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Closing Packages

Closing Summary

Objective: To provide quick and correct processing of the Loan Guaranty Certificate. The following directives apply to the verification, documentation and processing of closed VA Loans. All questions and points of clarification should be referred to Chapter 8 of the VA Lenders Handbook or the VA web site: http://www.homeloans.va.gov

Allowable Fees and Charges

The following list of allowable items is published in 38 CFR 36.4312 and applies to all VA home loans.

 VA Appraisal Fee

 

 Appraiser Compliance Inspection

 

 Recording Fee

 

 Credit Report

 

 Escrow Account (Taxes and Insurance)

 

 Initial Hazard Insurance Policy

 

 Survey

 

 Title Examination and Title Insurance

 

 VA Funding Fee

 

 Authorized State and Local Fees

 

 MERS Registration

Additionally the lender has the option of charging a flat 1% Origination Fee, or charging actual costs for the items listed below, so long as the total does not exceed 1% of the loan amount.

Assignment Fees

Notary Fees

Warehousing Fees

Commitment Fees

Underwriting Fees

Photo Charges

Amortization Fees

Application Fees

Tax Service Fees

Builder's 10 Yr Warranty

Closing or Settlement Fees

Document Preparation Fees

Attorney Fees

Note: Termite Reports and Courier Fees are allowable charges to veterans only on refinances.