VA IRRRL Seasoning Update
Ginnie Mae has announced that it is revising the seasoning requirements in Chapter 24, Part 2 §(A)(3)(d)(i) to ensure that the requisite seasoning period is computed by reference to the first payment due date on each covered loan rather than by reference to the date on which the first payment is made.
This change is effective with VA loans guaranteed on and after 8/1/19.
As a reminder:
- Fairway requires the VA IRRRL Cost Recoupment Worksheet be included with all VA IRRRL loan submissions.
- VA in Circular 26-19-17, now requires that the Certificate of Eligibility be included with all VA IRRRL loan submissions.
Please contact your Regional Account Manager should you have any questions related to this Client Announcement.