June 30, 2006
To: All Originating Agents
From: Sheila Pollard
Subject: Delinquent Document Late Fee Extension
Since 2004, VHDA has imposed late fees on loans closed over 12 months that were not complete due to outstanding documentation. The semi-annual cutoff dates were December 31st and June 30th.
Effective immediately, VHDA will change the semi-annual cutoff dates to March 31st and September 30th. Any loan that would have been subject to penalty after June 30, 2006 will receive an extension to September 30, 2006.
VHDA’s goal is for closed loan files to be completed within twelve (12) months. Therefore, all loans closed through September 30, 2005 must be completed by September 30, 2006 to avoid late fees. All loans closed through March 31, 2006 must be completed by March 31, 2007.
As in the past, VHDA is anxious to work with you whenever possible to resolve post closing issues to avoid unnecessary late fees. If you have any questions or need additional clarification on this matter, please contact Sheila Pollard at 804-343-5976 or firstname.lastname@example.org, or Connie Ogren at 804-343-5927 or email@example.com.