Servicers Not Yet Ready for VA Foreclosure Relief Program – MBA

The MBA and HPC also urged ongoing meetings with the VA to address outstanding technical and operational details regarding loss mitigation processes and service transfers under the VASP.

“Frequent and ongoing communication with all involved parties is essential to ensure veterans receive timely assistance,” the groups said.

They further recommended that the VA extend its voluntary moratorium on foreclosures for VASP-eligible borrowers until the new program’s effective launch date.

“A properly structured and implemented VASP is a welcome addition to the VA’s loss mitigation toolbox to assist Veterans in today’s interest rate environment,” the MBA and HPC concluded. “In order to successfully provide needed relief and communicate effectively with veterans, we urge you to consider this request as time is of the essence. »

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