VA LOAN CAPTAIN BLOG & Learning Center

Switching Lenders

By: Grant Moon 04/25/14 02:00 pm

Switching Lenders

Sometimes you just make a mistake. Sometimes you enter into a transaction only later to discover that the decision you made wasn’t exactly your best and your next action is to consider all your options. If you’ve done your research and selected your VA loan officer then later changed your mind, is there anything you can do short of cancelling the entire application? And if so, why would you change midstream?

Not every mortgage company operates in the same manner. Some mortgage companies concentrate on a certain segment of the market and don’t pay much attention to VA loans. VA home loans do have their own internal “quirks” that make the approval process a bit different compared to other mortgage loans and you might discover later that the so-called VA loan officer “expert” isn’t much of an expert after all. In fact, you’re getting the lousy feeling that your VA loan application won’t be approved to incompetence. But you’ve already provided the mortgage company with all your documentation and the other services such as appraisal and title have been ordered, is there any way to just switch lenders and transfer the application to a more qualified VA lender? Actually, yes there is.

By requesting a loan transfer, the current mortgage company will provide you with a list of items that they can transfer. Any internal documents the mortgage company produced may not be transferred over but your application, copies of the documents you provided and other paperwork may be sent to a new lender. The new lender will also need to request a replacement certificate of eligibility as well.

Much of the third party documentation such as an appraisal and title work may be retyped with the new lender’s name and you can expect a new set of loan disclosures for you to sign. Switching VA lenders isn’t exactly a smooth process but it can be done. The best way to make for an easy transfer is not having to transfer the loan at all and select a qualified VA lender at the outset.

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