What Role Does The VA Play in a VA Loan? | Quicken Loans and Department of VA


♪[music]♪ – Continuing on –this probably goes back to you, John, to start it off, is, what role does the VA play in the VA loan? And this is once again a combination of questions. You know, the real gist of this was does the VA review VA loans for service people, you know, as, as a service to the veterans and to make sure that costs, expenses and rates are what they should be; is that what the VA does? – [John] So we’ll start back at the beginning. VA, um, guarantees the loan in order to, um, entice lenders, um, to offer the home loan benefit to veterans. Um, the lender finances the loan, maintains the ability to impose any additional, um, credit requirements in order to protect the investment but VA does review a percentage of all loans to ensure that, um, lenders are in compliance with VA rules, requirements and regulations. One of those regulations, of course, would be, um, regulating cost and fees that are, um, attributable to, uh, to veterans. – Great! Okay, lemme ask you this: If a veteran feels like something went wrong with the loan in the cost and fees they were charged, weren’t right, what can they do? – They can always call VA, uh, and, uh, we have, um, staff and personnel ready to, to take questions. We actually have eight regional loan centers across the country that handle questions and do just that. Um, we also monitor compliance, like I said, that um, lenders nationally, um, and we actually have a lot of changes coming to enhancements, um, that will create efficiencies for us, um, to do even a, um, a, a enhanced monitoring of…of those services. – Great. So it sounds like, if that case comes up they should start with going to their regional center, find that information online and then go from there and then start with an investigation if they really feel something isn’t right. – That is exactly correct. ♪[music]♪

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