VA Deadbeat Lender List?

[mikegoff]

Just got a fax from VA (St. Pete, FL); long list of Lenders that are required to pay up front. Must be getting bad out there, COD is the way to go.
If the lender won't collect fee up front, I guess the appraisers will.
Govern yourselves accordingly.

 

[Richard Carlsen]

This is interesting because at our last mandatory VA meeting in Detroit this year, the VA was quite firm that they were not going to get into fee collection.

This may be due to the fact that by state law the lenders don't have enough capital value in the business to legally handle other people monies.

One VA guy said that he had no objection if we did a VA appraisal for a company that owed us monies and when it was completed, e-mailed the copy to the VA and notified the lender that the report would be sent when they sent the fee. He said that if they refused to send the fee and delayed the veterans closing on the house, the VA would not look kindly on their making VA loans. He also stated that they could not come back to the VA for assignment of a new appraiser.