ONLINE SYSTEM SPEEDS UP VETERANS' HOME LOAN PROCESSING

A new federal Internet-based system for mortgage bankers and other lenders will speed up the processing of home loans for veterans through the Department of Veterans Affairs (VA).

After the veteran's information is entered by the financial institution providing the loan, the lender will receive a certificate authenticating the veteran's eligibility in seconds. Previously, when a certificate of eligibility was needed, a form was submitted to VA and the certificate was mailed, a process that can take a week or more.

"This leap forward in VA automation is great news for the veteran anxious to close a loan and move into a new home," said VA Under Secretary for Benefits Daniel L. Cooper. "When interest rates begin to change, getting loan procedures resolved quickly can be important to our veterans."

The new system, called Automated Certificate of Eligibility (ACE), should be especially beneficial for active-duty members and veterans who are using their home loan benefit for the first time.

Last year VA guaranteed more than 250,000 loans valued at $31.2 billion. Approximately 80 percent of these loans require a certificate of eligibility. VA anticipates the ACE system will be able to generate a certificate for 30 to 50 percent of these loans. However, some loans will still require manual processing by VA, including veterans whose eligibility is based on National Guard or Reserve service, those with irregular discharges and those in several other situations.

Where the new electronic system is used, the eligibility certificate will be printed from the lender's computer and it will be customized, bearing the date and lender's name as well as a unique authorization number. For the veteran, that represents a change from the traditional certificate process in which the veteran often kept a copy of the certificate of eligibility to take to a prospective lender.

The ACE system will not reject any veterans for home loans and lenders will not be involved in deciding any eligibility issues. A veteran whose eligibility involves special issues requiring the traditional staff review may still request a certificate of eligibility in advance of approaching a bank or mortgage company with a loan application by sending in VA Form 26-1880, Request for Determination of Eligibility for VA Home Loan Benefits.

All lenders participating in the VA loan guaranty program have access to the system. Veterans or servicemembers interested in learning more about their VA home loan benefits or who wish to obtain forms may visit http://www.homeloans.va.gov on the Internet.

NEW YORK INSTITUTE OF TECHNOLOGY COLLEGE COURSES FOR DISABLED VETERANS DEADLINE EXTENDED

We ran an article in the June 2002 Newsletter regarding this same subject except the deadline was listed as June 30, 2002. The good news is that the deadline has been extended to September 30, 2002. Read on.

New York Institute of Technology is offering New York State disabled veterans scholarships for online learning.

NYIT received a grant this year from the State of New York to develop a degree completion program specifically for disabled veterans. This program, which will provide the human and technical support systems that will allow veterans to participate fully in developing their educational potential, is being coordinated by the School of Extended Education.

New York State disabled veterans are invited to take advantage of the unique opportunity to start or continue their undergraduate education from the privacy of their own homes in a convenient, supportive distance learning environment. Studying both independently and in organized groups, you will interact with your instructors and classmates via an electronic or virtual seminar. Since the system remains active 24 hours a day, your only schedule is the deadline set for assignments and exams.

As part of the grant funding provided by the New York State Legislature for this special project, participants will receive a scholarship* that will cover $600.00 of the $750.00 cost of each course. Students are required to cover the remaining $150.00 per course ($450.00 total) and a $50.00 registration fee.

*Special scholarship excludes all other scholarships and covers tuition only, no other NYIT fee.

Please contact the School of Extended Education at 516-686-7490 before September 30, 2002, for further information.

DAVNY Home Page / Hot Topics / Action Line / Join the DAV / Administration / Newsletter
Newsletter Archive / Chapters / Events / DAV License Plates / Links of Interest / Send Us E-Mail /

Page Last Reviewed/Modified: