On 2/20/2024, VA Loan Guaranty Service released an enhancement to WebLGY, providing lenders with additional information about the existing VA guaranteed loan when ordering an Interest Rate Reduction Refinancing Loan (IRRRL).
IRRRL cases ordered, WebLGY will now display the most recent servicer-reported loan modification information along with the original guaranty information for the existing VA-guaranteed loan.
The Order IRRRL Case and IRRRL Status & History screens will display the following loan modification information:
- Modified loan amount
- Loan term
- Maturity date
- Interest rate
- Date of first payment
- Monthly P&I payment as reported by the servicer
This enhancement is designed to help lenders make more informed decisions and ensure compliance with VA and GNMA requirements.
Effective with loan deliveries on or after 5/6/2024, correspondents are required to include a screenshot of the WebLGY Loan Status & History screen in the loan file to validate loan seasoning requirements have been met for VA IRRRL transactions.
Please contact your Sales Representative with any questions.