When veterans in Wisconsin seek to make their home financing more manageable, they encounter the WDVA 1081 form, a critical document from the State of Wisconsin Department of Veterans Affairs. This form serves as a waiver of escrow agreement, enabling veterans who have demonstrated fiscal responsibility and equity in their properties to bypass the escrow account requirement for their mortgage payments. To be eligible, veterans must meet stringent criteria, including having a primary loan from the Wisconsin Department of Veterans Affairs (WDVA) for at least two years, owning at least 30% equity in their home, and maintaining a punctual payment record for the previous 24 months. Furthermore, all real estate taxes and special assessments, except those due in the current calendar year, must be paid, and a compliant hazard insurance policy must be in place. The form requires both the mortgage holder and the servicing agent to affirm that these conditions are met and to pledge that failure to maintain them may result in the reinstatement of the escrow requirement. This agreement underscores the WDVA's commitment to supporting veterans while ensuring financial prudence in managing their loan obligations. Accessibility to the most recent version of the form and additional resources is facilitated through the WDVA website, ensuring veterans have the most up-to-date information at their fingertips.
| Question | Answer |
|---|---|
| Form Name | Form Wdva 1081 |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | WDVA_1081_Waive r_of_Escrow_Agr eement wisconsin escrow agreement form |
STATE OF WISCONSIN, DEPARTMENT OF VETERANS AFFAIRS 201 West Washington Avenue, P.O. Box 7843, Madison, WI
Wis. Stats. Chapter 45
WAIVER OF ESCROW AGREEMENT
Personal information you provide may be used for secondary purposes [Privacy Law, s.15.04(1)(m)].
The undersigned Mortgagor(s) represents the following conditions have been met:
1.The Wisconsin Department of Veterans Affairs (WDVA) Primary Loan has been in place on the mortgaged property at least two years;
2.Equity value of at least 30% of the assessed or appraised value of the mortgaged property is currently owned;
3.The payment record for at least the preceding
4.The real estate taxes and any special assessments on the mortgaged property, excluding those coming due in the current calendar year, have been fully paid;
5.A hazard insurance policy covering the mortgaged property which complies with WDVA’s rules is paid and in effect;
6.Mortgagor understands and acknowledges that failure to maintain the conditions in Items Three through Five is cause for the immediate
The undersigned Servicer represents the following conditions have been met:
1.Servicer has examined and found acceptable evidence that Mortgagor meets the conditions required for waiver;
2.Servicer has explained the failure by Mortgagor to maintain the conditions in Items Three through Five above will result in the
3.Servicer will give Mortgagor a copy of this agreement, maintain a copy of this agreement in the servicing file and forward one copy to WDVA.
Upon these representations WDVA hereby grants authority to the undersigned to waive escrow payments on WDVA
Primary Loan No. |
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until such time as it may be paid or the foregoing conditions cease to be met. |
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In Witness Whereof the undersigned set their hands and seals on the |
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day of |
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, 20 |
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Mortgagor |
Servicer |
Mortgagor
WDVA 1081 (04/07) |
You can access the most recent version of this form |
W:\Templates\WDVA_1081_Waiver_of_Escrow_Agreement.dot |
from the WDVA website at WWW.WISVETS.COM/FORMS. |