C.F.R. » Title 38 » CHAPTER I—DEPARTMENT OF VETERANS AFFAIRS › PART 36—LOAN GUARANTY › Subpart B—Guaranty or Insurance of Loans to Veterans With Electronic Reporting

38 C.F.R. § 36.4325

Computation of indebtedness

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In computing the indebtedness for the purpose of filing a claim for payment of a guaranty or for payment of an insured loss, or in the event of a transfer of the loan under § 36.4320(a), or other accounting to the Secretary, the holder shall not be entitled to treat repayments theretofore made as liquidated damages, or rentals, or otherwise than as payments on the indebtedness, notwithstanding any provision in the note, or mortgage, or otherwise, to the contrary.

(Authority: 38 U.S.C. 3703(c), 3720, 3732) [73 FR 6310, Feb. 1, 2008. Redesignated at 75 FR 33705, June 15, 2010, as amended at 80 FR 34319, June 16, 2015]
Notes of Decisions
Cited in 6 cases, 1963–1982 · leading case: Home Sav. & Loan Ass'n of Lawton, Oklahoma v. Robert P. Nimmo, Adm'r of the Vets. Admin., 695 F.2d 1251 (10th Cir. 1982).
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Home Sav. & Loan Ass'n of Lawton, Oklahoma v. Robert P. Nimmo, Adm'r of the Vets. Admin., 695 F.2d 1251 (10th Cir. 1982). · cites it 3× “§ 1821 , or forgery, 38 C.F.R. § 36.4325 (a). The forgeries of Zelma’s signatures were established at the trial and are not contested by Home Savings.”
Mortg. Assocs., Inc. v. Max Cleland, Adm'r of Vets. Affairs, 651 F.2d 476 (7th Cir. 1981). · cites it 3× “38 C.F.R. § 36.4325 (b) (1980) reads in relevant part: [I]f such holder fails in this respect or fails to comply with 38 U.”
Mt. Vernon Coop. Bank v. John F. Gleason, Adm'r of Vets. Affairs, 367 F.2d 289 (1st Cir. 1966). “Finally, plaintiff cites 38 C.F.R. § 36.4325 (c), which specifically gives a right of recovery to the government when a lender has been guilty of misrepresentation and fraud, to suggest that the Administrator has officially recognized the difference between avoidance of…”
United States v. William Schmittmeyer, 325 F.2d 987 (2d Cir. 1963). “However, 38 C.F.R. § 36.4325 (b) indicates that, if a loan is not secured by a first lien, the effect will not be to void the guarantee but to reduce the total amount to be paid thereupon by the amount which the “ultimate liability of the Administration would thereby be…”
Century Fed. Sav. & Loan Ass'n v. Roudebush, 618 F.2d 969 (2d Cir. 1980). · cites it 2× “” 38 C.F.R. § 36.4325 (a). The interpretation of a statute by the agency charged with its enforcement is entitled to substantial deference, particularly where the interpretation is one of long standing.”
Union Mortgagee Corp. v. Roudebush, 471 F. Supp. 798 (E.D.N.Y 1979). “Defendants rely specifically upon 38 CFR § 36.4325 , which, with respect to VA loans, provides in part: (a) (1) * * * any willful and material representation * * * by the lender, or by a holder, or the agent of either, in procuring the guaranty * * *, shall relieve the…”
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