VAFORMS.NET – VA Form 26-8736b – Checklist/Request for Authority to Close Loans on an Automatic Basis—Nonsupervised Lenders – VA Form 26-8736b is a form used for checking or requesting authority from the VA. This form is a useful tool because it gives you a checklist to follow. With this checklist, you can make sure that you meet all the requirements before you file the form. It is also a good tool for avoiding any delays in getting your VA benefits.
Download VA Form 26-8736b – Checklist/Request for Authority to Close Loans on an Automatic Basis—Nonsupervised Lenders
|Form Number||VA Form 26-8736b|
|Form Title||Checklist/Request for Authority to Close Loans on an Automatic Basis—Nonsupervised Lenders|
|Edition Date||June 2022|
|File Size||682 KB|
What is VA Form 26-8736b?
VA Form 26-8736 is used by nonsupervised lenders to request automatic loan closing approval from the VA. This document gives the VA the information it needs to make the decision to approve the lender. The document is also used to apply for a disabled veteran’s license plate.
VA Form 26-8736 is not a very hard-to-use form. It can be downloaded as an email attachment or printed as a hard copy. Once a lender submits the form to the VA, the VA will review it and if it meets the requirements, the lender will be allowed to close the IRRRL loan.
However, the most important piece of the puzzle is the HUD form. Lenders have used this form to conceal charges that are not allowable by the government. In particular, lenders have concealed attorney fees and title examination fees.
The purpose of the Good Faith Estimate is to let the borrower know what he or she is in for. When a borrower fails to close an IRRRL loan, the costs are passed on to the taxpayers.
Defendant lenders have committed numerous violations of the IRRRL program rules. They have charged unallowable fees and provided fraudulent information on VA forms.
This has resulted in massive losses to the taxpayer. Although the Government has the policy to require lenders to provide a borrower-paid charge policy, the defendant lenders essentially circumvented this law by charging illegal attorneys fees.
Where Can I Find a VA Form 26-8736b?
If you are a lender and have been approved to offer VA loans, you need to know where to find VA Form 26-8736b. This form is used to request automatic loan closing approval.
You can get this form from the VA Forms Web Site. This site also offers useful tools and tips for submitting VA forms.
You can print this form or download it as an instant download. In order to edit the form, you will need to sign and complete it.
Then, you will need to submit it to the office of the VA. You can do this by email or mail. However, the easiest way is to use the sign now interface. It makes creating legal documents a breeze.
Your application will be reviewed by the VA office in the geographic area in which you are located. They will make sure that you have followed all of the regulations regarding VA loans.
Once you have been accepted as a VA-approved lender, you must follow the guidelines for conducting underwriting. These include maintaining a credit file that meets Residential Mortgage Credit Report (RMCR) standards.
Your company must also have the ability to provide a written re-verification of the employment of the borrower. For self-employed borrowers, you will need to submit two years’ tax returns.
VA Form 26-8736b – Checklist/Request for Authority to Close Loans on an Automatic Basis—Nonsupervised Lenders
If you are a nonsupervised lender and want to get approval to close loans automatically, you should consider filing VA Form 26-8736b, Checklist/Request for Authority. This form must be completed by the lender’s senior officer if the underwriter is not located in the lender’s corporate office.
The checklist/request is a summary of the requirements that must be met to qualify for automatic authority. This includes listing VA-recognized agents, maintaining a quality control plan, and providing the proper fee.
You must also ensure that you have two permanent investors and have at least $1 million in unrestricted lines of credit. Unsecured loans may not be approved.
As with any loan, VA will review the information provided. You will receive a letter stating the decision. In addition, the VA will review the quality of your underwriting to ensure that you are following the VA’s requirements.
To receive automatic authority, you must have an underwriter with at least 2 years of VA loan experience. Additionally, your company must have a current CRU designation from the MBA.
During the probationary period, VA may pull automatic authority if you have recurring delinquency rates or significant underwriting errors. There is a one-time $100 application fee.
You can get the VA Form 26-8736b and other relevant forms by visiting the VA Regional Loan Center website. The site also has links to other resources.