b. What Happens Next?

VA will inform the lender of its decision.

The lender may close the loan in reliance on a VA-issued Certificate of Commitment.

Reference:  See section 4 of chapter 5 for further information on the Certificate of Commitment.

c. How to Report Loan Closing and Request Guaranty

A prior approval IRRRL must be reported (such as, all documentation submitted) to VA within 60 days of closing.  A lender that fails to meet this time limit must provide a written explanation (Order #9 below).

To report an IRRRL, submit the following documents to VA in the order listed.

Order

Document

1

Lender’s cover or transmittal letter (if used).

2

VA Form 26-0285, VA Transmittal List.

3

VA Form 26-0286, VA Loan Summary Sheet.

4

Funding fee receipt. [ ]

See section 8 of chapter 8 for information on exemptions.

5

If the loan amount has increased beyond the amount indicated on the Certificate of Commitment, an updated VA Form 26-8923, Interest Rate Reduction Refinancing Loan Worksheet.

6

VA Form 26-1820, Report and Certification of Loan Disbursement.

7

HUD-1, settlement statement.

8

VA Form 26-0503, Federal Collection Policy Notice.

9

If loan is submitted more than 60 days after loan closing, a statement signed by a corporate officer of the lender which identifies the loan and provides the specific reason(s) why the loan was not submitted on time.

10

Any other necessary documents.  (See section 6 of chapter 5.)