Following a review of Veteran’s Administration forms, we have decided to make certain changes to VA Form 26-0551, Debt Questionnaire. According to VA Circular 26-16-12, this form is no longer in the “mandatory stacking order for files selected for VA full file loan review of all loan applications submitted to VA on, or after, June 1, 2016.” When contacted, the VA verified that this form is not required, but many lenders still use it. They also mentioned that the two questions on the form have been incorporated into the FNMA Form 1003, Uniform Residential Loan Application, Section VIII Declarations (questions “e” and “f” specifically), and indicated that answering these question on the 1003 is sufficient.
For those who still wish to use the VA Debt Questionnaire, our Docutech copy of the document is Cx3963. However, in order to introduce functionality to print a copy of the VA Debt Questionnaire for a second veteran on the loan, Cx3963 will be retired, and Cx16306 will be the new, generic version of the document. Cx16306 will continue to print for the first borrower/veteran as normal, but the print configuration has been modified to print a second copy if borrower 2 is also marked as a veteran. In order to support this, new fields have been created:
- 108861 Borrower 1 VA Debt Questionnaire Foreclosure or Judgement Within 5 Years
108862 Borrower 1 VA Debt Questionnaire Foreclosure or Judgement Within 5 Years Details - 108863 Borrower 1 VA Debt Questionnaire Presently Delinquent on Debt to Federal Government
108864 Borrower 1 VA Debt Questionnaire Presently Delinquent on Debt to Federal Government Details - 110426 Borrower 2 VA Debt Questionnaire Foreclosure or Judgement Within 5 Years
110427 Borrower 2 VA Debt Questionnaire Foreclosure or Judgement Within 5 Years Details - 110428 Borrower 2 VA Debt Questionnaire Presently Delinquent on Debt to Federal Government
110429 Borrower 2 VA Debt Questionnaire Presently Delinquent on Debt to Federal Government Details
The first field in every pair is a Y/N field and will mark the corresponding checkbox. The other field is a text field to populate any explanation necessary. If the fields are not populated, the borrower(s) will still be allowed to check the boxes and populate the text during eSign.
If the first borrower is a veteran, but second borrower is not, then only one copy of the document will print and the second borrower will sign as “CO-BORROWER”.
Please note that all custom print conditions, other custom settings, and “Do Not Print” settings have been copied from existing Cx3963 to the new Cx16306. If you would like to review your custom print configurations for these forms, please contact your Account Manager.
These document changes will take effect on April 29, 2017. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR 224477