VA Underwriting for Military Veterans
Service members and military veterans have the advantage of purchasing their home using the VA loan benefit, a 100 percent LTV, zero down payment loan, that includes seller concessions to help service members and veterans purchase a home without spending all of their savings.
While the loans are beneficial, service members and veterans have different credit histories and backgrounds than civilians purchasing a home. For example, a service member receives a guaranteed salary from the military so that they receive a consistent paycheck. Civilians can unexpectedly lose their jobs at any time.
Veterans may not only have their military pension but can add another job as income. But what happens if there is a rare exception, as there was for the Coast Guard branch of the military during the government shutdown? Even though members of the military typically receive steady paychecks, they might also find challenges in their lives, such as deployment and more tours of duty, less access to communication with bill collectors and financial institutions, potential setbacks due to personal injury or divorce. Civilians can experience similar setbacks, but they appear more common among men and women in the military. For these reasons, and more, underwriting VA loans requires unique skills.
Date:Tuesday, August 6, 2019
Time:2:00-3:30 PM EST
Attendees should expect to understand:
- Advantages of manual underwriting vs. automated underwriting in VA loans
- Credit history and background factors of servicemembers and veterans and how they are different from backgrounds of civilian borrowers
- Key differences in underwriting VA loans vs. FHA and/or conforming loans
- Understanding VA appraisals as opposed to the FHA and/or conventional appraisals
- A checklist for VA underwriters that differs from the FHA or Conventional loan underwriter
- Michael Oursler, Chief Credit Officer, NewDay USA
Who Should Attend?
- VA/FHA and Conventional underwriters
- Mortgage loan originators
- Loan processors
- Real estate brokers/agents
- VA mortgage servicers
Call begins on August 6, 2019 from 2:00 - 3:30 pm EST.
Login instructions will be sent to paid attendees in advance of the webinar.
All paid attendees will receive a copy of the audio recording and PowerPoint deck at the conclusion of the webinar.