12 CCR s 302

Cal. Admin. Code tit. 12, s 302

CALIFORNIA CODE OF REGULATIONS
TITLE 12. MILITARY AND VETERANS AFFAIRS
DIVISION 2. DEPARTMENT OF VETERANS' AFFAIRS
CHAPTER 2. VETERANS' FARM AND HOME PURCHASES
SUBCHAPTER 1. ELIGIBILITY AND QUALIFICATIONS
This database is current through 12/22/06, Register 2006, No. 51.
s 302. Application for Loan and Loan Processing.

(a) An application for a farm or home loan must be filed in writing in the
Division of Farm and Home Purchases district or satellite office having
jurisdiction over the area in which the farm or home is located, in form
or forms as permitted or prescribed by the Department, and must evidence
the applicant's intent to apply presently for a loan by specifying the
amount the applicant wishes to borrow and by specifically describing an
existing farm or home property. If filed by mail, an application shall be
deemed filed on the date of the postmark. If a postmark is illegible or
otherwise unavailable, or if the application is filed in person, it shall
be deemed filed on the date of receipt as printed, stamped, or written
thereon by the office in which it was filed. If filed by facsimile or
other electronic means available to the Department, it shall be deemed
filed on the date it was received by the District or Satellite Office. The
application may be processed based on the electronic forms; however,
hardcopy originals of signed documents as required by State or Federal
statute or regulations, must be received prior to funding.

(b) Applications may be submitted by the veterans directly, or by a
Mortgage Broker on their behalf. Only Mortgage Brokers who have been
trained and certified pursuant to Section 302.1 by the Department, on its
standard loan processing and eligibility procedures, shall be allowed to
submit Cal-Vet loan applications. The Department shall have the sole
responsibility for the underwriting and approval of all farm or home
loans, subject to Section 987.59 of the Military and Veterans Code.

(c) The intent of the Department is to process loan applications on
existing homes from date of full compliance to issuance of loan documents
in an average time of 30 days or less. Full compliance is the date that
the following application documents have been received by the Department:
Signed Loan Application on a specific property; Military Document(s)
establishing eligibility; credit report; acceptable explanation of any
derogatory credit items; bankruptcy documents or other credit related
documents required for underwriting purposes; verification of income;
Preliminary Report of Title; Sales Agreement. Issuance of Loan Documents
is the issuance of Escrow Instructions, Cal-Vet Loan Contract and
Memorandum Agreement of Sale to the escrow holder. Loan processing time
does not include the time it takes the veteran to submit requirements of
purchase.

Note: Authority cited: Section 700, Military and Veterans Code.
Reference: Section 987.59, Military and Veterans Code.

HISTORY

1. Amendment of section heading and section filed 10-30-2000 as an
emergency;
operative 10-30-2000 (Register 2000, No. 44). A Certificate of Compliance
must be transmitted to OAL by 2-27-2001 or emergency language will be
repealed
by operation of law on the following day.

2. Certificate of Compliance as to 10-30-2000 order, including further
amendment of subsection (b), transmitted to OAL 2-23-2001 and filed
4-6-2001
(Register 2001, No. 14).

12 CCR s 302, 12 CA ADC s 302
1CAC

12 CA ADC s 302

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