reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 201 - Organization and Executive Policies and Procedures › Chapter 3 - Declaratory Opinions › Rule 25-201-3.4 - How to Submit Requests

Current through June 25, 2024
When a person with substantial interest, as required by
				  Section
				  25-43-2.103
				  of the Administrative Procedures Act, requests a declaratory opinion, the
				  requestor must submit a printed, typewritten, or legibly handwritten
				  request.
A. Each request must be
				submitted on 8-1/2" x 11" white paper.
B. The request may be in the form of a letter
				addressed to the Veterans' Home Purchase Board or in the form of a pleading as
				if filed with a court.
C. Each
				request must include the full name, telephone numbers, and mailing address of
				the requestor(s).
D. All requests
				shall be signed by the person filing the request, unless represented by an
				attorney, in which case the attorney may sign the request.
E. Each request must clearly state that it is
				a request for a declaratory opinion.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 201 - Organization and Executive Policies and Procedures › Chapter 3 - Declaratory Opinions › Rule 25-201-3.5 - Signature Attestation

Current through June 25, 2024
Any party who signs the request shall attest that the
				  request complies with the requirements set forth in these rules, including but
				  not limited to a full, complete, and accurate statement of relevant facts and
				  that there are no related proceedings pending before any agency,
				  administrative, or judicial tribunal.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 201 - Organization and Executive Policies and Procedures › Chapter 3 - Declaratory Opinions › Rule 25-201-3.6 - Request Content Requirement

Current through June 25, 2024
Each request must contain the following:
A. A clear identification of the statute,
				rule, or order at issue;
B. The
				question for the declaratory opinion;
C. A clear and concise statement of all facts
				relevant to the question presented;
D. The identity of all other known persons
				involved in or impacted by the facts giving rise to the request including their
				relationship to the facts, and their name, mailing address, and telephone
				number; and
E. A statement
				sufficient to show that the requestor has a substantial interest in the subject
				matter of the request.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 201 - Organization and Executive Policies and Procedures › Chapter 3 - Declaratory Opinions › Rule 25-201-3.8 - Agency Response

Current through June 25, 2024
Within forty-five (45) days after the receipt of a request
				  for a declaratory opinion which complies with the requirements of these rules,
				  the Veterans' Home Purchase Board shall, in writing:
A. Issue an opinion declaring the
				applicability of the statute, rule, or order to the specified
				circumstances;
B. Agree to issue a
				declaratory opinion by a specified time but no later than ninety (90) days
				after receipt of the written request; or
C. Decline to issue a declaratory opinion,
				stating the reasons for its action.
The forty-five (45) day period shall begin on the first
				  business day after which the request is received by the Veterans' Home Purchase
				  Board.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 201 - Organization and Executive Policies and Procedures › Chapter 3 - Declaratory Opinions › Rule 25-201-3.9 - Availability of Declaratory Opinions and Requests for Opinions

Current through June 25, 2024
Declaratory opinions and requests for declaratory opinions
				  shall be available for public inspection and copying at the expense of the
				  viewer during normal business hours. All declaratory opinions and requests
				  shall be indexed by name, subject, and date of issue. Declaratory opinions and
				  requests which contain information which is confidential or exempt from
				  disclosure under the Mississippi Public Records Act or other laws shall be
				  exempt from this requirement and shall remain confidential.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 1 - Loan Refinancing Policy › Rule 25-202-1.1 - Limitation

Current through June 25, 2024
The Veteran's Home Purchase Board shall not consider an
				  application to refinance a home with long term financing already in place with
				  a lending institution, individual, or other entity, other than herein
				  described.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 2 - Non-Guaranteed Loan › Rule 25-202-2.1 - Definition

Current through June 25, 2024
The definition of a non-guaranteed loan is a loan made to a
				  veteran by the Veterans' Home Purchase Board not utilizing the Department of
				  Veterans Affairs Guaranty Program. The veteran must still have a valid
				  certificate of eligibility from the Department of Veterans
				  Affairs.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 2 - Non-Guaranteed Loan › Rule 25-202-2.2 - Eligibility

Current through June 25, 2024
In order for a veteran to be considered for a non-guaranteed
				  loan through the Veterans' Home Purchase Board he/she must make an initial
				  payment of at least twenty percent (20%) of the selling price of the property
				  or the appraised value, whichever is less. This policy is to specifically
				  address what constitutes an initial payment of twenty percent (20%) when a home
				  is to be constructed or purchased, and when a loan guarantee from the
				  Department of Veterans Affairs is not required because of the necessary initial
				  payment of twenty percent (20%) is met. In addition to the twenty percent (20%)
				  down payment, the loan committee must consider credit history, income, work
				  history and all other underwriting criteria before approving a non-guaranty
				  loan.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 2 - Non-Guaranteed Loan › Rule 25-202-2.3 - Loan for existing home

Current through June 25, 2024
When a veteran applies for a loan to purchase an
existing home,
the veteran must make an initial payment of twenty
				  percent (20%) from his/her own cash savings. This form of initial payment may
				  include, but is not limited to savings accounts, proceeds from the sale of a
				  present home, mutual funds, 401K savings, cash gift from a family member, and
				  proceeds from the sale of personal property. The initial payment of twenty
				  percent (20%) cannot be in the form of borrowed funds, appraised equity, nor a
				  second mortgage on the subject property.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 2 - Non-Guaranteed Loan › Rule 25-202-2.4 - Loan for constructing a home

Current through June 25, 2024
When a veteran applies for a loan to construct a home, the
				  veteran may or may not already own the land where the home is to be
				  constructed.
A. Land owned at the time
				of application: When the veteran owns land on which he/she plans to construct a
				home utilizing funds of the Veterans' Home Purchase, the land must be fully
				paid for and unencumbered. This land may be considered for the initial payment
				of twenty percent (20%). The twenty percent (20%) initial payment will be based
				on the amount of the original purchase price of the land in question. Original
				purchase price must be evidenced by documentation from the veteran borrower.
				Equity due to a gift of the land, appreciation since purchase, or purchase
				below market value will not be considered an initial payment of twenty percent
				(20%).
B. Land not owned at the
				time of application: When the veteran does not own the land and intends to
				purchase the land as a part of the construction process, the veteran must
				invest a cash outlay or twenty percent (20%) of the total construction cost of
				the finished product including the initial land purchase. Equity due to
				construction below market value is not considered a cash investment.
C. Land mortgaged at the time of application:
				If the lot or vacant land is secured by a mortgage note with a lender or
				individual, the Veterans' Home Purchase Board may payoff said mortgage note as
				long as the mortgage note does not contain a prepayment penalty, and the payoff
				of the land and construction cost of the home do not exceed the statutory
				limits of the Veterans' Home Purchase Board. If the veteran owns land and has
				an existing mortgage note made for the initial purchase, any equity realized
				from the initial down payment and/or regular loan payments on the note may be
				considered as a part of the cash payment requirement of twenty percent (20%).
				This initial cash payment will be derived from the difference in the current
				payoff of the mortgage note and the original purchase price of the land in
				question. If this difference does not equal twenty percent (20%) or more of the
				total construction cost including the land mortgage note payoff, then the
				veteran will be required to invest additional cash savings to arrive at the
				twenty percent (20%) initial payment necessary to meet the
				requirements.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 3 - Interest Rate Policy › Rule 25-202-3.1 - Policy

Current through June 25, 2024
It is the Policy of The Veterans' Home Purchase Board that
				  the rate of interest charged by the Agency for current requests for financing
				  of SINGLE FAMILY homes are as follows: Posted Rate: The current rate of
				  interest charged and available for the financing of home purchase requests
				  established by the Board of Directors of the VHPB at its regular
				  meeting.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 3 - Interest Rate Policy › Rule 25-202-3.2 - Exception

Current through June 25, 2024
The Board of Directors reserves the right to make a case by
				  case exception to the herein stated interest and interest lock policy. When an
				  exception is made it will be noted in the minutes of that
				  meeting.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 3 - Interest Rate Policy › Rule 25-202-3.3 - Effective date of new rate

Current through June 25, 2024
The Board of Directors, at its regular monthly meeting sets
				  the current rate of interest (posted rate) that is to be charged by the Agency.
				  The Board will compare the current Agency rate with the Secondary Mortgage
				  Market Rate charged by Lenders in the Agency's lending area. When a majority of
				  the Board members vote that an increase or decrease in the current approved
				  rate is appropriate, the new rate of interest will be in effect for any
				  application taken after the date of the meeting or exact date as specified by
				  the Board.
A. Proposed construction
				loans will be subject to the posted rate once the veteran notifies the VHPB in
				writing that they are ready to close and the loan has been approved by the loan
				committee of the Board of Directors. This rate is locked for a period of 45
				days or until the loan documents expire, whichever is less.
B. Loan requests in process, but not yet sent
				to the attorney for closing, will be set at the new posted rate of interest or
				the existing rate at the time of approval by the loan committee of the Board of
				Directors, whichever is lower. The stated rate is locked for a period of 45
				days or until the loan documents expire, whichever is less.
C. Loan requests that have been approved
				without a property or a request for pre-approval will be set at the posted rate
				once the sales contract is received by the agency. The stated rate is locked
				for a period for 45 days or until the loan documents expire, whichever is
				less.
D. Loan application requests
				having Board approval and a change in the rate of interest after stated
				approval, are not required to be once again presented to the loan committee of
				the Board of Directors for re-approval. The exception to this is when the rate
				of interest increase or decrease negatively affects the debt to income ratio
				causing the loan request to no longer meet the underwriting guidelines or
				causing a substantial change in the financial status of the customer.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 4 - Available Funds to Close Policy › Rule 25-202-4.1 - Policy

Current through June 25, 2024
It is the policy of The Veterans' Home Purchase Board, to
				  underwrite the loan request in a way to determine the applicant's ability to
				  maintain this debt plus current obligations and accumulate assets. The VA has
				  underwriting guidelines that this Agency must follow. To help prevent a
				  hardship to the customer, it is the policy of The Veterans Home Purchase Board
				  to require prior to closing the following:
A. The Borrower must have sufficient funds
				verified to pay closing cost and escrows shown on the buyer's side of the HUD-1
				Settlement statement. This may be verified by the customer providing a copy of
				the most recent bank statement, VOD or print out from the bank. (Printout must
				include the name of the bank, name of the borrower and the account
				number).
B. In addition to the
				above, the borrower must have as verified funds, two months of payments
				including taxes, insurance and any other escrowed item. This verification may
				take the same form as listed above.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 5 - Appraisal Assignments › Rule 25-202-5.1 - VA Guaranteed Loans

Current through June 25, 2024
It is the policy of the Veteran's Home Purchase Board to
				  follow the Department of Veterans Affairs' rules and regulations regarding
				  appraisal assignment for VA guaranteed loans. The Department of Veterans
				  Affairs assigns an appraiser and case number to each loan application from a
				  pre-defined VA approved list for each county throughout
				  Mississippi.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 5 - Appraisal Assignments › Rule 25-202-5.2 - Non-Guaranteed Loans

Current through June 25, 2024
When the Veterans' Home Purchase Board grants a veteran's
				  request for a non-guaranteed loan, we will require that a State Licensed
				  Appraiser from the area in which the property is located complete the
				  appraisal. The Executive Director or his designee must approve the appraiser
				  prior to the appraisal being requested. The Veterans' Home Purchase Board must
				  request the appraisal from the appraiser. The appraisal must be addressed to
				  the Veterans' Home Purchase Board. In some cases, such as a recent bridge loan
				  and/or a construction loan, a copy of the appraisal requested by the original
				  lender may be acceptable. The Executive Director and/or his designee will
				  determine if the appraisal is acceptable based on time since completion,
				  appraiser qualifications, and quality of the appraisal.
A. Construction Loan, Appraisal Ordered by
				another Lender: If the appraisal was prepared for another lender prior to
				application for permanent financing with the Veterans' Home Purchase Board we
				may accept a copy of the original appraisal. Before closing of the permanent
				loan we will require a recertification of value addressed to the Veterans' Home
				Purchase Board from the original appraiser. The original appraisal must be less
				than 180 days old at the time of closing.
B. Temporary Loan, Appraisal Ordered by
				another Lender: If an appraisal was prepared for another lender for the closing
				of a temporary loan we may accept a transfer of the Original Appraisal
				accompanied by a transfer letter from the original lender addressed to the
				Veterans' Home Purchase Board. The appraisal must be less than 120 days old at
				the time of the closing.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 6 - Privacy of Customer Information › Rule 25-202-6.1 - Policy

Current through June 25, 2024
It is the policy of the Veterans' Home Purchase Board to
				  comply with all federal and state laws pertaining to the privacy and
				  confidentiality of customer information. In addition, it is inherent in the
				  financial services industry that we have a duty to protect the confidential and
				  private nature of our customers' financial records and it is the policy of the
				  VHPB that we do so. Therefore, it is VHPB policy that employees not divulge
				  financial information on customers to anyone outside the organization except as
				  specifically authorized by written instructions (either from the customer or
				  contained with a written VHPB procedures statement).
Violations of this policy by any employee may result in
				  disciplinary actions up to and including termination.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 7 - Divorced Veteran Applicant Guidelines › Rule 25-202-7.1 - Guidelines

Current through June 25, 2024
Guidelines to consider for a Veteran customer that obtains a
				  divorce from his or her Veteran spouse with both parties jointly obligated to a
				  loan financed with the VHPB. and the Veteran whose VA Eligibility was used
				  retains the house.
A. Action to be
				taken when the house is retained by the Veteran spouse whose VA Eligibility was
				used for the loan.
B. Action to be
				taken when the house is retained by the Veteran spouse whose VA Eligibility was
				not used for the loan.
C. Action to
				be taken when the house is retained by the Veteran spouse whose VA Eligibility
				was used for the loan and the remaining spouse is released by the VA of
				liability and choses to reapply with the VHPB for another loan. (also see VA
				manual)
1. (A) (B) Applicant must submit a
				copy of the Divorce Decree. The VHPB will proceed with the next step unless the
				terms of the divorce render the VHPB unable to do so or make it unwise to
				proceed.
2. (A) Applicant must
				submit a copy of the Quit Claim Deed on the property currently secured by the
				VHPB that shows the applicant has relinquished his/her right to the property.
3. (A) The Veteran homeowner whose
				VA eligibility was used and who retains the house must contact the VA and
				request that his/her spouse be released from liability by the VA.
4. (C) If the VA releases the Veteran loan
				applicant from liability, the applicant may apply for a VHPB loan using his/her
				VA eligibility.
5. (C)The Veteran
				applicant's original VHPB debt must be used as a liability when evaluating the
				loan request unless he/she applies for a release of liability from the VHPB and
				the release is granted.
6. (A)
				Before the VHPB will consider the release of the Veteran applicant from the
				current VHPB loan, the Veteran homeowner who retains the property and whose
				eligibility was used must submit credit and income data in a manner prescribed
				by the VHPB and qualify for the existing loan on his/her own merits.
7. (A) If the veteran whose eligibility
was used
and who retains the property cannot qualify for the
				existing loan on his/her own merits, the veteran applicant whose eligibility
was not used
may apply to the VHPB for the release of his/her
				liability if the current homeowner has made at least twelve consecutive, timely
				monthly payments.
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 8 - Loan Assumption Policy › Rule 25-202-8.1 - VA Guaranteed Loans

Current through June 25, 2024
A. Loans closed
				prior to March 1988 may be assumed by veterans and /or non-veterans. Board
				approval is not required. Department of Veterans' Affairs policies, rules and
				regulations will apply.
1.
Requirements:
a.
A $35.00 transfer
				fee
.
b.
Title
				Certificate
must be provided to and approved by VHPB
				prior to close of new loan package. Title must be clear of all encumbrances
				except VHPB.
c.
A recorded Assumption Transfer Deed
signed by both the grantees and grantors. The attached assumption clause must
				be signed by the grantees and grantors and included as an attachment to the
				Assumption Transfer Deed. (Exhibit A)
d.
A current hazard
				insurance policy
in the new borrower's name with the
				Veterans' Home Purchase Board shown as mortgagee must be provided at
				closing.
e.
A
				paid receipt for the first year's insurance premium
required at closing.
f. Home and
				work telephone numbers, mailing address, and social security numbers of the new
				borrowers must be provided at closing.
g.
A copy of the Driver's
				License and Social Security card
of each borrower is
				required at closing.
h.
An acknowledgement
signed by the
				sellers and buyers determining who is to receive the current escrow balance on
				the loan. If there is an escrow shortage, then the shortage amount must be paid
				at closing.
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 8 - Loan Assumption Policy › Rule 25-202-8.2 - Non-Guaranteed Loans

Current through June 25, 2024
A.
Loans
				without a due-on-sale clause may
be assumed by veterans and or
				non-veterans. Board approval of satisfactory income, employment and credit
is required.
1.
Requirements:
a.
Non-veteran and or
				veteran assumption
requires a $360 processing fee to be
				paid at time of application. ($50 refundable if the loan is disapproved). The
				closing attorney must call when preparing closing documents to verify the loan
				balance.
b.
A
				Title Certificate
must be provided to and approved by
				VHPB prior to loan closing.
c.
A completed application packet
must
				be provided at the time of application.
d.
A recorded Assumption
				Transfer Deed
signed by both the grantees and grantors.
				The attached assumption clause must be signed by the grantees and grantors and
				included as an attachment to the Assumption Transfer Deed. (Exhibit
				A)
e.
A current
				hazard insurance policy
in the new borrower's name with
				the Veterans' Home Purchase Board shown as mortgagee must be provided at
				closing.
f.
A
				paid receipt for the first year's insurance premium is
required at closing.
g.
An acknowledgement signed by the sellers and
				buyers
determining who is to receive the current escrow
				balance on the loan. If there is an escrow shortage then the shortage amount
				must be paid at closing.
h.
The loan
must be current at the time
				of closing. If any payments are due they must be received by VHPB and posted to
				the account prior to closing.
i.
A copy of the HUD-1 Settlement
				Statement
must be furnished.
j.
Flood
				certification
to be ordered by VHPB after
				closing.
k.
No
				Appraisal required.
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 8 - Loan Assumption Policy › Exhibit 25-202-8-A

Current through June 25, 2024
By acceptance of this deed, Grantees herein, as part of the
				  purchase price and consideration for this deed, assume the obligations and
				  agree to pay the indebtedness evidenced by that certain Deed of Trust made by
				  _________________________ on __________________ , to
Veterans' Home Purchase Board,
which Deed
				  of Trust is recorded in the Office of the Chancery Clerk,
				  ________________________ County, Mississippi, Book ____________ , page ________
				  . And for the same consideration Grantees hereby assume the obligations of
				  _________________________________ , under the terms of the Deed of Trust and
				  the Note creating the loan, to indemnify the Department of Veterans Affairs to
				  the extent of any claim payment arising from the guaranty of insurance of the
				  indebtedness above mentioned. This liability to the Department of Veterans
				  Affairs is under the authority of Chapter 37, Title 38 of the United States
				  Code, and supersedes any State or local law barring or limiting deficiencies
				  following foreclosure of real property.
__________________________________
Grantee
__________________________________
Grantee
__________________________________
Grantor
__________________________________
Grantor
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 9 - VHPB Maximum Loan Limit Policy › Rule 25-202-9.1 - Review

Current through June 25, 2024
The Board of Directors of the Veterans' Home Purchase Board
				  will review the maximum loan limit in March and September of each fiscal year.
				  This review will be a study of the median sales price of homes throughout the
				  state of Mississippi. This information will come from several reliable sources
				  such as, but not limited to, local boards of the Mississippi Association of
				  Realtors, Mississippi Home Builders Association, Mississippi State Agencies,
				  related banking associations, Fannie Mae, HUD, and Mississippi Home
				  Corporation.
The results of this research will be presented to the Board
				  of Directors by the Executive Director or his designee.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 10 - Waiting List Policy › Rule 25-202-10.1 - Policy

Current through June 25, 2024
It is the policy of the Veterans' Home Purchase Board to
				  establish a waiting list for loan applicants in the time of unavailability of
				  loan funds. During any suspension of accepting loan application requests, VHPB
				  will establish a waiting list containing the veteran's name, mailing address,
				  work and home telephone number, date and time of addition to the list,
				  disability (if any), and estimated loan amount. Applicants will be placed on
				  the list in a first come first served order. Vietnam veterans and veterans with
				  a disability rating of 50% or more will have first priority. Veterans with a
				  disability rating less than 50% will be second priority on the list. Once VHPB
				  resumes the process of taking applications, applicants will be notified by
				  telephone or in writing that we are ready to accept formal applications. These
				  applicants will be given the opportunity to make application or decline their
				  initial request to be placed on the waiting list.
Any applications received by mail during this time of
				  suspension will be placed on the waiting list and the application returned with
				  a letter of explanation. After the normal application process has resumed and
				  if the waiting list is still being utilized, all applications received by mail
				  and not already on the list will be placed at the bottom of the list according
				  to their disability rating.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 11 - Divestment of Property › Rule 25-202-11.1 - Policy

Current through June 25, 2024
It is the policy of the VHPB to comply with the Mississippi
				  State Statute, Section 35-7 of the Mississippi Code. Section
				  35-7-17(4) states
				  that the "Board shall not consider applications for purchase that would provide
				  the veteran with a second home, or provide funds to be used either directly or
				  indirectly for investment purposes. The Veteran must divest himself of any
				  personal residence before being eligible to close the board purchase on the new
				  property."
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 11 - Divestment of Property › Rule 25-202-11.2 - Interpretation of Statute

Current through June 25, 2024
A. Board
				interpretation of Section
				35-7-17(4) concerning
				divestment of property is as follows:
A veteran may not close a VHPB purchase until he or she has
				  divested himself or herself of any home other than true rental property. This
				  property includes, but is not limited to, 2nd homes,
				  cabins, mobile homes, camp houses, primary residences, condos, lake homes,
				  vacation homes, and townhouses. Property shall be considered divested upon
				  proof of the transfer of title to another individual (i.e. Recorded Warranty
				  Deed or Quitclaim Deed or proof of a land contract where title passes after the
				  prescribed payment).
True rental property is defined as property originally
				  purchased for the intent of rental usage and utilized as a rental unit.
In some cases a veteran may have purchased or occupied a home
				  as a primary residence at one time, but now utilizes the property for rental
				  purposes. The Board will not require divestment of this property if the veteran
				  can show evidence that the property has been classified as rental property for
				  a period of not less than two (2) years. An example of acceptable proof is a
				  copy of the veteran's complete tax return for the previous (2) two years
				  listing the property in Schedule E as rental property.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 11 - Divestment of Property › Rule 25-202-11.3 - Waiver of the Divestment Of Existing Property

Current through June 25, 2024
A.
				Section
				35-7-17(4) also
				states that divestment "may be waived by the Board in cases where the Board can
				ascertain that the ownership of such property was originally intended as:
1. "temporary residence"
or
2. "a
				condominium or mobile home"
or
3. "that the veteran's present residence is
				inadequate for his or her needs"
and
4. "in cases where the requirement to sell on
				short notice will cause a financial hardship
or
loss
				to the veteran in the market place"
and
5. "in cases where the sale of the present
				residence is not necessary to free the veteran of obligations to qualify
				financially for the new loan"
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 11 - Divestment of Property › Exhibit 25-202-11-A - VETERANS' HOME PURHCASE BOARD WAIVER OF THE SALE OF EXISTING HOME

Current through June 25, 2024
I/we agree not to reside in our home located at:
___________________________________________
For the period of ten (10) years, and that any rent proceeds
				  in excess of mortgage payments and cash expenses on the home will be paid to
				  the Veterans' Home Purchase Board as a reduction to the principal balance on
				  our Veterans' Home Purchase Board loan, and that, if sold within a period of
				  ten (10) years, a full disclosure of the sale shall be made to the Veterans'
				  Home Purchase Board and the proceeds of the sale in excess of the mortgage
				  payoff and the actual cost of the sale will be paid to the Veterans' Home
				  Purchase Board as a reduction to the principal balance of the existing loan
				  with the Veterans' Home Purchase Board.
IT IS EXPRESSLY UNDERSTOOD THAT THE PROCEEDS PAID
				  TOWARD THE VETERANS' HOME PURCHASE BOARD LOAN WILL BE APPLIED TO THE PRINCIPAL
				  BALANCE OF SAID LOAN UNDER ACCEPTED ACCOUNTING PRINCIPLES AND WILL NOT REDUCE
				  THE AMOUNT OR FREQUENCY OF THE PAYMENT IN ANY MANNER.
I hereby certify under penalty of U.S. Criminal Code Section
				  1010, Title 10, U.S.C. that the above statement, submitted for the purpose of
				  aiding the borrower named below to obtain a VA mortgage loan, is true.
______________________________________________
Veteran
______________________________________________
Co-borrower
___________________________
Date
WARNING: SECTION 1010 OF TITLE 18 U.S.C., PROVIDES: "WHOEVER,
				  FOR THE PURPOSE OF INFLUENCES SUCH ADMINISTRATION..., MAKES, PASSES, UTTERS, OR
				  PUBLISHES ANY STATEMENT, KNOWINNG THE SAME TO BE FALSE..., SHALL BE FINED BUT
				  NOT MORE THAN $5000. OR IMPRISIONED NOT MORE THAN 2 YEARS, OR
				  BOTH."
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 11 - Divestment of Property › Exhibit 25-202-11-B - AFFIDAVIT

Current through June 25, 2024
This is to certify that the property located
				  _________________________________________
				  _____________________________________________was originally purchased with the
				  intent of being utilized as a temporary or part-time residence for my/our
				  recreational purposes.
I hereby certify under penalty of U.S. Criminal Code Section
				  1010, Title 10, U.S.C. that the above statement, submitted for the purpose of
				  aiding the borrower named below to obtain a VA mortgage loan, is true.
___________________________________
Veteran
___________________________________
Co-Borrower
___________________________________
Date
___________________________________
Witness
WARNING: SECTION 1010 OF TITLE 18 U.S.C., PROVIDES:
				  "WHOEVER, FOR THE PURPOSE OF..., INFLUENCES SUCH ADMINISTRATION..., MAKES,
				  PASSES, UTTERS, OR PUBLISHES ANY STATEMENT, KNOWING THE SAME TO BE FALSE...,
				  SHALL BE FINED BUT NOT MORE THAN $5000 OR IMPRISIONED NOT MORE THAN 2 YEARS, OR
				  BOTH."
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 12 - Late Charge Assessment Policy › Rule 25-202-12.1 - Authorization

Current through June 25, 2024
The Deed of Trust/Note signed by the veteran allows for a
				  late charge of 4 percent of the principal and interest payment not to exceed
				  $50.00 to be assessed if a regular monthly payment is received more than 15
				  days from the due date. Since all loan payments are due on the first of the
				  month, the 17 th day of each month is the late
				  charge assessment date.
Miss. Code Ann.
				  §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 12 - Late Charge Assessment Policy › Rule 25-202-12.2 - Implementation

Current through June 25, 2024
The late charge amount is calculated and added to the
				  regular payment due after processing all payments received through the 16
				  th day of the month by the computer system. The
				  amount of the payment including late charge is listed on the payment coupons
				  provided to the veteran. When the payment including late charge is posted to
				  the veteran's account, the system spreads the late charge to the appropriate
				  accounts and records it on history. When the payment is posted without the late
				  charge, the system accrues the late charge amount and displays it as due and
				  unpaid.
Miss. Code Ann.
				  §
										35-7-7;
				  September 26, 2019
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 12 - Late Charge Assessment Policy › Rule 25-202-12.3 - Waiver and Postponement

Current through June 25, 2024
Management recognizes that in some cases, it is appropriate
				  to waive or postpone the assessment of a late charge to promote fairness and
				  compassion to a veteran when unusual circumstances cause a delay in payment.
				  Management has delegated this task to certain agency employees after obtaining
				  approval for the waiver of postponement from the Servicing Department
				  Supervisor or the Executive Director.
Miss. Code Ann.
				  §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 12 - Late Charge Assessment Policy › Rule 25-202-12.4 - Collection of Late Fees

Current through June 25, 2024
It is the policy of the VHPB to collect late fee charges
				  when occurred, however, we understand that there are times when the customer,
				  because of bankruptcy or other financial difficulties require the postponement
				  of the payment of the late fee and the posting of the payment without the late
				  fee. The acceptance of partial payment must be approved by the Servicing
				  Department Supervisor or the Executive Director. When this occurs, the customer
				  is to be contacted and arrangements are to be made to collect the past due late
				  fees. Those customers who have accumulated large late fee balances due to
				  bankruptcies or other financial difficulties will be contacted for a payment
				  plan approved by the Servicing Department Supervisor of the Executive Director
				  once it is determined that the customer has the ability to repay.
Miss. Code Ann.
				  §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 13 - Policy for Handling Loss Draft Funds › Rule 25-202-13.1 - Timeliness is essential in order for a customer's account to show the correct balance

Current through June 25, 2024
The Loss Draft account is used for insurance proceeds to
				  repair a customer's home. The insurance check will be made payable to both the
				  homeowner and the Veterans' Home Purchase Board. The homeowner will need to
				  endorse the check and send to the VHPB. Once we receive the check, a manager
				  will make a decision on how these funds are to be handled. Usually the funds
				  will be deposited into our Loss Draft Bank Account and increments disbursed to
				  the homeowner as the work is being completed. Inspections are done by VHPB
				  staff to ensure the house is being repaired properly unless the homeowner's
				  equity and payment history make it more practical to return the entire proceeds
				  to the property owner.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 13 - Policy for Handling Loss Draft Funds › Rule 25-202-13.2 - Receipt of Loss Draft Monies

Current through June 25, 2024
A. When Loss Draft
				checks are received at the agency, they will be given to the Executive Director
				or Loan Servicing Manager. They will print a screen print from the servicing
				system of the individual's account with instructions on how to post the money
				on the bottom of the screen print. The checks along with the screen print will
				then be forwarded to the Payment Processing Department to post to the Servicing
				system. Each person performing a task will initial the screen print beside the
				step that they performed and forward to next individual listed in the
				instructions, or, if no other instructions, then it will be given back to the
				initiating manager.
B. After the
				Payment Processing Department posts the check to the homeowners' account in the
				Servicing system:
1. The check will then be
				forwarded to the Accounting Department and the screen print with the
				instructions will be given to the Loan Servicing Department if disbursement is
				required. Once the transaction is complete in the Servicing system, the screen
				print will be given to the Accounting Department for filing.
2. The individual who forwards these checks
				going to the Accounting Department will identify the check as Loss
				Draft.
3. The Accounting Department
				will prepare the deposit slip and will make the deposit to the Loss Draft Bank
				Account.
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 13 - Policy for Handling Loss Draft Funds › Rule 25-202-13.3 - Disbursement of Loss Draft Monies

Current through June 25, 2024
All loss draft disbursements will be initiated by a manager.
				  This is done by making a screen print from the Servicing system of the
				  individuals account with written instructions on the bottom explaining what
				  needs to be done. Prior to a check being written, the Loan Servicing Department
				  will post the disbursement to the Loan Servicing system. The individual
				  performing these disbursements will initial on the Servicing system screen
				  print beside the task and forward it to the next individual listed in the
				  instructions or if no other instructions then it will be forwarded to the
				  initiating manager.
The Loss Draft checkbook is kept locked in the Executive
				  Director's office.
These checks require two signatures. Executive Director,
				  Division Director, Director of Accounting and Finance, or Branch Director
				  (management) is authorized signors on these checks.
Once the manager gets confirmation of posting to the
				  servicing system (initialized screen print) he/she will then write the check
				  for the amount of the disbursement.
The initialized screen print is then returned to the
				  Accounting Department for filing.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 13 - Policy for Handling Loss Draft Funds › Rule 25-202-13.4 - Index Cards

Current through June 25, 2024
Index cards will be completed on all Loss Draft monies
				  received or disbursed. The manager initiating the transaction will be
				  responsible for recording transactions on the index cards in the Executive
				  Director's office.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 13 - Policy for Handling Loss Draft Funds › Rule 25-202-13.5 - Reconciliation of Loss Draft Account

Current through June 25, 2024
Accounting Personnel will prepare a monthly reconciliation
				  ensuring agreement from the Loss Draft Bank Account to the servicing system and
				  the Index Card system.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 13 - Policy for Handling Loss Draft Funds › Rule 25-202-13.6 - Completion Escrow Money

Current through June 25, 2024
Completion escrow money is money that the seller agrees to
				  pay at the sale of the home for repairs that need to be completed in order to
				  close the loan. It is rare that the agency receives these funds. When we do,
				  the VA requires 1 ½ time the estimated cost of repairs to be paid. Once
				  the work is completed, the actual cost of the repairs will then be paid from
				  this money collected at closing and any difference would be returned to the
				  seller who funded the money to start this process. This money is recorded on
				  the Loan Servicing system and is recorded in the Loss Draft account at the
				  bank, on the Index Cards and on the Loss Draft spreadsheet maintained by the
				  Accounting Department. The process is as follows:
A. A deposit to the Loss Draft is made when
				the agency originally receives the money
B. An inspection is done to ensure completion
				of work once repairs are made
C.
				Agency pays the contractor from these funds
D. Any remaining balance is paid back to the
				person who originally paid the funds
The monies are accounted for in the same manner as the Loss
				  Draft monies.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 13 - Policy for Handling Loss Draft Funds › Rule 25-202-13.7 - Exceptions

Current through June 25, 2024
Exceptions to this policy must be approved by the Executive
				  Director or his designee.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 14 - ACH Draft Policies › Rule 25-202-14.1 - Policy

Current through June 25, 2024
It is the policy of the Veterans' Home Purchase Board (VHPB)
				  to offer borrowers the option to pay their monthly note through the ACH
				  (Automated Clearing House) program established by the Federal Reserve System.
				  The ACH program allows a bank customer to authorize automatic payments from
				  his/her bank account to a designated payee (the VHPB).
The detailed steps to accomplish this are in the Accounting
				  Department's Procedure Manual.
Miss. Code Ann. §
										35-7-7
Mississippi Administrative Code › Title 25 - Military and Veterans - Veterans' Home Purchase Board › Part 202 - Loan Policies › Chapter 15 - Collateral Insurance Policy › Rule 25-202-15.1 - Policy

Current through June 25, 2024
The VHPB requires that the collateral securing loans at this
				  agency be protected by the insurance most commonly used for the subject
				  property, and that the VHPB be the beneficiary of that insurance
				  (mortgagee).
The borrower shall be required to keep the improvements
				  existing at the loan's origination or thereafter erected on the property
				  insured against fire and other hazards included within the term "extended
				  coverage". Required insurance amounts are the market value of the property or
				  the loan amount, if the loan amount is higher than market value. In no event
				  should insurance coverage be less than 80 percent of the current value of the
				  property. Insurance must be maintained for the life of the loan.
Flood insurance is required for the life of the loan if the
				  property is located in a special flood hazard area, or if the property has
				  previously flooded. The determination of whether or not a property is within a
				  special flood hazard area will be made by the company employed by the agency to
				  do so. If the company employed by the agency determines that a property is not
				  located in a special flood hazard area and the property appraisal indicates
				  that the property is in a special flood hazard area, the agency will require
				  flood insurance on the property. The requirement for flood insurance may be
				  removed on such a property if a determination is made by the company employed
				  by the agency and the appraiser agree that the property is not in a special
				  flood hazard area.
Miss. Code Ann. §
										35-7-7