Following a standard review of our VA forms, certain changes are being made to Cx57 to more closely mirror the VA Loan Summary Sheet model, VA form 26-0286:
- Modifying the format of the top row to more closely mirror the original, including the inclusion of the Department of Veterans Affairs logo.
- Slightly moving item labels and formatting to more closely mirror the original. Examples of such changes include adding or removing italicized formatting and/or changing the first letter of some words to upper or lower case.
- Populating the following items under the “INCOME INFORMATION (Not Applicable for IRRRLs)” label only when “VA Interest Rate Reduction Refinancing Loan (IRRRL)” (field 38642) is not “Yes” (leave checkboxes unchecked and print “N/A” in rest of items otherwise):
47A. LOAN PROCESSED UNDER VA RECOGNIZED AUTOMATED UNDERWRITING SYSTEM
47B. WHICH SYSTEM WAS USED?
47C. RISK CLASSIFICATION
48. CREDIT SCORE
49. LIQUID ASSET
50. TOTAL MONTHLY GROSS INCOME
51. RESIDUAL INCOME
52. RESIDUAL INCOME GUIDELINE
53. DEBT – INCOME RATIO
54. SPOUSE INCOME CONSIDERED
55. SPOUSE’S INCOME AMOUNT
- Populating the following items under the “FOR IRRRLS ONLY” label only if “VA Interest Rate Reduction Refinancing Loan (IRRRL)” is “Yes” (print “N/A” in these items otherwise):
61. PAID IN FULL VA LOAN NUMBER
62. ORIGINAL LOAN AMOUNT
63. ORIGINAL INTEREST RATE
These changes will be in effect on May 12, 2018. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
Update: We will also be changing the default page size for Cx57 to Letter, rather than Legal, in order to match the page size of the model form.