VA: VALERI Special Announcement

VA: VALERI Special Announcement

VA: VALERI Special Announcement

Investor Update
August 1, 2019

Source: VA

The Adequacy of Servicing (AOS) process will be deployed on the evening of August 1, 2019. When a loan becomes delinquent and the servicer has reported an Electronic Default Notice event, VALERI will automatically open the AOS review process on the 120th day of delinquency.

The AOS Process includes the following questions:

1. Has the servicer talked to the borrower? If so, what was the date of the last contact?
2. What was the reason for default?
3. Is the borrower currently considering a loss mitigation option?
4. Why were any prior loss mitigation options considered not completed?
5. Does the servicer have any indication that the Veteran is potentially eligible for Servicemember Civil Relief Act (SCRA) protection? If so, what SCRA protections are being offered?

Once the AOS process opens, the servicer is allowed seven business days to upload recent servicing case notes to VALERI or provide AOS information by other means, such as a spreadsheet or email to the assigned technician. The technician must grant the servicer the full allotted seven business days to provide the required information before any attempt is made to contact the servicer.

Servicers should access the Adequacy of Servicing Action Required Report in the Analytics Reports tab, for a listing of selected AOS cases.

If there are any questions, please feel free to contact the VALERI Help Desk at VALERIHELPDESK.VBACO@va.gov.