VA Loans

[F15E154]

I spoke to VA regional loan office in Atlanta about this today.  In order to get a refund, or avoid the fee at closing, the date of closing must be after the effective date of disability rating.  I submitted BDD 6 months prior to retirement (May) then closed in July.  Because my official retirement date was 1Nov I'm not eligible for refund (although submitted to VA in May).

[Marty - Trident Home Loans]

5 hours ago, F15E154 said:

I spoke to VA regional loan office in Atlanta about this today.  In order to get a refund, or avoid the fee at closing, the date of closing must be after the effective date of disability rating.  I submitted BDD 6 months prior to retirement (May) then closed in July.  Because my official retirement date was 1Nov I'm not eligible for refund (although submitted to VA in May).

I'm confused...how did they determine the date of the disability?

 

On all of the loans where we were able to get the refund, our borrowers were already separated.  The loan application was after they simply filed for the disability. I’m assuming that the disability award date is the problem, not when you filed.

 

I’m guessing that the disability award date was the date of retirement?  It should be no later than the date of receipt of application according to the below case file.

 

The determination of the effective date for an original claim or a reopened claim is governed by 38 U.S.C. section 5110(a), which provides: "Unless specifically provided otherwise in this chapter, the effective date of an award based on an original claim [or] a claim reopened after final adjudication . . . shall be fixed in accordance with the facts found, but shall not be earlier than the date of receipt of application therefor."  The implementing regulation similarly states that the effective date shall be the date of receipt of the claim or the date entitlement arose, whichever is later, unless the claim is received within one year after separation from service.  See 38 C.F.R. § 3.400.  "Generally, effective dates of compensation awards are attached to the date of receipt of the application for benefits, and no earlier."  Sharp v. Shinseki, 23 Vet. App. 267, 273 (2009) (citing 38 U.S.C. § 5110(a)).  Significantly, "the effective date of an award of service connection is not based on the date of the earliest medical evidence demonstrating a causal connection, but on the date that the application upon which service connection was eventually awarded was filed with VA."  Lalonde v. West, 12 Vet. App. 377, 382 (1999); see Brannon v. West, 12 Vet. App. 32, 35 (1998) (the "mere presence of medical evidence does not establish the intent on the part of a veteran to seek service connection for a condition.").

 

https://helpdesk.vetsfirst.org/index.php?pg=kb.page&id=1965

 

I think the question should be why the disability award date is AFTER your application date. IF you get that fixed, then the rest should follow.  Let me know if I can help.

 

Marty

Edited January 6, 2017 by Marty - Trident Home Loans

[F15E154]

Disability award date is the date of separation....when claims are 'normally' submitted.  The BDD system allows for certain people to file their claim 6 months prior to separation (retirement)....however, it isn't actually submitted until your actual DOS.  Therefore, in my situation, although mine was submitted on 1 May, to the VA it wasn't actually submitted until 1 November.  Since my closing was in July...no chance for a refund.  Just want people to know their options...it may be beneficial to not use the BDD system if you plan to close on a home during that 6 months AND you're going to get a disability award.

[Marty - Trident Home Loans]

Couple things that might help you:

1) So everyone is tracking my company is licensed in:

AL, CA, CO, DE, FL, GA, IN, LA, MD, MI, MN, MS, OK, OR, TN, TX, VA, WA

Soon to be: NM, UT

If we're not licensed in a state you need help in, still let me know and I can find you a wholesale lender like me who is.

2) We've had a few guys who are PCSing this summer and want to get prequal'ed.  The prequal app is easy and takes 5-10mins max which you can find on www.tridenthomeloans.com.  Rates have been on the rise since the election and seem to continue to trend up (I don't have a crystal ball, so hopefully I'm wrong).  The chart below shows conventional rates with VA rates, in general, being about .375-.5% lower.  If you're thinking about buying soon, then let me know about 60-90 days out from when you'd like to close by.  I'll lock you for free at the current market rate even before you've found the right house.  Then, when you find the right house and sign a contract, we'll float your rate down for free if rates have decreased since the initial lock.  This way your rate is capped and can only get better.  Free means free, no points or hidden costs to do it.  I just want to help save you money.

 

Take care!
Marty

marty@mythl.com

Owner, Trident Home Loans

767 FO, former EA-6B pilot, USNA alumni 

[baileynme]

Question for NBKC and/or Trident, do either of you sell servicing on your mortgages?


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[PilotWife2]

21 minutes ago, baileynme said:

Question for NBKC and/or Trident, do either of you sell servicing on your mortgages?


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NBKC Bank funds their own loans and closes them in their name.  After closing, some of our loans are sold to a servicer and others we service in house.  Note the terms of the loan can never be changed other than who the monthly payment is made payable. I have two loans originated through NBKC Bank. One we service and the other is serviced by Wells Fargo.    I'm always here to answer any questions if my borrowers have questions post closing. 

[PilotWife2]

On ‎1‎/‎6‎/‎2017 at 1:13 AM, Marty - Trident Home Loans said:

I'm confused...how did they determine the date of the disability?

 

On all of the loans where we were able to get the refund, our borrowers were already separated.  The loan application was after they simply filed for the disability. I’m assuming that the disability award date is the problem, not when you filed.

 

I’m guessing that the disability award date was the date of retirement?  It should be no later than the date of receipt of application according to the below case file.

 

The determination of the effective date for an original claim or a reopened claim is governed by 38 U.S.C. section 5110(a), which provides: "Unless specifically provided otherwise in this chapter, the effective date of an award based on an original claim [or] a claim reopened after final adjudication . . . shall be fixed in accordance with the facts found, but shall not be earlier than the date of receipt of application therefor."  The implementing regulation similarly states that the effective date shall be the date of receipt of the claim or the date entitlement arose, whichever is later, unless the claim is received within one year after separation from service.  See 38 C.F.R. § 3.400.  "Generally, effective dates of compensation awards are attached to the date of receipt of the application for benefits, and no earlier."  Sharp v. Shinseki, 23 Vet. App. 267, 273 (2009) (citing 38 U.S.C. § 5110(a)).  Significantly, "the effective date of an award of service connection is not based on the date of the earliest medical evidence demonstrating a causal connection, but on the date that the application upon which service connection was eventually awarded was filed with VA."  Lalonde v. West, 12 Vet. App. 377, 382 (1999); see Brannon v. West, 12 Vet. App. 32, 35 (1998) (the "mere presence of medical evidence does not establish the intent on the part of a veteran to seek service connection for a condition.").

 

https://helpdesk.vetsfirst.org/index.php?pg=kb.page&id=1965

 

I think the question should be why the disability award date is AFTER your application date. IF you get that fixed, then the rest should follow.  Let me know if I can help.

 

Marty

 

47 minutes ago, Marty - Trident Home Loans said:

Couple things that might help you:

1) So everyone is tracking my company is licensed in:

AL, CA, CO, DE, FL, GA, IN, LA, MD, MI, MN, MS, OK, OR, TN, TX, VA, WA

Soon to be: NM, UT

If we're not licensed in a state you need help in, still let me know and I can find you a wholesale lender like me who is.

2) We've had a few guys who are PCSing this summer and want to get prequal'ed.  The prequal app is easy and takes 5-10mins max which you can find on www.tridenthomeloans.com.  Rates have been on the rise since the election and seem to continue to trend up (I don't have a crystal ball, so hopefully I'm wrong).  The chart below shows conventional rates with VA rates, in general, being about .375-.5% lower.  If you're thinking about buying soon, then let me know about 60-90 days out from when you'd like to close by.  I'll lock you for free at the current market rate even before you've found the right house.  Then, when you find the right house and sign a contract, we'll float your rate down for free if rates have decreased since the initial lock.  This way your rate is capped and can only get better.  Free means free, no points or hidden costs to do it.  I just want to help save you money.

 

Take care!
Marty

marty@mythl.com

Owner, Trident Home Loans

767 FO, former EA-6B pilot, USNA alumni 

Marty is right!  Purchase Mortgage Pre Qualification season is in full swing!  Rates after the holidays went down nicely -- near the levels we saw prior to the election.  Note NBKC Bank lends in ALL 50 states. We can finance you anywhere you go!  Let me know if I can be of any help!  

[danielstevens]

1 minute ago, PilotWife2 said:

NBKC Bank funds their own loans and closes them in their name.  After closing, some of our loans are sold to a servicer and others we service in house.  Note the terms of the loan can never be changed other than who the monthly payment is made payable. I have two loans originated through NBKC Bank. One we service and the other is serviced by Wells Fargo.    I'm always here to answer any questions if my borrowers have questions post closing. 

I just noticed that last week was our 5 year anniversary helping people out on this forum at NBKC Bank.  Time definitely flies!     Helping this community in all 50 states has been a real pleasure for us these last five years!

-Dan 

[Marty - Trident Home Loans]

14 minutes ago, baileynme said:

Question for NBKC and/or Trident, do either of you sell servicing on your mortgages?


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No, we do not have a servicing department.  Most lenders do not either except for larger banks and mortgage investment companies.  Typically these result in higher costs because of their overhead, but everyone has a different business model. 

Quick behind the curtain mortgage class...big to small lenders don't have the billions of dollars needed to hold every loan in their portfolio so almost every loan is sold to Fannie, Freddie or Ginnie.  The big three buy all the mortgage notes then package all the mortgages together into big $$ securities that conform to specific investment standards.  They are then sold to all types of investors as mortgage backed securities.  This allows us as your lender to reuse the money that we previous lent to fund new mortgages thus boosting the economy.  Even if you do a mortgage with a big bank and get your monthly bill from them (servicing) they likely have already sold your mortgage to one of the big three.  All they are doing is servicing the loan so they continue to make some money off you since the big three do not do servicing.  

Hope that helps!

Marty

[Marty - Trident Home Loans]

17 minutes ago, danielstevens said:

I just noticed that last week was our 5 year anniversary helping people out on this forum at NBKC Bank.  Time definitely flies!     Helping this community in all 50 states has been a real pleasure for us these last five years!

-Dan 

Congrats to 5yrs!  I'm really glad Dan and NBKC got this thread going...there is a ton of great information on here to help everyone make educated borrowing decisions.  I believe I speak for Dan & Amy when I say we all just want to see our service members/pilots get a great deal while avoiding the scams.  I'm here to help you in any way I can and if my company makes a buck then even better...if not my 767 FO pay isn't too bad;)

Marty

[Marty - Trident Home Loans]

Couple things that might help you:
1) So everyone is tracking my company is licensed in:
AL, CA, CO, DE, FL, GA, IN, LA, MD, MI, MN, MS, OK, OR, TN, TX, VA, WA
Soon to be: NM, UT
If we're not licensed in a state you need help in, still let me know and I can find you a wholesale lender like me who is.
2) We've had a few guys who are PCSing this summer and want to get prequal'ed.  The prequal app is easy and takes 5-10mins max which you can find on www.tridenthomeloans.com.  Rates have been on the rise since the election and seem to continue to trend up (I don't have a crystal ball, so hopefully I'm wrong).  The chart below shows conventional rates with VA rates, in general, being about .375-.5% lower.  If you're thinking about buying soon, then let me know about 60-90 days out from when you'd like to close by.  I'll lock you for free at the current market rate even before you've found the right house.  Then, when you find the right house and sign a contract, we'll float your rate down for free if rates have decreased since the initial lock.  This way your rate is capped and can only get better.  Free means free, no points or hidden costs to do it.  I just want to help save you money.
 

Take care!
Marty
marty@mythl.com
Owner, Trident Home Loans
767 FO, former EA-6B pilot, USNA alumni 

This kinda got buried quickly today so I wanted to make sure everyone got to see the chart/recommendations.

Marty


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[Bojangles]

7 hours ago, baileynme said:

Question for NBKC and/or Trident, do either of you sell servicing on your mortgages?


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My only complaint about using NBKC is who my loan was sold to. In NBKC's defense, they fully disclosed throughout closing that it would be sold. It's also pretty standard for them to be sold, but the company it was sold to has been absolutely horrible and other online reviews support that.

[baileynme]

My only complaint about using NBKC is who my loan was sold to. In NBKC's defense, they fully disclosed throughout closing that it would be sold. It's also pretty standard for them to be sold, but the company it was sold to has been absolutely horrible and other online reviews support that.

That's why I asked the question, I understand it's standard for the loan to be sold but who services the loan is something important to me. Full disclosure, I have a family member who worked for Navy Federal in mortgages most of his career that is advising me. Thank you both for the prompt response!


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[PilotWife2]

10 hours ago, Bojangles said:

My only complaint about using NBKC is who my loan was sold to. In NBKC's defense, they fully disclosed throughout closing that it would be sold. It's also pretty standard for them to be sold, but the company it was sold to has been absolutely horrible and other online reviews support that.

Thank you for letting me know this.  I wil PM you to find out who your servicer is so I can let management know of the issues you are having.  Fortunately servicing complaints are very few and far between with our borrowers, but important to address ASAP if there are issues.  Thank you for your business!  

[Jaded]

NBKC sold my loan as well. It was a surprise, but I haven't had any trouble with the servicer. It might be worth adjusting the way you guys communicate that process. 

[ThreeHoler]

My first NBKC loan was sold to Citi. It was mostly good (Citi can't calculate an escrow payment for shit though).

My second was sold to CENLAR.

Please, please, please...never sell a loan to CENLAR again. Their website/payment system/communications are terrible.


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[Marty - Trident Home Loans]

Thank you for letting me know this.  I wil PM you to find out who your servicer is so I can let management know of the issues you are having.  Fortunately servicing complaints are very few and far between with our borrowers, but important to address ASAP if there are issues.  Thank you for your business!  

I want to support Amy and NBKC on the servicing issue. In this industry, loan origination and servicing are two separate items (just like land and mineral rights in Texas). We can steer a borrower's loan towards a particular servicer but we can't control what they do with those rights. An example is your loan is sold to Ginnie Mae and the servicing rights are sold to Great Servicer. Later down the line Great Servicer decides it's better for their business to sell the right to service your loan to Crappy Servicer. As the originator, we can makes calls on your behalf and do our best to protect you but unfortunately it's totally out of our control since it's a completely separate entity/legal right.

As loan originators, our goal is to get you the best rate/deal, get your loan closed as smooth as possible and save you the most money in the long run. We make a big effort only to work with others who will treat you right, but sometimes a few bad eggs slip through the cracks. Typically they end up with a class action lawsuit or go out of business. If you unfortunately do have a terrible servicer and rates are good you can refi which will change everything. You could also go with a big bank who claims they will never sell your servicing rights, but history has proven that they too go out of business and will always make business decisions that best benefit their company. They typically also have higher rates, because of the extra overhead a big business with lots of employees and brick & mortar comes with.

I know NBKC is trying their best to take care of their customers just like we do because it's the right thing to do. When you do a loan make sure you ask your potential lender the hard questions and make your priorities/needs known so we can focus on exceeding your expectations in those areas. In the end, words are great, but if they can't show you the money on paper then I'd stay clear. A marginal servicer (can't control who you get anyway) who is off a couple bucks here and there is better than getting a higher rate and paying thousands of more dollars in interest. Just my 2 cents

Marty


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[PilotWife2]

9 minutes ago, Marty - Trident Home Loans said:

I want to support Amy and NBKC on the servicing issue. In this industry, loan origination and servicing are two separate items (just like land and mineral rights in Texas). We can steer a borrower's loan towards a particular servicer but we can't control what they do with those rights. An example is your loan is sold to Ginnie Mae and the servicing rights are sold to Great Servicer. Later down the line Great Servicer decides it's better for their business to sell the right to service your loan to Crappy Servicer. As the originator, we can makes calls on your behalf and do our best to protect you but unfortunately it's totally out of our control since it's a completely separate entity/legal right.

As loan originators, our goal is to get you the best rate/deal, get your loan closed as smooth as possible and save you the most money in the long run. We make a big effort only to work with others who will treat you right, but sometimes a few bad eggs slip through the cracks. Typically they end up with a class action lawsuit or go out of business. If you unfortunately do have a terrible servicer and rates are good you can refi which will change everything. You could also go with a big bank who claims they will never sell your servicing rights, but history has proven that they too go out of business and will always make business decisions that best benefit their company. They typically also have higher rates, because of the extra overhead a big business with lots of employees and brick & mortar comes with.

I know NBKC is trying their best to take care of their customers just like we do because it's the right thing to do. When you do a loan make sure you ask your potential lender the hard questions and make your priorities/needs known so we can focus on exceeding your expectations in those areas. In the end, words are great, but if they can't show you the money on paper then I'd stay clear. A marginal servicer (can't control who you get anyway) who is off a couple bucks here and there is better than getting a higher rate and paying thousands of more dollars in interest. Just my 2 cents

Marty


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Thanks Marty!  We all work very hard to give our customers great service, rates and closing experience.  It is disappointing when the servicing side let's us down.   Always helps to be aware of any issues so we can do our best to mitigate them in the future!  Thanks again! 

[xaarman]

FWIW, I bought a house from 2013 to 2015 with NBOKC and they serviced the loan the whole time.

 

Paid online, no complaints. 

[Bojangles]

On 1/12/2017 at 7:43 AM, ThreeHoler said:

My first NBKC loan was sold to Citi. It was mostly good (Citi can't calculate an escrow payment for shit though).

My second was sold to CENLAR.

Please, please, please...never sell a loan to CENLAR again. Their website/payment system/communications are terrible.


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Second the CENLAR piece...

[affrick]

A big +1 for Marty and the whole Trident team for my recent no cost IRRRL, especially Aspen.  She was proactive, yet patient as I searched for documents and statements while on the road.  Their speed and efficiency not only made things easy for me, it also directly resulted in a lower interest rate as we locked in the day prior to rates going up.

There is no question that I will be going back to Trident for my forever home purchase in a few years. 

[Marty - Trident Home Loans]

We've seen rates drop .25% on VA loans over the last 7 days and pricing is especially good on jumbo loans above $424,100.  I've been able to lower a large amount of our borrowers for free who locked in prior to the drop.  I'd suggest anyone who has locked recently to see if you can get a better deal with your current lender or consider switching lenders.

Marty

[PilotWife2]

On ‎1‎/‎12‎/‎2017 at 0:38 PM, Marty - Trident Home Loans said:

I want to support Amy and NBKC on the servicing issue. In this industry, loan origination and servicing are two separate items (just like land and mineral rights in Texas). We can steer a borrower's loan towards a particular servicer but we can't control what they do with those rights. An example is your loan is sold to Ginnie Mae and the servicing rights are sold to Great Servicer. Later down the line Great Servicer decides it's better for their business to sell the right to service your loan to Crappy Servicer. As the originator, we can makes calls on your behalf and do our best to protect you but unfortunately it's totally out of our control since it's a completely separate entity/legal right.

As loan originators, our goal is to get you the best rate/deal, get your loan closed as smooth as possible and save you the most money in the long run. We make a big effort only to work with others who will treat you right, but sometimes a few bad eggs slip through the cracks. Typically they end up with a class action lawsuit or go out of business. If you unfortunately do have a terrible servicer and rates are good you can refi which will change everything. You could also go with a big bank who claims they will never sell your servicing rights, but history has proven that they too go out of business and will always make business decisions that best benefit their company. They typically also have higher rates, because of the extra overhead a big business with lots of employees and brick & mortar comes with.

I know NBKC is trying their best to take care of their customers just like we do because it's the right thing to do. When you do a loan make sure you ask your potential lender the hard questions and make your priorities/needs known so we can focus on exceeding your expectations in those areas. In the end, words are great, but if they can't show you the money on paper then I'd stay clear. A marginal servicer (can't control who you get anyway) who is off a couple bucks here and there is better than getting a higher rate and paying thousands of more dollars in interest. Just my 2 cents

Marty


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Thanks Marty!  We all work very hard to give our customers great service, rates and closing experience.  It is disappointing when the servicing side let's us down.   Always helps to be aware of any issues so we can do our best to mitigate them in the future!  Thanks again! 

[PilotWife2]

NBKC Bank is a part of the Designing Spaces Military Makeover show on Lifetime Network.  Our first segment airs Friday 2/17 at 7:30AM Eastern Time and features yours truly!  I had a chance to meet R. Lee Ermey of Full Metal Jacket fame who is the host of the show along with co-host Art Edmonds.  The show helps makeover homes of military veterans, and we are proud to be a part of it.  The next episode will be for a family in our hometown of Kansas City and will shoot this spring.  Great experience and terrific way to help out military families and spread the word about the benefits of VA lending.  Check it out!! 

[Marty - Trident Home Loans]

6 hours ago, PilotWife2 said:

NBKC Bank is a part of the Designing Spaces Military Makeover show on Lifetime Network.  Our first segment airs Friday 2/17 at 7:30AM Eastern Time and features yours truly!  I had a chance to meet R. Lee Ermey of Full Metal Jacket fame who is the host of the show along with co-host Art Edmonds.  The show helps makeover homes of military veterans, and we are proud to be a part of it.  The next episode will be for a family in our hometown of Kansas City and will shoot this spring.  Great experience and terrific way to help out military families and spread the word about the benefits of VA lending.  Check it out!! 

Sounds neat Amy!  If anyone of you are the Panhandle of FL on 18 March, Trident is sponsoring a table at this year's Grit & Game.  I have 4 open seats at my table and would love to have any of you join me as my guest.  It should be an awesome evening of food, drinks, good company and amazing war stories all supporting a great cause.  PM or email me (marty@mythl.com) if you'd like to join me (first come, first serve with preference given to former Trident clients from Baseops).  Details below:

Get ready for an amazing night! Chefs Chris Sherrill and Brody Olive have organized the wildest cook off ever - the area's most talented chefs will vie for a spot at the World Food Championships as they prepare wild game harvested by local hunters. Afterwards, prepare to be inspired by stories of heroism and resilience from former service members Omar Avila (retired soldier, burn survivor, amputee, and current world record holder for the World Association of Bench and Deadlift in the Paralympics category), Jeff Kyle (former Marine, philanthropist, and brother to Chris Kyle), and Joe DesLauriers (retired Air Force EOD Technician and triple amputee). Funds raised at Grit & Game benefit Hunting for Healing, a 501(c)(3) charitable organization started by former Navy SEAL, best-selling author, and Pensacola/Orange Beach local Kevin Lacz. Hunting for Healing's mission is to foster communication between service disabled veterans and their spouses through hunting, fishing, and outdoor excursions. Don't miss out on amazing food, entertainment, auction items, and the chance to meet and hang out with some of the biggest names in the veteran world, all for a great cause!

When: 18 March, 6-10pm

Where: Perdido Beach Resort 

Link: https://www.huntingforhealing.org/events.html