This document is provided pursuant to the provisions of 38 C.F.R. § 36.4340(k)(2)(i) and VA Lender’s Handbook ch. 4, 1-c & 1-d(5), the last of these requiring that the certification be comprised of the following text:
“The undersigned lender certifies that the loan application, all verifications of employment, deposit, and other income and credit verification documents have been processed in compliance with 38 C.F.R. Part 36; that all credit reports obtained in connection with the processing of this borrower’s loan application have been provided to VA; that, to the best of the undersigned lender’s knowledge and belief, the loan meets the underwriting standards recited in chapter 37 of Title 38 U.S.C. and 38 C.F.R. Part 36; and that all information provided in support of this loan is true, complete and accurate to the best of the undersigned lender’s knowledge and belief.”
However, 38 C.F.R. § 36.4340(k)(2)(i) requires slightly different text for this certification (differences between the texts are highlighted in bold):
“The undersigned lender certifies that the (loan) (assumption) application, all verifications of employment, deposit, and other income and credit verification documents have been processed in compliance with 38 CFR part 36; that all credit reports obtained or generated in connection with the processing of this borrower’s (loan) (assumption) application have been provided to VA; that, to the best of the undersigned lender’s knowledge and belief the (loan) (assumption) meets the underwriting standards recited in chapter 37 of title 38 United States Code and 38 CFR part 36; and that all information provided in support of this (loan) (assumption) is true, complete and accurate to the best of the undersigned lender’s knowledge and belief.”
Currently, Cx56 closely follows the text of the administrative law (following our policy of using the more authoritative source when specific language is required), though “loan/assumption” is used for the parts of the text requiring a distinction between loans and assumptions. To enhance our document, we will instead print “loan” in all cases, unless FI 99885 (“Loan Is Being Assumed”) equals “Yes”, in which case “assumption” will print instead. We will also be adding the phrase “or generated” (which is currently omitted) into the document.
These changes will take effect on April 16, 2019. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
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