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VA takes loan eligibility online

The Department of Veterans Affairs has launched a new service that lets banks and other financial institutions check a veteran's loan status online. The VA guaranteed more than 250,000 loans last year, valued at $31.2 billion. Around 80 percent of these loans required a certificate of eligibility. The new Automated Certificate of Eligibility system will let lenders get that document in seconds, instead of weeks, the VA said, and should apply to up to about 50 percent of the loans the agency processes.

The Department of Veterans Affairs has launched a new service that lets banks and other financial institutions check a veteran's loan status online.

The VA guaranteed more than 250,000 loans last year, valued at $31.2 billion. Around 80 percent of these loans required a certificate of eligibility. The new Automated Certificate of Eligibility system will let lenders get that document in seconds, instead of weeks, the VA said, and should apply to up to about 50 percent of the loans the agency processes.