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Interesting so if you can do it then any VA lender can do it, it is just based on interpretation of the above rules by the VA underwriter which you are somehow able to explain in such a way that a clear CAIVRS is not required.
So do you work to get the CAIVRS cleared or is it a exception granted. The reason I ask is because of the previous OPs issues with resurgence of the CAIVRS upon the attempg to refinance.
I don't know the guy, but it's likely he has access to investors that are willing to purchase loans with a CAIVRS hit that meets their guidelines... i.e. removal of the hit is imminent due to procedural delays.
@Anonymous wrote:Interesting so if you can do it then any VA lender can do it, it is just based on interpretation of the above rules by the VA underwriter which you are somehow able to explain in such a way that a clear CAIVRS is not required.
So do you work to get the CAIVRS cleared or is it a exception granted. The reason I ask is because of the previous OPs issues with resurgence of the CAIVRS upon the attempg to refinance.
Yes if they have an investor willing to buy the loan. It's not really an interpretation because VA has to agree otherwise they will not guarantee the loan. It has more to do with knowing the guidelines & having an investor that knows them as well.
I do not get the CAIVRS cleared (but I have helped clients with that when dealing with an FHA & USDA purchase) & it's not an exception. Yeah I'm not really sure why the OP resurfaced in CAIVRS. The only thing I can think of is maybe their designation changed. They may have been in the system initially under a default or foreclosure & now it might be due to a claim being paid.
So USAA officially overnighted a denial of our Refinance application due to being incomplete. They refuse to call me back or respond to email! Strangely unprofessional. Everything about the application and loan process was normal and smooth since we are back on our feet, we have good credit, good income, even equity in the house - just wanted to refinance with lower rate. We were getting a couple offers for streamline every month so we decided to look into and chose USAA - figuring they would be experts and professional.
The closing was supposed to be 9/26 - so 2 days before I learn CAVIRS is an issue again! I pulled out my old email to HUD from last year, review the notes, call FHA, get the case referred to HUD - you know the whole process. I'm listed on it (not my husband the veteran) due to FHA loan in Chapter 7. The bank filed for FHA insurance 21 months after the sale in foreclosure so we were able to clear it last year and buy the house due to the exception. We have no other federal loans or debt so this is the only reason we could be listed. The lender "couldn't be assured it was the old reason or something new and HUD wouldn't produce further documentation" so they will not move forward. FHA says it stays on the CAIVRS system but we were given a "determination" or an exception last year and need to get a new one. Everything has been "escalated" for review but it takes longer than 2 days to clear. So I wonder - is CAIVRS a permanent record that we will always need to explain and be prepared to do so? Or is it just there through the "3 years from FHA claim payment" and once we are past it we can have it behind us?
@Anonymous wrote:So USAA officially overnighted a denial of our Refinance application due to being incomplete. They refuse to call me back or respond to email! Strangely unprofessional. Everything about the application and loan process was normal and smooth since we are back on our feet, we have good credit, good income, even equity in the house - just wanted to refinance with lower rate. We were getting a couple offers for streamline every month so we decided to look into and chose USAA - figuring they would be experts and professional.
The closing was supposed to be 9/26 - so 2 days before I learn CAVIRS is an issue again! I pulled out my old email to HUD from last year, review the notes, call FHA, get the case referred to HUD - you know the whole process. I'm listed on it (not my husband the veteran) due to FHA loan in Chapter 7. The bank filed for FHA insurance 21 months after the sale in foreclosure so we were able to clear it last year and buy the house due to the exception. We have no other federal loans or debt so this is the only reason we could be listed. The lender "couldn't be assured it was the old reason or something new and HUD wouldn't produce further documentation" so they will not move forward. FHA says it stays on the CAIVRS system but we were given a "determination" or an exception last year and need to get a new one. Everything has been "escalated" for review but it takes longer than 2 days to clear. So I wonder - is CAIVRS a permanent record that we will always need to explain and be prepared to do so? Or is it just there through the "3 years from FHA claim payment" and once we are past it we can have it behind us?
Hi Jwoo2015,
That sucks you're having to deal with the CAIVRS issue yet again but it does kind of make sense when you think about it. Anytime you apply for any type of government backed loan your info is run through CAIVRS so the last time HUD agreed to suppressed your SSN in the system for just that specific transaction.
Unfortunately a lot of the big box banks & credit unions are volume based so as soon as the loan officer figures out they can't do the loan they drop it move on to the next one. They typically won't "waste" their time trying to help you with anything out of the norm.
Make sure you post reviews of your experience with USAA everywhere you can because other people need to know what to expect.
Your info will age out of CAIVRS in 36-38 months from when the claim was paid so no, this is not permanent.
Even if you get your info suppressed again, USAA is not going to close your loan the next day. They will have to start all over with a new application & that means going back through the whole process with them. After the way they treated you I'm not sure why you would want to go through that again.
The good news is you do not have to go through the process to get your CAIVRS suppressed or deal with a company that treats you like garbage when they realize they can't make money off you.
Thanks ya'll, dealing with this stuff is tough and its good to be encouraged by other people who have been through it. VAloanmaster, could you PM me with your contact info? I looked at the link but wasn't clear how to find you. Thanks.