### Veterans Benefits Administration VA Pamphlet 26-7, Revised

### Department of Veterans Affairs Change 3

### Washington, D.C. 20420 July 14, 2003

#### To: Lenders and Other Participants in the VA Loan Guaranty Program

**Subject: Transmittal of Change 3 to VA Pamphlet 26-7, Revised, VA
Lender's Handbook**

+-----------+----------------------------------------------------------+
| ####      | Enclosed is Change 3 to VA Pamphlet 26-7, Revised, VA    |
| # Purpose | Lender's Handbook, Guaranty of Loans to Veterans.        |
|           | Changes to Current Issues, Chapters 1, 2, 3, 4, 5, 6, 7, |
|           | 9, 10, 11, 12, 13, 14, 15, 16 and Appendices A and C are |
|           | described below. The material that has been added,       |
|           | revised, moved or otherwise changed is highlighted.      |
+-----------+----------------------------------------------------------+

+-----------+----------------------------------------------------------+
| ####      | [Current Issues]{.underline}                             |
| # Changes |                                                          |
|           | -   Section CI.02 adds the regulatory reference for      |
|           |     program participant sanctions based on misleading    |
|           |     advertisements.                                      |
|           |                                                          |
|           | -   Section CI.07 has been added to provide general      |
|           |     information on Electronic Data Interchange (EDI).    |
|           |     This new section provides information on the         |
|           |     benefits of EDI, different available EDI technology  |
|           |     and how to start using EDI.                          |
|           |                                                          |
|           |     [Chapter 1]{.underline}                              |
|           |                                                          |
|           | -   Section 1.05 clarifies the approval of automatic     |
|           |     authority for non-supervised lenders, eliminating    |
|           |     requirements for lenders to maintain a presence in   |
|           |     states where they close VA loans.                    |
|           |                                                          |
|           |     [Chapter 2]{.underline}                              |
|           |                                                          |
|           | -   Overview has been changed to update page numbers     |
|           |                                                          |
|           | -   Section 2.01 has been changed to include a reference |
|           |     to the Automated Certificate of Eligibility (ACE).   |
|           |                                                          |
|           | -   Section 2.02 updates the amount of additional        |
|           |     entitlement from \$14,750 to \$24,000 and a          |
|           |     reference to the ACE system has been added.          |
|           |                                                          |
|           | -   Section 2.03, a typographical error referring to the |
|           |     name for VA Form 26-1880, [Request for a Certificate |
|           |     of Eligibility]{.underline}, and part D of that form |
|           |     have been corrected. General information about       |
|           |     Internet availability of the ACE system has been     |
|           |     added.                                               |
|           |                                                          |
|           |     [Chapter 3]{.underline}                              |
|           |                                                          |
|           | -   Section 3.01 updates the amount of additional        |
|           |     entitlement from \$14,750 to \$24,000 with maximum   |
|           |     available entitlement of \$60,000.                   |
|           |                                                          |
|           | -   Section 3.02 has been changed to rearrange the       |
|           |     format of the first paragraph.                       |
+-----------+----------------------------------------------------------+

Continued on next page

+-----------+----------------------------------------------------------+
| ##### C   | [Chapter 3]{.underline}, continued                       |
| hanges (c |                                                          |
| ontinued) | 1.  Section 3.03 has been changed to remove the          |
|           |     reference to GNMA VA loan limitations. This section  |
|           |     has been further modified to remove the reference to |
|           |     Certificate of Reasonable Value.                     |
|           |                                                          |
|           | 2.  Section 3.04 updates the amount of additional        |
|           |     entitlement from \$14,750 to \$24,000 with maximum   |
|           |     available entitlement of \$60,000.                   |
|           |                                                          |
|           | -   Section 3.05 includes additional language regarding  |
|           |     spousal occupancy.                                   |
|           |                                                          |
|           | -   Section 3.11 adds reference to use of EDI.           |
|           |                                                          |
|           |     []{.mark}                                            |
|           |                                                          |
|           |     [Chapter 4]{.underline}                              |
|           |                                                          |
|           |     []{.mark}                                            |
|           |                                                          |
|           | -   Overview has been changed to correct page numbers.   |
|           |                                                          |
|           | -   Section 4.02 adds reference to acceptance of faxed   |
|           |     and Internet documents for verification of           |
|           |     employment.                                          |
|           |                                                          |
|           | -   Section 4.04 adds reference to acceptance of faxed   |
|           |     and Internet documents for verification of assets.   |
|           |                                                          |
|           | -   Section 4.05 adds reference to deferred student      |
|           |     loans.                                               |
|           |                                                          |
|           | -   Section 4.08 changes the documentation guideline for |
|           |     automated underwriting cases requiring direct        |
|           |     verification of mortgage debts on refer loans and    |
|           |     requiring pay stubs covering 1 full month of         |
|           |     employment. This section has been further modified   |
|           |     to remove an incorrect section reference.            |
|           |                                                          |
|           |     [Chapter 5]{.underline}                              |
|           |                                                          |
|           | -   Exhibits 5-A and 5-B have been removed. These forms  |
|           |     are available at                                     |
|           |     http://www.vba.va.gov/pubs/homeloanforms.htm.        |
|           |                                                          |
|           |     [Chapter 6]{.underline}                              |
|           |                                                          |
|           | -   Section 6.01 has been changed to correct a           |
|           |     typographical error referring to the name of VA Form |
|           |     26-1880. The reference to "date of application" has  |
|           |     been removed; this reference was missed in the       |
|           |     previous handbook change.                            |
|           |                                                          |
|           | -   Section 6.02 has been changed to correct a           |
|           |     typographical error referring to the name for VA     |
|           |     Form 26-1880.                                        |
|           |                                                          |
|           |     [Chapter 7]{.underline}                              |
|           |                                                          |
|           | -   Section 7.01 updates the amount of additional        |
|           |     entitlement from \$14,750 to \$24,000 and the        |
|           |     maximum guaranteed loan amount from \$203,000 to     |
|           |     \$240,000.                                           |
|           |                                                          |
|           | -   Section 7.02 has been changed to permit lenders to   |
|           |     offer "floating" interest rates on construction to   |
|           |     permanent home loans.                                |
+-----------+----------------------------------------------------------+

Continued on next page

+------------+---------------------------------------------------------+
| #####      | [Chapter 9]{.underline}                                 |
|  Changes ( |                                                         |
| continued) | -   Section 9.01 has been changed to incorporate a      |
|            |     change in the law affecting the substantial wording |
|            |     of the assumption clause.                           |
|            |                                                         |
|            |     [Chapter 10]{.underline}                            |
|            |                                                         |
|            | -   Overview has been updated to change the title of    |
|            |     sections 10.03 and 10.09 to "The Appraisal System," |
|            |     and "Proposed or Under Construction." Page numbers  |
|            |     have also been changed to correct a formatting      |
|            |     error.                                              |
|            |                                                         |
|            | -   Section 10.03 has been changed to update references |
|            |     from "The VA Assignment System" to "The Appraisal   |
|            |     System (TAS)".                                      |
|            |                                                         |
|            | -   Section 10.04 has been changed to incorporate a     |
|            |     note for LAPP lenders to process all appraisal      |
|            |     requests using LAPP. This section has been changed  |
|            |     to update references from "The VA Assignment        |
|            |     System" to "The Appraisal System (TAS)". This       |
|            |     section has been changed to incorporate information |
|            |     for LAPP lenders to provide their e-mail address in |
|            |     Item 5 of the appraisal request in order to receive |
|            |     the report e-mailed to them. This section has also  |
|            |     had a number of syntax and typographical errors     |
|            |     corrected.                                          |
|            |                                                         |
|            | -   Section 10.09 has been changed to include a table   |
|            |     for determination of required warranty for          |
|            |     properties that are proposed or under construction. |
|            |                                                         |
|            | -   Section 10.10 has been changed to include a note    |
|            |     describing the acceptability of HUD Form 92541.     |
|            |     This section has also been updated to correct       |
|            |     typographical and reference errors as well as an    |
|            |     error of omission in the Geological and Soil        |
|            |     Stability subparagraph.                             |
|            |                                                         |
|            | -   Section 10.12 has been changed to address problems  |
|            |     with payment of appraisal fees and assessed late    |
|            |     charges and increased allowable compliance          |
|            |     inspection fee from \$65 to \$100.                  |
|            |                                                         |
|            |     > [Chapter 11]{.underline}                          |
|            |                                                         |
|            | -   Section 11.01 has been updated to reference         |
|            |     "Notices of Value" based on the creation of The     |
|            |     Appraisal System (TAS).                             |
|            |                                                         |
|            | -   Section 11.03 has been changed to reference         |
|            |     timeliness of liquidation appraisals and how a fee  |
|            |     appraiser should approach a property that does not  |
|            |     appear to be eligible for the VA home loan program. |
|            |                                                         |
|            | -   Section 11.04 has been changed to address the       |
|            |     electronic submission of appraisal photographs.     |
|            |                                                         |
|            | -   Section 11.05 has been updated to explain how       |
|            |     appraisers should submit appraisal reports using    |
|            |     electronic media and how to submit files when the   |
|            |     appraiser has been exempted from use of electronic  |
|            |     media requirements.                                 |
|            |                                                         |
|            | -   Section 11.07 has been changed to delete the        |
|            |     requirement for a time adjustment explanation.      |
|            |                                                         |
|            | -   Section 11.08 has been changed to delete the        |
|            |     requirement for the time adjustment addendum in the |
|            |     sales comparison analysis section.                  |
+------------+---------------------------------------------------------+

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+-----------+----------------------------------------------------------+
| ##### C   | [Chapter 11]{.underline}, continued                      |
| hanges (c |                                                          |
| ontinued) | -   Section 11.09 has been updated to address            |
|           |     requirements for potential environmental problems.   |
|           |                                                          |
|           | -   Section 11.10 has been changed to address placing    |
|           |     the estimate of a condominium's remaining economic   |
|           |     life in the "Comments" Section of FNMA Form 1073.    |
|           |                                                          |
|           |     > [Chapter 12]{.underline}                           |
|           |                                                          |
|           | -   Section 12.01 has been changed to add the word "and" |
|           |     for exemption of Minimum Property Requirements.      |
|           |                                                          |
|           | 1.  Section 12.03 has been changed to correct a          |
|           |     grammatical error.                                   |
|           |                                                          |
|           | 2.  Section 12.08 has been changed to include the        |
|           |     permissibility of springs or cisterns where such     |
|           |     facilities are customary and the only feasible means |
|           |     of water supply.                                     |
|           |                                                          |
|           | 3.  Section 12.09 has been changed to rearrange the      |
|           |     format of the Trust Deed subparagraph.               |
|           |                                                          |
|           | 4.  Section 12.10 has been changed to permit anchoring   |
|           |     straps and cables for manufactured homes classified  |
|           |     as real estate to be affixed to ground anchors where |
|           |     allowed by local building authorities.               |
|           |                                                          |
|           |     [Chapter 13]{.underline}                             |
|           |                                                          |
|           | -   Overview has been updated to change the titles of    |
|           |     sections 13.04 and 13.09 to "LAPP-Issuing a NOV      |
|           |     Other Than the Appraiser's Value Estimate," and      |
|           |     "Requesting Changes to the NOV," respectively.       |
|           |     Overview has also been changed to include a          |
|           |     reference for Lender Appraisal Processing Program    |
|           |     (LAPP) lenders to encourage use of LAPP.             |
|           |                                                          |
|           | -   Section 13.02 has been changed to add a reference    |
|           |     for timeliness of Staff Appraisal Reviewers. This    |
|           |     section is further updated to reflect the posting of |
|           |     local conditions to Regional Loan Centers' web page. |
|           |                                                          |
|           | -   Section 13.04 has been changed from "Lapp- Related   |
|           |     Changes to Appraiser's Value Estimate" to now read   |
|           |     "Lapp-Issuing a NOV at Other Than the Appraiser's    |
|           |     Value Estimate." This section is changed to increase |
|           |     the variance of the change from 2 percent to 5       |
|           |     percent provided the change is clearly warranted and |
|           |     fully documented. A new subsection has been added to |
|           |     detail "Other Changes."                              |
|           |                                                          |
|           | -   Section 13.05 has been changed to add references to  |
|           |     TAS when completing and generating a Notice of Value |
|           |     (NOV).                                               |
|           |                                                          |
|           | -   Section 13.06 has been changed to update where to    |
|           |     locate information on the Energy Efficient Mortgage  |
|           |     program. This section is additionally changed to     |
|           |     incorporate avenues for resolution to disagreements  |
|           |     with the fee appraiser over repair recommendations.  |
|           |     Additionally, errors in references to sections and   |
|           |     exhibits have been updated.                          |
|           |                                                          |
|           | -   Section 13.07 has been updated to change references  |
|           |     from "CRV" to "NOV," based on the creation of TAS.   |
+-----------+----------------------------------------------------------+

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+------------+---------------------------------------------------------+
| #####      | [Chapter 13]{.underline}, continued                     |
|  Changes ( |                                                         |
| continued) | -   Section. 13.09 has been updated to change the title |
|            |     of this section to "Requesting Changes to the NOV". |
|            |     Changes have also been made in the following        |
|            |     subparagraphs: "How to Request a Change",           |
|            |     "Submission of Real Estate Market Data",            |
|            |     "Processing Change of NOV Request", "Appraiser's    |
|            |     Role", "VA's Role" and "Lender's Role."             |
|            |                                                         |
|            |     [Chapter 14]{.underline}                            |
|            |                                                         |
|            | -   Section 14.01 has been changed to add subparagraph  |
|            |     "Inspection Report Form."                           |
|            |                                                         |
|            | -   Section 14.06 subparagraphs have been renamed:      |
|            |     "Receipt of Inspection Reports", "Use of Inspection |
|            |     Reports", and "Retention of Inspection Reports."    |
|            |     The first subparagraph has been created to provide  |
|            |     the compliance inspector direction on where to      |
|            |     submit an inspection report.                        |
|            |                                                         |
|            | -   Section 14.07 has been changed to add the form name |
|            |     for VAF 26-1844. This section has been changed to   |
|            |     provide for VA approval of changes made on VAF      |
|            |     26-1844 by issuing an amended NOV. Also changes     |
|            |     have been made to notification process of the       |
|            |     amended NOV.                                        |
|            |                                                         |
|            |     [Chapter 15]{.underline}                            |
|            |                                                         |
|            | -   Overview has been changed to correct page numbers.  |
|            |                                                         |
|            | -   Section 15.07 has been updated to change "CRV" to   |
|            |     "NOV". This section has also been changed to        |
|            |     require LAPP lenders to supply a detailed           |
|            |     explanation when an eligible property is not        |
|            |     processed by the lender.                            |
|            |                                                         |
|            | -   Section 15.08 has been changed to correct section   |
|            |     references.                                         |
|            |                                                         |
|            |     [Chapter 16]{.underline}                            |
|            |                                                         |
|            | -   Overview has been changed to update references from |
|            |     "The VA Assignment System" to "The Appraisal System |
|            |     (TAS)."                                             |
|            |                                                         |
|            | -   Section 16-A.03 has been changed to add a reference |
|            |     to Section 16-A.02.                                 |
|            |                                                         |
|            |     > [Appendix A]{.underline}                          |
|            |                                                         |
|            | -   Appendix A has been updated to reflect recent VA    |
|            |     office changes due to consolidation.                |
|            |                                                         |
|            |     > [Appendix C]{.underline}                          |
|            |                                                         |
|            | -   Appendix C has been removed. Please use             |
|            |     https://www.pay.gov/va/ to access the new Internet  |
|            |     based Funding Fee System and system guide.          |
+------------+---------------------------------------------------------+

+------------+---------------------------------------------------------+
| ###        | > Additional copies may be downloaded from the Internet |
| ## Additio | > (see section CI.01).                                  |
| nal Copies |                                                         |
+------------+---------------------------------------------------------+

Continued on next page

+-----------+----------------------------------------------------------+
| #####  VA | **VA Pamphlet 26-7, "VA Lender's Handbook, Revised" is   |
|  Lender's | changed as follows:**                                    |
|  Handbook |                                                          |
|           | -   **[Pages CI-1 through CI-4]{.underline}**: Remove    |
| ####      |     these pages and substitute pages CI-1through         |
| # Changes |                                                          |
|           |     CI-4 attached.                                       |
|           |                                                          |
|           | -   **[Pages CI-13]{.underline}**: Add page CI-13        |
|           |     attached.                                            |
|           |                                                          |
|           |     []{.mark}                                            |
|           |                                                          |
|           | -   **[Pages 1-17 and 1-18]{.underline}**: Remove these  |
|           |     pages and substitute pages 1-17 and                  |
|           |                                                          |
|           |     1-18 attached.                                       |
|           |                                                          |
|           |     []{.mark}                                            |
|           |                                                          |
|           | -   **[Pages 2-1 through 2-22]{.underline}**: Remove     |
|           |     these pages and substitute pages 2-1 through         |
|           |                                                          |
|           |     2-24 attached.                                       |
|           |                                                          |
|           |     []{.mark}                                            |
|           |                                                          |
|           | ```{=html}                                               |
|           | <!-- -->                                                 |
|           | ```                                                      |
|           | -   **[Pages 3-1 and 3-2]{.underline}**: Remove these    |
|           |     pages and substitute pages 3-1 and                   |
|           |                                                          |
|           |     3-2 attached.                                        |
|           |                                                          |
|           |     []{.mark}                                            |
|           |                                                          |
|           | ```{=html}                                               |
|           | <!-- -->                                                 |
|           | ```                                                      |
|           | -   **[Pages 3-5 through 3-8]{.underline}**: Remove      |
|           |     these pages and substitute pages 3-5 through         |
|           |                                                          |
|           |     3-8 attached.                                        |
|           |                                                          |
|           |     []{.mark}                                            |
|           |                                                          |
|           | ```{=html}                                               |
|           | <!-- -->                                                 |
|           | ```                                                      |
|           | -   **[Pages 3-11 through 3-14]{.underline}**: Remove    |
|           |     these pages and substitute pages 3-11                |
|           |                                                          |
|           |     through 3-14 attached.                               |
|           |                                                          |
|           |     []{.mark}                                            |
|           |                                                          |
|           | -   **[Page 3-25 and 3-26]{.underline}**: Remove these   |
|           |     pages and substitute pages 3-25 and                  |
|           |                                                          |
|           |     3-26 attached.                                       |
|           |                                                          |
|           | -   **[Page 4-1 and 4-2]{.underline}**: Remove these     |
|           |     pages and substitute pages 4-1 and                   |
|           |                                                          |
|           |     4-2 attached.                                        |
|           |                                                          |
|           | -   **[Page 4-9 and 4-10]{.underline}**: Remove these    |
|           |     pages and substitute pages 4-9 and                   |
|           |                                                          |
|           |     4-10 attached.                                       |
|           |                                                          |
|           | -   **[Page 4-29 and 4-30]{.underline}**: Remove these   |
|           |     pages and substitute pages 4-29 and                  |
|           |                                                          |
|           |     4-30 attached.                                       |
|           |                                                          |
|           | -   **[Page 4-35 and 4-36]{.underline}**: Remove these   |
|           |     pages and substitute pages 4-35 and                  |
|           |                                                          |
|           |     4-36 attached.                                       |
|           |                                                          |
|           | -   **[Page 4-51 through 4-54]{.underline}**: Remove     |
|           |     these pages and substitute pages 4-51                |
|           |                                                          |
|           |     through 4-54 attached                                |
|           |                                                          |
|           | -   **[Page 5-23 and 5-24]{.underline}**: Remove these   |
|           |     pages. There is no replacement.                      |
+-----------+----------------------------------------------------------+

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+-----------+----------------------------------------------------------+
| ##### VA  | -   **[Page 6-13 through 6-20]{.underline}**: Remove     |
|  Lender's |     these pages and substitute pages 6-13                |
|  Handbook |                                                          |
|           |     through 6-19 attached.                               |
| ##### Ch  |                                                          |
| anges, (c | -   **[Page 7-5 through 7-10]{.underline}**: Remove      |
| ontinued) |     these pages and substitute pages 7-5 through         |
|           |                                                          |
|           |     7-10 attached.                                       |
|           |                                                          |
|           | -   **[Page 7-13 and 7-14]{.underline}**: Remove these   |
|           |     pages and substitute pages 7-13 and                  |
|           |                                                          |
|           |     7-14 attached.                                       |
|           |                                                          |
|           | -   **[Page 9-1 and 9-2]{.underline}**: Remove these     |
|           |     pages and substitute pages 9-1 and                   |
|           |                                                          |
|           |     9-2 attached.                                        |
|           |                                                          |
|           | -   **[Page 10-1 through 10-33]{.underline}**: Remove    |
|           |     these pages and substitute pages 10-1                |
|           |                                                          |
|           |     through 10-32 attached.                              |
|           |                                                          |
|           | -   **[Page 11-1 through 11-4]{.underline}**: Remove     |
|           |     these pages and substitute pages 11-1                |
|           |                                                          |
|           |     through 11-4 attached.                               |
|           |                                                          |
|           | -   **[Page 11-7 through 11-10]{.underline}**: Remove    |
|           |     these pages and substitute pages 11-7                |
|           |                                                          |
|           |     through 11-10 attached.                              |
|           |                                                          |
|           | -   **[Page 11-13 through 11-16]{.underline}**: Remove   |
|           |     these pages and substitute pages 11-13               |
|           |                                                          |
|           |     through 11-16 attached.                              |
|           |                                                          |
|           | -   **[Page 12-3 and 12-4]{.underline}**: Remove these   |
|           |     pages and substitute pages 12-3                      |
|           |                                                          |
|           |     and 12-4 attached.                                   |
|           |                                                          |
|           | -   **[Page 12-7 and 12-8]{.underline}**: Remove these   |
|           |     pages and substitute pages 12-7                      |
|           |                                                          |
|           |     and 12-18 attached.                                  |
|           |                                                          |
|           | -   **[Page 12-15 and 12-16]{.underline}**: Remove these |
|           |     pages and substitute pages 12-15                     |
|           |                                                          |
|           |     and 12-16 attached.                                  |
|           |                                                          |
|           | -   **[Page 12-21 and 12-22]{.underline}**: Remove these |
|           |     pages and substitute pages 12-21                     |
|           |                                                          |
|           |     and 12-22 attached.                                  |
|           |                                                          |
|           | -   **[Page 13-1 and 13-2]{.underline}**: Remove these   |
|           |     pages and substitute pages 13-1                      |
|           |                                                          |
|           |     and 13-2 attached.                                   |
|           |                                                          |
|           | -   **[Page 13-5 and 13-6]{.underline}**: Remove these   |
|           |     pages and substitute pages 13-5                      |
|           |                                                          |
|           |     and 13-6 attached.                                   |
|           |                                                          |
|           | -   **[Page 13-9 through 13-12]{.underline}**: Remove    |
|           |     these pages and substitute pages 13-9                |
|           |                                                          |
|           |     through 13-12 attached.                              |
+-----------+----------------------------------------------------------+

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+------------+---------------------------------------------------------+
| #####      | -   **[Page 13-15 through 13-18]{.underline}**: Remove  |
| VA Lender' |     these pages and substitute pages 13-15              |
| s Handbook |                                                         |
|            |     through 13-18 attached                              |
| #####      |                                                         |
| Changes, ( | -   **[Page 13-23 through 13-28]{.underline}**: Remove  |
| continued) |     these pages and substitute pages 13-23              |
|            |                                                         |
|            |     through 13-28 attached                              |
|            |                                                         |
|            | -   **[Page 14-3 and 14-4]{.underline}**: Remove these  |
|            |     pages and substitute pages 14-3                     |
|            |                                                         |
|            |     and 14-4 attached.                                  |
|            |                                                         |
|            | -   **[Page 14-13 through 14-17]{.underline}**: Remove  |
|            |     these pages and substitute pages 14-13              |
|            |                                                         |
|            |     through 14-17 attached.                             |
|            |                                                         |
|            | -   **[Page 15-1 and 15-2]{.underline}**: Remove these  |
|            |     pages and substitute pages 15-1                     |
|            |                                                         |
|            |     and 15-2 attached.                                  |
|            |                                                         |
|            | -   **[Page 15-15 through 15-20]{.underline}**: Remove  |
|            |     these pages and substitute pages 15-15              |
|            |                                                         |
|            |     through 15-21 attached.                             |
|            |                                                         |
|            | -   **[Page 16-1 and 16-2]{.underline}**: Remove these  |
|            |     pages and substitute pages 16-1                     |
|            |                                                         |
|            |     and 16-2 attached.                                  |
|            |                                                         |
|            | -   **[Page 16-A-9 and 16-A-10]{.underline}**: Remove   |
|            |     these pages and substitute pages 16-A-9             |
|            |                                                         |
|            |     and 16-A-10 attached.                               |
|            |                                                         |
|            | -   **[Page A-1 through A-11]{.underline}**: Remove     |
|            |     these pages and substitute pages A-1                |
|            |                                                         |
|            |     through A-3 attached.                               |
|            |                                                         |
|            | -   **[Pages C-1 through C-23]{.underline}**: Remove    |
|            |     these pages. There is no replacement.               |
+------------+---------------------------------------------------------+

Keith Pedigo, Director

Loan Guaranty Service