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1.5.6.4 Waiver of Late Charges; Credit Reporting

Significant Law Change

The VA “believes that many servicers plan to waive late charges on affected loans, and encourages all servicers to adopt a policy” for affected loans.196 The VA encourages servicers to suspend credit reporting on affected loans, promising that the VA “will not penalize affected servicers for any late default reporting to VA as a result.”197

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