Automatic Lender Law and Legal Definition
According to 38 CFR 36.4202 [Title 38 -- Pensions, Bonuses, and Veterans' Relief; Chapter I -- Department of Veterans Affairs; Part 36 -- Loan Guaranty; Subpart A -- Guaranty of Loans to Veterans to Purchase Manufactured Homes and Lots, Including Site Preparation], automatic lender is “a lender that may process a loan or assumption without submitting the credit package to the Department of Veterans Affairs for underwriting review. Pursuant to 38 U.S.C. 3702(d) there are two categories of lenders who may process loans automatically: (1) Entities such as banks, savings and loan associations, and mortgage and loan companies that are subject to examinations by an agency of the United States or any State and (2) lenders approved by the Department of Veterans Affairs pursuant to standards established by the Department of Veterans Affairs.”
Legal Definition list
- Automatic Identification System [AIS] [National Security]
- Automatic Flue Damper
- Automatic Energy-Saving Setback Thermostat
- Automatic Defibrillation in Adam's Memory Reauthorization Act
- Automatic Conversion
- Automatic Lender
- Automatic Nonforfeiture Option
- Automatic Premium Loan Option
- Automatic Renewal Clause
- Automatic Restraining Order
- Automatic Stay
Related Legal Terms
- Approved Lender [HUD]
- Automatic Aid
- Automatic Bill Payment
- Automatic Call System [Healthcare]
- Automatic Clearing House
- Automatic Conversion
- Automatic Defibrillation in Adam's Memory Reauthorization Act
- Automatic Energy-Saving Setback Thermostat
- Automatic Flue Damper
- Automatic Identification System [AIS] [National Security]
