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To: VHDA Approved Lenders

From: Sandy Redd, Business Partner Product Manager

Date: June 13, 2012

(Clarification to VHDA policy originally issued on 3/19/2012)

Please read carefully for clarification on relock policy when the loan has received a commitment.  Marked with ** below.
• Effective for all loans reserved on or after May 1, 2012, VHDA will NO longer offer a 60 day extension to the standard 60 day rate lock. 
• We will also discontinue any commitment extensions on the same reservations, so you will need to work within a 60 day lock to receive loan commitment and then a 90 or 120 day commitment depending on construction type.
• A change in property address will require a brand new rate lock at current market, better or worse. 
• A change in Loan Program from Government to Conventional or vice versa will require as new rate lock as well, better or worse. 
If a 60 day lock expires prior to commitment, the loan must be re-locked and the borrower cannot receive a lower rate unless the lock has been expired for a minimum of 30 days.  **If the loan has received a commitment period, the commitment must be expired prior to being able to take advantage of a lower rate.
• The $120 Reservation fee must be paid for the canceled or expired lock for all situations noted above.
Additional Clarification:  When a commitment expires and requires a relock, 30 days is from reservation expiration date, not commitment expiration date, but the commitment must be expired.**

Please be careful when entering property address as changes, other than minor changes, will trigger the requirement for a new rate lock.

• At this time, VHDA will continue to offer standard overnight price protection, Tuesday through Friday, but we will begin turning off the SF Reservations system on effective May 1, 2012 on Fridays at 9pm and reactivating with daily rates by 10am on Monday. 
• The Reservations system will be turned off on the Holidays listed below, and it will be available on the holidays that VHDA is open, ie: Columbus Day.  Reservations will be available on the Friday after Thanksgiving, when VHDA is closed, but not a standard federal holiday.
Additonal Clarification:  Please do not fax your rate lock requests to VHDA when the system is unavailable;  we will not be able to reserve your loan until the new pricing is set for the morning.

Standard Federal Holidays:

Monday, January 2nd New Year’s Day
Monday, January 16th Birthday of Martin Luther King, Jr.
Monday, February 20th Washington’s Birthday
Monday, May 28th  Memorial Day
Wednesday, July 4th  Independence Day
Monday, September 3rd Labor Day
Monday, October 8th  Columbus Day   (VHDA open)
Monday, November 12th Veteran’s Day
Thursday, November 22nd Thanksgiving Day
Tuesday, December 25th Christmas Day

We appreciate your support through this change.  Our goal is to transition to more standard industry procedures and to continue to offer products with special benefits to First Time Homebuyers.

If you have any questions related to these changes, please contact Sandy Redd at 804.343.5820 or


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