d. Lender Procedures (continued)

Step

Action

4

Complete VA Form 26-6393, Loan Analysis, in conjunction with a careful review of the loan application and supporting documentation.

The form is not required for IRRRLs (except IRRRLs to refinance delinquent VA loans).

5

Indicate the loan decision in item 50 of the Loan Analysis after ensuring that the treatment of income, debts, and credit is in compliance with VA underwriting standards.

6

Loans closed by an automatic lender

The underwriter must certify review and approval of the loan by signing item 51 of the Loan Analysis (for Automated Underwriting cases , see section 8 of this chapter.

Note: For nonsupervised automatic lenders, line 51 signature must be a VA-approved underwriter.

Prior approval loans

The individual with authority to determine that the loan meets VA credit standards and should be submitted to VA, must sign item 51 of the Loan Analysis. 

7

An officer of the lender authorized to execute documents and act on behalf of the lender must complete the following certification:  “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 CFR 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 United States Code and 38 CFR 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.”