VALERI Servicer Newsflash - April 16, 2020

Veterans Benefits Administration sent this bulletin at 04/16/2020 09:32 AM EDT

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VA Home Loans

VALERI Servicer Newsflash

Circular 26-20-12 – Extended Relief Under the CARES Act for those Affected by COVID-19, was issued on April 9, 2020, and is located at https://www.benefits.va.gov/HOMELOANS/resources_circulars.asp. 

Circular 26-20-13 – Valuation Practices during COVID-19 (Updated), was issued on

April 10, 2020, and is located at https://www.benefits.va.gov/HOMELOANS/resources_circulars.asp.  

Reporting Forbearance Under the CARES Act – VA considers a loan to be a reportable default when it becomes 61 days delinquent, at which time an Electronic Default Notice (EDN) event is required to be reported in VALERI (VA Servicer Handbook M26-4, Chapter 4). If the forbearance is approved before the loan becomes a reportable default, the “Special Forbearance Approved” event should not be reported in VALERI because the event will reject. VA is creating a new Reason for Default selection in the EDN event to identify defaults associated to COVID-19. Additional information will be provided as it becomes available.

Adjustable Interest Rates –To ensure a claim with multiple interest rate changes is accurately calculated, servicers must report all interest rate changes that have occurred on the loan since origination. Reporting only the most recent rate change may result in an incorrect claim amount and/or delays in receiving payment.   

D-Record – After either the Loan Paid in Full or the Servicing Transfer Transferring event has been submitted successfully in the nightly file, a subsequent D (Delete) record must be submitted to prevent any further loan data from being transmitted and reported in VALERI.

Contacting VA – Servicers should adhere to the following protocol:

    • Loan specific inquiries and escalations – Assigned VA Loan Technician/Regional Loan Center (contact list located in Knowledge in VALERI)
    • VALERI technical inquiries – VALERI Technical team at valeri.vbaco@va.gov
    • Unassigned loans, VALERI Reports, and general policy inquiries – VA Central Office VALERI Helpdesk at valerihelpdesk.vbaco@va.gov  
    • Bulk upload error inquiries (with uploaded spreadsheet and the auto-generated error message) – VALERI Data Quality team at valeridataquality.vbaspl@va.gov
    • Post conveyance inquiries – Vendor Resource Management at title-va@vrmco.com
    • Post conveyance escalations – VA Central Office Property Management at pm.vbaco@va.gov

 

This newsflash is intended for mortgage servicers participating in the VA Loan Guaranty Program only. If you have received this newsflash in error through govDelivery, please visit https://subscriberhelp.granicus.com/s/article/How-do-I-unsubscribe-from-email-updates to unsubscribe. Veterans looking for information on VA benefits should visit https://www.va.gov/.

 

VALERI Helpdesk

VA Central Office Loan Management