California Code of Regulations › Title 12 - Military and Veterans Affairs › Division 2 - Department of Veterans Affairs › Chapter 2 - Veterans' Farm and Home Purchases › Subchapter 1 - Eligibility and Qualifications › Section 302 - Application for Loan and Loan Processing

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An
				  application for a farm or home loan must be filed in writing in the Division of
				  Farm and Home Purchases district or satellite office having jurisdiction over
				  the area in which the farm or home is located, in form or forms as permitted or
				  prescribed by the Department, and must evidence the applicant's intent to apply
				  presently for a loan by specifying the amount the applicant wishes to borrow
				  and by specifically describing an existing farm or home property. If filed by
				  mail, an application shall be deemed filed on the date of the postmark. If a
				  postmark is illegible or otherwise unavailable, or if the application is filed
				  in person, it shall be deemed filed on the date of receipt as printed, stamped,
				  or written thereon by the office in which it was filed. If filed by facsimile
				  or other electronic means available to the Department, it shall be deemed filed
				  on the date it was received by the District or Satellite Office. The
				  application may be processed based on the electronic forms; however, hardcopy
				  originals of signed documents as required by State or Federal statute or
				  regulations, must be received prior to funding.
(b) Applications may be submitted by the
				  veterans directly, or by a Mortgage Broker on their behalf. Only Mortgage
				  Brokers who have been trained and certified pursuant to Section
				  302.1 by the Department, on its
				  standard loan processing and eligibility procedures, shall be allowed to submit
				  Cal-Vet loan applications. The Department shall have the sole responsibility
				  for the underwriting and approval of all farm or home loans, subject to Section
				  987.59
				  of the Military and Veterans Code.
(c) The intent of the Department is to
				  process loan applications on existing homes from date of full compliance to
				  issuance of loan documents in an average time of 30 days or less. Full
				  compliance is the date that the following application documents have been
				  received by the Department: Signed Loan Application on a specific property;
				  Military Document(s) establishing eligibility; credit report; acceptable
				  explanation of any derogatory credit items; bankruptcy documents or other
				  credit related documents required for underwriting purposes; verification of
				  income; Preliminary Report of Title; Sales Agreement. Issuance of Loan
				  Documents is the issuance of Escrow Instructions, Cal-Vet Loan Contract and
				  Memorandum Agreement of Sale to the escrow holder. Loan processing time does
				  not include the time it takes the veteran to submit requirements of
				  purchase.
1. Amendment
					 of section heading and section filed 10-30-2000 as an emergency; operative
					 10-30-2000 (Register 2000, No. 44). A Certificate of Compliance must be
					 transmitted to OAL by 2-27-2001 or emergency language will be repealed by
					 operation of law on the following day.
2. Certificate of Compliance
					 as to 10-30-2000 order, including further amendment of subsection (b),
					 transmitted to OAL 2-23-2001 and filed 4-6-2001 (Register 2001, No. 14).
Note: Authority cited: Section
						700,
						Military and Veterans Code. Reference: Section
						987.59,
						Military and Veterans Code.