To ensure VHDA is able to fully perform our post purchase Quality Control requirements, lenders must submit a Borrower Authorization that allows us to obtain necessary documentation. Lenders may submit either a general authorization, that provides VHDA as the investor with the authorization to re-verify borrower information, or a specific authorization to VHDA. We are in the process of adding this requirement, which is effective immediately, to our submission checklist.
FHA Servicing Transfer
HUD Mortgagee Letter 2011-02 requires the buyer of loans to verify that accurate reporting of the Mortgage Change Record has taken place and been reported accurately to HUD in FHA Connection. Effective immediately, VHDA is requiring lenders to submit documentation showing the transfer has been recorded in FHA Connection. A screen shot from FHA Connection will satisfy this requirement, which will be added to our closing submission checklist in the near future.
On April 16, 2012, VHDA will begin sending a bulk wire to lenders that have multiple loan purchases per day. For each loan, lenders will still receive Purchase Advice notices that reflect the funding breakdown. For bulk wires, your Purchase Advice contact will also receive an e-mail with a report attachment that breaks down the wire to reflect each loan that is included.
Please contact Closing and Quality Review Manager Pat Hunter with any questions at 804-343-5975 or firstname.lastname@example.org.