VASP Updates

Veterans Benefits Administration sent this bulletin at 10/01/2024 02:41 PM EDT

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Greetings,

The Veterans Affairs Servicing Purchase (VASP) program was offered starting May 31, 2024, to provide a last resort option to Veterans to allow them to retain their homes when traditional loss mitigation options are not feasible.

As of October 1, VA has received nearly 1,500 VASP loans and servicers continue to submit VASP loan requests.

For those servicers who have not yet fully implemented VASP, VA will continue to work with you to process VASP loan requests as soon as practicable.

In May, VA issued guidance to strongly encourage mortgage servicers to implement a targeted moratorium on foreclosures for Veterans with VA-guaranteed loans through December 31, 2024. This will help Veterans and their families stay in their homes.

If it appears a borrower would be qualified for VASP, servicers should hold those files until they are operationally ready to process VASP requests.

We greatly appreciate the support and commitment we have from mortgage servicers to assist VA in offering the VASP option to Veterans.

Sincerely,

Loan Guaranty Service

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