Veterans who use a Home Loan Guaranty through the Department of Veterans Affairs will be notified more clearly should they qualify for loan fee waivers. Notification will come via “home loan welcome” letters they receive once they are approved. Such fee waivers are granted when veterans are awarded disability compensation.
In the past, VA required lenders to verify that veterans qualified for exemptions.
VA also plans to change internal procedures to ensure that veterans are told of fee waivers in a timely manner. The department also is reviewing how it credits borrowers who were awarded disability compensation that took effect retroactively after they closed their home loans.