Mississippi Administrative Code

It is the policy of the VHPB to comply with the Mississippi State Statute, Section 35-7 of the Mississippi Code. Section 35-7-17(4) states that the "Board shall not consider applications for purchase that would provide the veteran with a second home, or provide funds to be used e…

A. Board interpretation of Section 35-7-17(4) concerning divestment of property is as follows: A veteran may not close a VHPB purchase until he or she has divested himself or herself of any home other than true rental property. This property includes, but is not limited to, 2nd h…

A. Section 35-7-17(4) also states that divestment "may be waived by the Board in cases where the Board can ascertain that the ownership of such property was originally intended as: 1. "temporary residence" or 2. "a condominium or mobile home" or 3. "that the veteran's present res…

The Deed of Trust/Note signed by the veteran allows for a late charge of 4 percent of the principal and interest payment not to exceed $50.00 to be assessed if a regular monthly payment is received more than 15 days from the due date. Since all loan payments are due on the first …

The late charge amount is calculated and added to the regular payment due after processing all payments received through the 16 th day of the month by the computer system. The amount of the payment including late charge is listed on the payment coupons provided to the veteran. Wh…

Management recognizes that in some cases, it is appropriate to waive or postpone the assessment of a late charge to promote fairness and compassion to a veteran when unusual circumstances cause a delay in payment. Management has delegated this task to certain agency employees aft…

It is the policy of the VHPB to collect late fee charges when occurred, however, we understand that there are times when the customer, because of bankruptcy or other financial difficulties require the postponement of the payment of the late fee and the posting of the payment with…

The Loss Draft account is used for insurance proceeds to repair a customer's home. The insurance check will be made payable to both the homeowner and the Veterans' Home Purchase Board. The homeowner will need to endorse the check and send to the VHPB. Once we receive the check, a…

A. When Loss Draft checks are received at the agency, they will be given to the Executive Director or Loan Servicing Manager. They will print a screen print from the servicing system of the individual's account with instructions on how to post the money on the bottom of the scree…

All loss draft disbursements will be initiated by a manager. This is done by making a screen print from the Servicing system of the individuals account with written instructions on the bottom explaining what needs to be done. Prior to a check being written, the Loan Servicing Dep…

Index cards will be completed on all Loss Draft monies received or disbursed. The manager initiating the transaction will be responsible for recording transactions on the index cards in the Executive Director's office. Notes 25 Miss. Code. R. 202-13.4 Miss. Code Ann. § 35-7-7 Ado…

Accounting Personnel will prepare a monthly reconciliation ensuring agreement from the Loss Draft Bank Account to the servicing system and the Index Card system. Notes 25 Miss. Code. R. 202-13.5 Miss. Code Ann. § 35-7-7 Adopted October 26, 2006; Revised August 26, 2010 Amended 2/…

Completion escrow money is money that the seller agrees to pay at the sale of the home for repairs that need to be completed in order to close the loan. It is rare that the agency receives these funds. When we do, the VA requires 1 1/2 time the estimated cost of repairs to be pai…

Exceptions to this policy must be approved by the Executive Director or his designee. Notes 25 Miss. Code. R. 202-13.7 Miss. Code Ann. § 35-7-7 Adopted October 26, 2006; Revised August 26, 2010 Amended 2/12/2015

It is the policy of the Veterans' Home Purchase Board (VHPB) to offer borrowers the option to pay their monthly note through the ACH (Automated Clearing House) program established by the Federal Reserve System. The ACH program allows a bank customer to authorize automatic payment…

The VHPB requires that the collateral securing loans at this agency be protected by the insurance most commonly used for the subject property, and that the VHPB be the beneficiary of that insurance (mortgagee). The borrower shall be required to keep the improvements existing at t…

The VHPB requires Windstorm (Hurricane) Insurance in the six coastal counties of Mississippi. (Hancock, Harrison, Jackson, Pearl River, Stone, George). The dwelling coverage amount will be the same as on the Hazard (Homeowners) policy. The maximum deductible amount required is 2 …

The Veterans' Home Purchase Board requires all taxes and hazard, flood, and windstorm insurance premiums to be paid through an escrow account. The mortgagor will pay one twelfth (1/12) of the annual real estate taxes, hazard, flood, and windstorm premiums along with each monthly …

Employees will not access customer financial information unless this is needed in the performance of assigned duties. Perusing customer information to satisfy a personal curiosity is strictly prohibited. We recognize however, that in the course of performing daily duties, employe…

It is the policy of the VHPB that upon notification of the death of a borrower, the VHPB shall promptly identify and facilitate communication with a successor in interest of the deceased borrower with respect to the property that secures the deceased borrower's mortgage loan. A s…

Delinquency begins on the day a payment sufficient to cover principal, interest and escrow for a given billing cycle is due and unpaid. It is the policy of the VHPB that once a borrower is delinquent for at least 36 days, the Agency's servicing department will make a good faith e…

This policy must be flexible and requires that each case be considered on an individual basis using professional judgment. Accounting personnel will maintain a NSF log on the (G) share drive which will show who has had NSF checks in the past, when and how many they have sent. On …

The definition of a non-guaranteed loan is a loan made to a veteran by the Veterans' Home Purchase Board not utilizing the Department of Veterans Affairs Guaranty Program. The veteran must still have a valid certificate of eligibility from the Department of Veterans Affairs. Note…

In order for a veteran to be considered for a non-guaranteed loan through the Veterans' Home Purchase Board he/she must make an initial payment of at least twenty percent (20%) of the selling price of the property or the appraised value, whichever is less. This policy is to speci…

When a veteran applies for a loan to purchase an existing home, the veteran must make an initial payment of twenty percent (20%) from his/her own cash savings. This form of initial payment may include, but is not limited to savings accounts, proceeds from the sale of a present ho…

When a veteran applies for a loan to construct a home, the veteran may or may not already own the land where the home is to be constructed. A. Land owned at the time of application: When the veteran owns land on which he/she plans to construct a home utilizing funds of the Vetera…

It is the Policy of The Veterans' Home Purchase Board that the rate of interest charged by the Agency for current requests for financing of SINGLE FAMILY homes are as follows: Posted Rate: The current rate of interest charged and available for the financing of home purchase reque…

The Board of Directors reserves the right to make a case by case exception to the herein stated interest and interest lock policy. When an exception is made it will be noted in the minutes of that meeting. Notes 25 Miss. Code. R. 202-3.2 Miss. Code Ann. § 35-7-7 Adopted - Decembe…

The Board of Directors, at its regular monthly meeting sets the current rate of interest (posted rate) that is to be charged by the Agency. The Board will compare the current Agency rate with the Secondary Mortgage Market Rate charged by Lenders in the Agency's lending area. When…

It is the policy of The Veterans' Home Purchase Board, to underwrite the loan request in a way to determine the applicant's ability to maintain this debt plus current obligations and accumulate assets. The VA has underwriting guidelines that this Agency must follow. To help preve…

It is the policy of the Veteran's Home Purchase Board to follow the Department of Veterans Affairs' rules and regulations regarding appraisal assignment for VA guaranteed loans. The Department of Veterans Affairs assigns an appraiser and case number to each loan application from …

When the Veterans' Home Purchase Board grants a veteran's request for a non-guaranteed loan, we will require that a State Licensed Appraiser from the area in which the property is located complete the appraisal. The Executive Director or his designee must approve the appraiser pr…

It is the policy of the Veterans' Home Purchase Board to comply with all federal and state laws pertaining to the privacy and confidentiality of customer information. In addition, it is inherent in the financial services industry that we have a duty to protect the confidential an…

Guidelines to consider for a Veteran customer that obtains a divorce from his or her Veteran spouse with both parties jointly obligated to a loan financed with the VHPB. and the Veteran whose VA Eligibility was used retains the house. A. Action to be taken when the house is retai…

A. Loans closed prior to March 1988 may be assumed by veterans and /or non-veterans. Board approval is not required. Department of Veterans' Affairs policies, rules and regulations will apply. 1. Requirements: a. A $35.00 transfer fee . b. Title Certificate must be provided to an…

A. Loans without a due-on-sale clause may be assumed by veterans and or non-veterans. Board approval of satisfactory income, employment and credit is required. 1. Requirements: a. Non-veteran and or veteran assumption requires a $360 processing fee to be paid at time of applicati…

The Board of Directors of the Veterans' Home Purchase Board will review the maximum loan limit in March and September of each fiscal year. This review will be a study of the median sales price of homes throughout the state of Mississippi. This information will come from several r…

Hearings before the Mississippi State Oil & Gas Board shall be called by the Board for the purpose of taking any action in respect to any matter within its jurisdiction upon its own motion or upon the request or application of any interested party. Upon receipt of a proper writte…

(A) The prevailing party in any hearing before the Board shall prepare a proposed Order for review and approval by the Board which shall specify findings of fact and conclusions of law. If an uncontested matter is denied the Board shall inform the party of the reasons for the den…

The Board shall, from time to time, by order entered on its minutes appoint a competent shorthand reporter. All hearings of the Board shall be recorded by a reporter appointed by the Board and sworn by the Board faithfiilly to discharge his/her duties in accordance with law and t…

In any proceeding before the Board, the Board in its discretion, may issue subpoenas requiring the attendance of witnesses and the production of books, papers and records material to the matters lawfiilly before the Board at the designated place of hearing. Notes 26 Miss. Code. R…

The petition or request for the hearing, the notice or notices thereof and the proof of the due publication or service of notice or notices of the hearing shall automatically become a part of the record. Notes 26 Miss. Code. R. 1-1.13 MCA Section 53-1-17(3) (1972) Amended 6/19/20…

All witnesses shall be required to testify under oath, administered by a member of the Board or the Supervisor, to tell the truth, the whole truth and nothing but the truth; all witnesses shall be subject to direct and cross-examination by any member of the Board, Board Staff or …

(A) Where an application has been filed with the Board for authority to multiply complete or to tubingless complete an oil or gas well in connection with other surface or subsurface mechanical connections and installations and where legal notice of the hearing of said application…

The materiality, relevancy and competency of any testimony shall be subject to challenge by any party to the hearing or by any member of the Board or Board staff. When so interposed, such objections shall be acted upon by the Chairman or by the Acting Chairman, his ruling thereon…

One copy of all exhibits to be used by Petitioner in its direct presentation at the hearing before the Board shall be prefiled with the Supervisor not later than 5 p.m. on Monday of the week which precedes the day of the Hearing. This prefiled copy is for staff use only and will …

These rules are in addition to and supplement those statutory provisions which may be applicable to hearings before the Board. Notes 26 Miss. Code. R. 1-1.18 MCA Section 53-1-17(3) (1972) Amended 6/19/2017