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| Citation | Topic | Requirement |
| Property and Conveyances / Va. Code Ann. §55-59.2 | Advertisement of Sale | In addition to the notice of sale requirements, the trustee must advertise the sale under a deed of trust in a newspaper having a general circulation in the city or county where the property to be sold is located. |
| Certain Lending Practices / Va. Code Ann. §6.2-419 | Assumption Request | Any such holder receiving such a written request for an assumption from an owner must respond in writing within 10 business days of the receipt of the request. |
| Property and Conveyances / Va. Code Ann. §55-66.3(A)(1) | Certificate of Satisfaction | Lien creditor must issue a certificate of satisfaction or certificate of partial satisfaction in a form sufficient for recordation reflecting such payment and release of lien. See citation for details regarding timing requirements. |
| Va. Code Ann. § 6.2-414 | Delinquent Escrow Payments | Obligation of person maintaining escrow account to pay taxes and insurance; penalties. Any lender or other person maintaining escrow accounts for the payment of taxes or insurance, who on receipt of notice thereof, fails to make timely payment therefor, and incurs a penalty or late charge thereon or a cancellation for nonpayment if there are sufficient funds in such escrow account at least five days before such due date to make such payment, shall be liable for the penalty or late charge assessed for late payment and for any loss as a result of the property being uninsured for nonpayment. The lender or other person shall give written notice to any obligor of the payment of such penalty or late charge within five days after such payment is made. |
| VA Mortgage Lender and Broker Act | Va. Code Ann. §6.2-400 | Late Payment Fees | B. Any lender or seller may impose a late charge for failure to make timely payment of any installment due on a debt, whether installment or single maturity, provided that such late charge does not exceed five percent of the amount of such installment payment and that the charge is specified in the contract between the lender or seller and the debtor. C. If any federal governmental agency or organization shall adopt any rules or regulations dealing with the application of late penalties as to loans insured or guaranteed by such federal agency or organization, then such rules and regulations shall control as to such loans insured or guaranteed by them. |
| Va. Code Ann. §55-59.1(B) | Lost Note Instrument Notice | B. If a note or other evidence of indebtedness secured by a deed of trust is lost or for any reason cannot be produced and the beneficiary submits to the trustee an affidavit to that effect, the trustee may nonetheless proceed to sale, provided the beneficiary has given written notice to the person required to pay the instrument that the instrument is unavailable and a request for sale will be made of the trustee upon expiration of 14 days from the date of mailing of the notice. The notice shall be sent by certified mail, return receipt requested, to the last known address of the person required to pay the instrument as reflected in the records of the beneficiary and shall include the name and mailing address of the trustee. |
| Property and Conveyances / Va. Code Ann. §55-59.1(A) | Notice of Sale - Non-Judicial | Notice of Sale – Effective on July 1, 2018 The trustee or secured party must give written notice of the time, date and place of any proposed sale in execution of a deed of trust. The notice must include the instrument number or deed book and page numbers of the instrument of appointment filed, or a copy of the executed and notarized appointment of substitute trustee. The notice must be personally delivered or mailed to: (a)the present owner of the property to be sold at his last known address as the owner and address appear in the records of the party secured; Written notice must be provided pursuant to items (d) through (f) above, only if the lien is recorded at least 30 days prior to the proposed sale. If the secured party has received notification that the owner of the property to be sold is deceased, the notice required by item (a) above must be given to: (1)the last known address of the owner as the address appears in the records of the party secured; Mailing of a copy of the advertisement or a notice containing the same information to the owner by certified or registered mail no less than 14 days prior to the sale and to lienholders, the property owners' association or proprietary lessees' association, their assigns and the condominium unit owners' association, at the address noted in the memorandum of lien, by ordinary mail no less than 14 days prior to the sale will be a sufficient compliance with the requirement of notice. The written notice of proposed sale when given as provided will be deemed an effective exercise of any right of acceleration contained in the deed of trust or otherwise possessed by the party secured relative to the indebtedness secured. The inadvertent failure to give notice as required by this subsection will not impose liability on either the trustee or the secured party. |
| Administrative Code / 10 Va. Admin. Code §5-160-20 | Notice of Transfer | A borrower will be entitled to continue to make payments to the transferor of the servicing rights under a mortgage loan until the borrower is given written notice of the transfer of the servicing rights by the transferor. The notice must specify the name and address to which future payments are to be made and must be mailed or delivered to the borrower at least 10 calendar days before the first payment affected by the notice. |
| Certain Lending Practices / Va. Code Ann. §6.2-418 | Payoff Statement | The holder of the obligation secured by mortgage or deed of trust must mail or deliver the written statement of the payoff amount to the property owner or his designee within 10 business days of the receipt of a written request if the request contains the loan number and the address or other description of the property. |