Announcement Details  Back
Date01/15/2009
TitleWhat is required to determine eligibility for an IRRRL or streamline loan?
Description Loan Guaranty Service requires Prior Loan Validation for most IRRRL or streamline loans. Lenders typically do not need a Certificate of Eligibility (COE). Instead, lenders should obtain a Prior Loan Validation through WebLGY. In WebLGY, select Eligibility from the toolbar and then Prior Loan Validation. Enter the veteran's Social Security Number and Last Name. The system will then, in most cases, pull up the veteran's active loan information. Print the Prior Loan Validation screen and use it in lieu of the COE. If the veteran's Prior Loan Validation screen displays more than one active loan then a prior loan was never cleared from the veteran's record. In these cases, submit an electronic application for restoration. List all prior VA loans on the application, indicating the properties that are still owned. You should also furnish evidence that the prior loans have been paid in full.