The Department of Veterans Affairs (“VA”) has announced several form updates since the start of the new year:
VA Circular 26-23-02
VA Circular 26-23-02 was issued on January 5, 2023, to announce updates to VA Form 26-1880, Request for a Certificate of Eligibility, and VA Form 26-1817, Request for Determination of Loan Guaranty Eligibility – Unmarried Surviving Spouses. Both forms are used to request a determination of VA home loan eligibility. The forms were effective immediately.
DocMagic released the updated versions VA 26-1880 (Form ID: 261880.VA) and VA 26-1817 (Form ID: 261817.VA) on January 10, 2023.
VA Circular 26-23-3
VA Circular 26-23-3 was issued on January 17, 2023. The circular announced that VA Form 26-1820, Report and Certification of Loan Disbursement, has been revised. The circular also announced that VA form 26-1802a, HUD/VA Addendum to the Uniform Residential Loan Application, and VA Form 26-0503, Federal Collection Policy Notice, are being discontinued as the information from the forms has been consolidated into the updated VA Form 26-1820.
The circular provided an effective date of February 1, 2023, but on January 27, 2023, VA Circular 26-23-3 Change 1 was published to announce that the effective date has been extended to April 1, 2023.
There are many changes to the formatting and information requested by VA form 26-1820 including the following information:
- Addition of lines for co-obligor name and social security number
- Changes to the Section 7. Purpose of Loan, including refinance and purchase types
- Addition of Terms, including amortization type and ARM type (if applicable)
- Discount points charged and for IRRRL loans, discount points financed
- Amount of Energy Efficient Improvements and List of Energy Improvements
- Line for Items to be Completed as Part of the Escrow
- VA Underwriter name and ID number
- Certification of Eligibility Conditions
The revised VA Form 26-1820 is currently available in the DocMagic stage environment and will be available for use with loans that have an application date of April 1, 2023 or later. VA Forms 26-1802A (261802a2.VA) and 26-0503 (FDCOL.LSR) will be removed from VA packages as of the April 1, 2023 effective date.
VA Circular 26-23-4
VA was issued on January 17, 2023 to announce updates to VA Form 26-6393, VA Loan Analysis. The circular provided that the form was effective for loans with an application date of February 1, 2023, or after. On January 26, 2023, VA Circular 26-23-4 Change 1 was published to announce that the effective date has been extended loans with an application date of April 1, 2023 or later.
Updates to the form include the addition of new lines to provide the following information:
- Was an automated underwriting system used, and which one
- Risk Classification of Accept or Refer
- Borrower and, if applicable, Co-Borrower median credit score
- Borrower and, if appliable, Co-Borrower CAIVRS number
- Past Credit Record of Satisfactory or Unsatisfactory
- Does Loan Meets VA Credit Standards, Yes or No
- VA Approved Underwriter ID
