38 CFR 36.4375 - Insured loan and insurance account.

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§ 36.4375 Insured loan and insurance account.

(a) Loans otherwise eligible may be insured when purchased by a lender eligible under 38 U.S.C. 3703(a) if the purchaser (lender) submits with the loan report evidence of an agreement, general or special, made prior to the closing of the loan, to purchase such loan subject to its being insured.

(b) A current account shall be maintained in the name of each insuredlender or purchaser. The account shall be credited with the appropriate amounts available for the payment of losses on insured loans made or purchased. The account shall be debited with appropriate amounts on account of transfers, purchases under § 36.4320, or payment of losses. The Secretary may on 6 months' notice close any lender's insurance account. Such account after expiration of the 6-month period shall be available only as to loans embraced therein.

(c) Amounts received or recovered by the Secretary or the holder with respect to a loan after payment of an insured claim thereon will not restore any amount to the holder's insurance account.

(Authority: 38 U.S.C. 3703(a)(2))
[73 FR 6310, Feb. 1, 2008. Redesignated at 75 FR 33705, June 15, 2010, as amended at 80 FR 34319, June 16, 2015]

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United States Code
Public Laws

Title 38 published on 2015-07-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 38 CFR Part 36 after this date.

  • 2015-09-17; vol. 80 # 180 - Thursday, September 17, 2015
    1. 80 FR 55763 - Loan Guaranty—Specially Adapted Housing Assistive Technology Grant Program
      GPO FDSys XML | Text
      DEPARTMENT OF VETERANS AFFAIRS
      Final rule.
      Effective Date: This rule is effective October 19, 2015.
      38 CFR Part 36