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Financial Services Law Insights and Observations

VA extends suspension of certain property inspection requirements for Covid-19 forbearance cases

Federal Issues Department of Veterans Affairs Covid-19 Consumer Finance CARES Act Mortgages Servicing Forbearance

Federal Issues

On December 21, the Department of Veterans Affairs (VA) issued Circular 26-21-27 to extend the suspension of certain inspection requirements for properties purchased with loans guaranteed by the VA where the borrower has been negatively impacted by Covid-19. In 2020, the VA temporarily suspended its requirement to conduct a property inspection before the 60th day of delinquency for borrowers whose loans are currently in forbearance and were current or had not reached the 60th day of delinquency when the borrower requested CARES Act forbearance. Circular 26-21-27 sunsets on October 1, 2022.

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