VA WebLGY IRRRL Modification Update

Bulletin 2024-023 VA WebLGY IRRRL Modification Update

Newrez LLC "Newrez" Approved Correspondent Clients; On April 3, 2024, VA Loan Guaranty Service released an enhancement to WebLGY, providing additional information about the existing VA guaranteed loan when requesting an Interest Rate Reduction Refinancing Loan (IRRRL).


IRRRL cases ordered through WebLGY will now display the most recent servicer-reported loan modification information along with the original information for the existing VA-guaranteed loan.


The Order IRRRL Case and IRRRL Status & History screens will display the following loan modification information:


  • Modification loan amount
  • Loan term
  • Maturity date
  • Interest rate
  • Date of first payment
  • Monthly P&I payment as reported by the servicer

This enhancement is designed to help make more informed decisions and ensure compliance with VA and GNMA requirements.


Effective with loan deliveries on or after May 6, 2024, files must include a screenshot of the WebLGY Loan Status & History screen in the loan file to validate loan seasoning requirements have been met for VA IRRRL transactions.


It is important to note in order to meet the GNMA seasoning – A minimum of six (6) consecutive Monthly Mortgage payments paid in the month due and a passing of 210 days after first payment date of the loan being refinanced must have occurred as of the closing of the new loan. Newrez will still require additional documentation to ensure the loan meets the seasoning including but not limited to Prior Note, Payment history, mort recent mortgage statement and Payoff statement.