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VA refunds $400 million in mistaken mortgage loan costs

VA refunds $400 million in mistaken mortgage loan costs

Veterans Affairs officials have paid a lot more than $400 million in refunds of mortgage capital costs within the wake of a inspector general’s report that tens and thousands of veterans had been improperly tagged with additional expenses whenever obtaining the loans.

Department officials said they reviewed 130,000 situations throughout the summer time to find mistakes, which mostly involved simple mistakes that are clerical impairment ranks modifications after veterans settled on the loans.

Under current guidelines, veterans and solution people need to pay a VA capital cost once they submit an application for a VA mortgage loan, with expenses between 0.5 per cent and 3.3 % of total money lent. Continue reading