Agency Information Collection Activity Under OMB Review: VA Funding Fee Payment System
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This notice is about changes in how lenders pay the VA funding fees online for loans they want to have guaranteed by the Veterans Affairs. The fees are now processed through an online system that calculates the fee automatically, including any late charges. The number of people using this system has decreased, but it's still crucial for lenders to understand how to use it effectively.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Introduction of an online system for paying VA funding fees
- Reduction in the number of system users
- Automatic fee calculation including late fees
Obligations
What this law requires
Lenders must pay the VA funding fee through the internet-based VA Funding Fee Payment System (FFPS) before a loan can be guaranteed by VA
Lenders must pay funding fees on all VA-guaranteed loans, including assumptions, manufactured housing, refinances, and real estate purchase and construction loans
Lenders may submit funding fee payments via batch payment processing by uploading an XML file into the FFPS system as an alternative to individual online payments
Lenders must respond to information collection requests only when the VA displays a currently valid OMB control number (OMB Control No. 2900-0474)
Submit comments and recommendations on the proposed information collection by May 11, 2026 through www.reginfo.gov