You would think that because our country’s veterans made personal sacrifices to defend and protect the United States that we wouldn’t pull a fast one on them wouldn’t you? Well, apparently the VA is all about bad magic tricks and pulling nothing but empty promises out of their shiny black hats.
It all started out on such a positive note: an existing funding fee was supposed to be adjusted giving veterans of our armed forces as much as a half a point off. But before the hats we tossed into mid-air had a chance to hit the ground it all got taken away. (AND HEAR THIS….we get to do this all over again on November 17th 2011!)
You see, the VA made this extraordinary announcement, but they did it with no approval; our elected officials never okayed the funding fee adjustment.
That’s bad enough, but if we know anything about this industry of mortgages we know that one thing affects another. Because of our Mortgage Disclosure Improvement Act we’ve got the happy three day disclosure time. SO…..if a vet had a pending closing at the new and improved rate, the paperwork now has to be adjusted to reflect the old rate which messes with due process of the loan transaction and can certainly affect a closing date and all the associated time sensitive elements.
I’m not necessarily “anti-Mortgage Disclosure Improvement Act”, but when dates are changed because you’ve got loose cannons at VA Headquarters, who wouldn’t take exception to that?
At the end of the day don’t raise any cheers in the VA’s direction. They didn’t really do anything at all except eat before they said grace.