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AGENT - PowerPoint PPT Presentation


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AGENT. A VA “automatic” lender may designate any individual or entity as an agent to perform loan-related functions on its behalf or in its name. Onetime or Infrequent Use of an Agent. Lender may authorize agency relationship on loan-by-loan basis. Certification on VA Form 26-1820, Item 24J.

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Presentation Transcript
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A VA “automatic” lender may designate any individual or entity as an agent to perform loan-related functions on its behalf or in its name.

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Onetime or Infrequent Use of an Agent

  • Lender may authorize agency relationship on loan-by-loan basis.
    • Certification on VA Form 26-1820, Item 24J.
    • Identify agent and its function.
    • No VA recognition of relationship needed.
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When must the lender request VA recognition of a relationship with an agent?

If the lender uses an agent more than FOUR times per year. This is considered an “ongoing” relationship.

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What does a lender need to submit to request VA recognition of an agent?*

  • Request Letter
  • Corporate Resolution
  • Fee ($100)

*Requests must be sent to the VA Regional Loan Center with jurisdiction over the lender’s home office.

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Corporate Resolution

  • Must include:
    • Agent’s name, address, telephone and fax numbers, Tax ID number and e-mail address,
    • Agent’s functions,
    • Statement that lender takes full responsibility for all acts, errors and omissions of the agent, and
    • Lender will honor rate lock-in agreements entered into by agent (if a listed function)
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Lenders Using a Multitude of Agents

  • “Blanket” corporate resolution may be used
  • Must submit request letter for each new agent
  • $100 fee for each new agent
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Lender Notification

VA will notify the lender on the approval in writing.

Even with formal VA recognition, the lender must identify the agent and it’s function of VA Form 26-1820 for each loan involving an agent.

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What will the agent do on the lender’s behalf?

Loan application?

Interest rate lock-in agreement?

Credit report?

Hold settlement?

Verifications of deposit?

Verifications of employment?

Note: The extent of the relationship between the lender and the agent is at the lender’s discretion.

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May agents close loans automatically?

Yes. If specified in the Corporate Resolution.

Note: If the sponsoring lender is a non-supervised automatic lender, all loans must be reviewed and approved by a VA-approved underwriter employed by the lender.

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Reminder!

Lenders are fully responsible for agents who act on their behalf.

Acts or omissions of the agent are treated as acts or omissions of the lender.

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Attention!

  • The lender’s use of an agent will not prevent VA from taking actions in appropriate cases such as:
    • denial of liability
    • claim adjustments
    • collection of the amount of any loss incurred due to irregularities, and
    • imposition of sanctions against both the lender and the agent.
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Reference:

VA Lenders Handbook

Chapter 1, section 7