Thursday , 21 January 2021

New Products; Aurora Acquired; VA Recoupment Costs Questioned

By Rob Chrisman

Posted To: Pipeline Press

A Pew survey finds the typical middle class family could only replace 21 days of income with readily accessible funds. What is even scarier perhaps is that the same survey found that even if these families liquidated all of their retirement savings and investments they could only replace 119 days of income. Nothing underwriters don’t see all the time, right? Turning to loan programs, regarding VA loans there seems to be confusion among lenders, and the government, about what costs are included in the recoupment cost . Most think that all costs paid by the veteran should include closing costs, funding fee, pre-paids and any cost paid outside of closing. They just want to make sure they are closing these VA IRRRLs correctly. The VA Ohio’s office official stance is, “VA requires that you include…(read more)

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