LINDON, Utah, March 23, 2016 (GLOBE NEWSWIRE) -- Mortgage loan company Low VA Rates (www.lowvarates.com) is pleased to announce its recent approval for automatic authority granted by the Department of Veterans Affairs. Low VA Rates has worked hard to service and earn the respect of its patrons—the men and women of the military who need an extra boost to achieve and maintain home ownership. The approval reinforces Low VA Rates' reputation for excellence in the VA home loan industry. Automatic authority allows Low VA Rates to fund a mortgage loan, perform underwriting and order an appraisal on its own authority. This new approval minimizes VA involvement, and with less interaction, the loan processing time should be significantly reduced, allowing borrowers to close on their houses faster.
Low VA Rates president Eric Kandell said the company was a long-time nationwide leader of VA loans but had relied on business partners to make underwriting decisions on purchase loans and cash-out refinances. "Our ability to underwrite and make the credit decision on VA IRRRL or streamline loans allowed us to fund in excess of $1.5 billion in VA loans last year," he said. "We now have this same authority directly from the VA, allowing us to make credit underwriting decisions for our borrowers. This authority will allow us to bring the dream of home ownership to many more deserving military homeowners. Low VA Rates is honored to receive this extra authority."
Low VA Rates will have a one-year probationary period, during which the Department of Veterans Affairs will help ensure it complies with requirements and procedures, produces top-quality credit underwriting, and receives complete loan submissions. The company's aim is to prove itself this year and progress in the home loan market. Since receiving automatic authority, Low VA Rates hopes to retain it each year.
Certain cases are excepted from automatic processing, such as certain joint loans and supplemental loans. However, a majority of the loans Low VA Rates deals with will benefit from the streamlined process. Low VA Rates is excited to use its automatic authority to make loan purchase and refinance processes easier for its customers.
About Low VA Rates
Low VA Rates is a VA mortgage loan company located in Lindon, Utah. It has four additional branches across the U.S., and services almost all 50 states. It is one of the nation's leading lenders and has already saved customers more than 2 million dollars in 2016. Low VA Rates deals solely in VA loans but offers purchase loans and refinances.
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