMG published VA product profiles for additional information and

requirements for these products.

DEPARTMENT OF VETERANS AFFAIRS HOME LOAN TRAINING GUIDE

THE ORIGINAL NO DOWN PAYMENT

PROGRAM

ST. PAUL REGIONAL LOAN CENTER

2015

From the Desk of the LPO

A Time Of

Innovation

This training guide was designed by the St. Paul Regional Loan Center specifically for lenders. Our goal is to make the program as easy to navigate as possible, so that you can offer Veterans more and better loan options. If you have suggestions on topics we may have missed, or areas that we could make clearer, I'd love to hear from you.

One of the new things that I would like to bring to your attention is the ability for lenders to submit files and deficiency responses through electronic upload. It is a huge advance that will save time and money for both lenders and the Department of Veterans Affairs. You'll find a complete "how to" in the back of this training guide.

Besides improvements to the program itself, the St. Paul RLC has taken significant steps to increase the visibility and availability of VA personnel. For starters, our monthly webinar training series, The VA Way, is a great way to receive training on VA loans without investing a full day out of the office attending a training session. Our Training Team has also been using webinar technology to reach specific lenders, real estate professionals and Veterans that have requested training. The St. Paul Regional Loan Center is also utilizing listserv emails to inform lenders of new circulars and developments to the VA Loan Program. If you are interested in becoming a member of our listserv or want more information on VA webinars, please email us at RLCTT@.

On behalf of the more than 23 million Veterans and myself, I'd like to thank you for participating in the VA Home Loan program. In almost every case, a VA Home Loan is the best option available to a Veteran borrower. Like many people, you probably see and hear a lot of stories about the struggles our Servicemembers experience when they return home, and ask, "I wonder what I can do to help?" Quite simply, you honor the job performed by every eligible Veteran and Servicemember every time you put him or her in the best home loan product available to them.

Kent A. Koehler Kent Koehler Loan Production Officer St. Paul Regional Loan Center

St. Paul Information and Websites

1 Adjustable Rate Mortgages (ARMs)

St. Paul Telephone Options

2 Income

Explanations of VA Home Loan Program 3 Income FAQs

Veterans Information Portal

4 Credit

WebLGY

5 Credit FAQs

WebLGY Appraisals

6 Underwriting

WebLGY Appraisals Continued

7 Debts and Obligations FAQs

Construction and Valuation FAQs

8 Residual Income and State Chart

Eligibility

9 Debt to Income Ratio

Evidence of Service

10-11 HUD-1 Information & Closing Costs

Certificate of Eligibility Conditions

12 Seller Concessions

Restoration of Entitlement

13-14 Power of Attorney

Eligible Loan Purposes

15 VA Funding Fee

Maximum Loan Guaranty

16 Guaranty Certificates

Prior Approval and Forms

17-18 Full Reviews

Joint Loans

19-20 Certifications & Disclosures

Energy Efficient Mortgages

21 Miscellaneous FAQs

Cash-Out Refinancing Loans

22 How To Guide

Interest Rate Reduction Refinance Loans 23-25 Regional Loan Centers Contact Info

Refinance Comparisons

26 Frequently Used VA Forms

27 28-35 36-38 39-40 41-42 43-44 45-46

47 48 49-53 54 55-56 57-59 60 61 62-64 65 66-74 75 76

1

St. Paul Regional Loan Center

LOAN PRODUCTION OFFICER Kent Koehler

ASSISTANT LOAN PRODUCTION OFFICER Grant Jordahl

TRAINING TEAM MEMBERS

Tim Knutson, Team Leader Emily Hanson, Loan Specialist Jacob Eilbert, Loan Specialist Anna Motzko, Loan Specialist Alisha Podobinski, Loan Specialist Shawn Buermann, Loan Specialist Trent Kolden, Loan Specialist

Kara Potter, Loan Specialist

ADDRESS

Department of Veterans Affairs Regional Loan Center (264)

Bishop Henry Whipple Federal Building 1 Federal Drive, Fort Snelling St. Paul, MN 55111-4050

EMAIL ADDRESSES

rlc335@ (Loan Production) rlctt@ (Training Opportunities) cv335@ (Construction & Valuation) Sarsupport.vbaco@ (SAR Support)

INTERNET ADDRESSES

(National Site)

warms.vba.pam26_7.html (Lender's Handbook)

homeloans.html

(St. Paul Regional Loan Center)

benefits.homeloans/ resources_circulars.asp (VA Circulars)

(VA Forms) (Veterans Information Portal)

va (Funding Fee Payment System)

dod.mil/militarypay/ (Dept. of Defense military pay & benefits information) eBenefits. (Veteran Benefit Website)

1 St. Paul RLC Training Guide

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