Press Release: VA completes home loan funding fee refund initiative

“The U.S. Department of Veterans Affairs (VA) recently completed an aggressive initiative to process home loan funding fee refunds to Veteran borrowers, issuing more than $400 million in refunds.”

“The refunds are the culmination of a multi-year internal review of millions of VA-backed home loans spanning almost two decades…”

“The VA’s Loan Guaranty Service (LGY) program identified more than 130,000 loans where a refund was potentially due. While some funding fees charged were found to be attributable to clerical errors, most fees were charged correctly. The exception was for those Veterans whose exemption status changed following the issuance of a disability rating after the closing of their loan. Letters were mailed notifying Veterans who were eligible for a refund…” Read the full press release here.

Source: VA completes home loan funding fee refund initiative – October 8, 2019. VA.

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