On May 13, 2024, the Department of Veterans Affairs (VA) issued VAP26-7 Change 39 which revised Appendix A to the VA Lender’s Handbook, “How to Contact VA” and added a new appendix to the VA Lender’s Handbook, Appendix B, “Stacking Orders”.
Subsequently, on May 14, 2024, the VA updated their Lender’s Handbook in Chapters 3, 5, 7, and Appendix A & B to remove reference to the VA Loan Summary (DocMagic Form ID: 260286.VA). While the new Appendix B does also remove the VA Loan Summary sheet from VA IRRRLs, Chapter 6 itself was not updated to remove the VA Loan Summary verbiage in that section.
Due to these updates from the VA, DocMagic is pleased to announce on May 1, 2025, the removal of the VA Loan Summary from all VA Purchase and Cash Out Refinance packages. The VA Loan Summary will still print in VA IRRRL packages until this form is removed from Chapter 6 of the VA Lender’s Handbook. However, lenders can request through customer service for the Loan Summary be removed.
In the coming weeks, DocMagic is also updating the VA Loan Analysis (Doc Magic Form ID: 266393.VA) to allow for each non- joint (Individual) borrower to have a separate VA Loan Analysis. This will be helpful in delivering Joint Loans to the VA. The updated VA Loan Analysis will be programmed for each borrower’s total income and liabilities to be added as a single line item to the other’s Loan Analysis form. This will enable the DTI and residual income to match on each of the borrower’s individual VA Loan Analysis forms, helping to eliminate the need for a manual process by the underwriter or processor.
