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Certificate of Transfer Update


Virginia Housing Development Authority

 Purchase Procedures Update

Revised Certificate Of Transfer Guidelines

March 8, 2011

With the implementation of VHDA Purchase procedures, we have received a significant amount of feedback regarding the recordation of the Certificate of Transfer (Assignment).

The question is whether:

 (1) The Certificate of Transfer (Assignment) needs to be recorded immediately after the Deed of Trust (and prior to VHDA purchase of the loan), or

 (2) Will VHDA permit the lender to submit a copy of an executed Certificate of Transfer (Assignment) with the loan package. The original Certificate of Transfer would be recorded after the originating lender's receipt of purchase funds.

VHDA’s preference is that the Certificate of Transfer (Assignment) be recorded at the time the loan closes and goes to record.  Due to the fact that certain warehouse lenders will not permit the recordation prior to our agreement to purchase, we will accept the recordation taking place after purchase of the loan.

REMINDER:  At no time will VHDA accept MERS language in lieu of recording an assignment.  Deeds of Trust with MERS language will require correction and re-recording.

VHDA will closely monitor the receipt of all collateral documents, which will include the recorded assignment.  Our guidelines require that all files be complete within 90 days of closing.


RECAPTURE:  The Originating Lender is now responsible for providing the Borrower with Recapture Notice and Federal Income Limits Chart at closing.  If you did not receive these documents with loan approval, please contact VHDA.


Please refer any questions to Pat Hunter, Closing and Quality Review Manager, at 804-343-5975 or


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