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VA Delays Implementation of VA Funding Fee From October 1, 2011 Until November 18, 2011
VA has announced a delay in the reduction of its Funding Fee. Originally scheduled for October 1, 2011, the VA Funding Fee reduction now goes into effect on November 18, 2011.
LOANS CLOSED ON OR AFTER OCTOBER 1, 2011: Due to legislation affecting funding fees that has passed both houses of Congress and is awaiting the President's signature, lenders should not submit payments for loans closed on or after October 1, 2011, until further notice. This issue should be resolved within the next several days. If the President signs the legislation, it will in effect keep funding fees at their FY2011 rates through November 17, 2011. This means the changes set to take effect per Circular 26-11-12, might only be in effect for a very short time (or not at all if the bill is signed by Saturday, October 1, 2011).
For cases where lenders have closed loans with lower funding fees than provided in the new bill, the Secretary, under existing authority, will waive the difference in the fees.
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