Department of Veteran Affairs Update on Conveyance
On September 19, the Valeri (VA Loan Electronic Reporting Interface) Servicer Newsflash released several updates dealing with conveyance.
VALERI Servicer Newsflash
Friday, September 19, 2014
Denver Appraisal Increase – The Denver Regional Loan Center (RLC) increased the appraisal fee for single family homes and condominiums to $625.00 for the Colorado counties of Adams, Arapahoe, Broomfield, Boulder, Denver, Douglas, El Paso, Jefferson, Larimer, Mesa, Pueblo, and Weld. The change is effective for appraisals ordered on or after August 1, 2014. The VALERI application is coded to allow the maximum of $500.00 for all Colorado counties therefore mortgage servicers will need to appeal for the increased appraisal fee of $625.00.
Clarification on Deficiency Waiver Letters (DWL) – The Department of Veterans Affairs (VA) requires a DWL on any loan that is conveyed to VA where VA paid a Max Guaranty claim payment.
Deed-in-Lieu (DIL) Title Package Submission Clarification – The timeframe requirement for the submission of a title package following a loan termination by DIL is the same as the requirements for a loan terminated by foreclosure sale. The hardcopy and electronic documents must be provided to VA’s contractor, Vender Resource Management (VRM), no later than 60 days after the liquidation of the loan by DIL in most jurisdictions. For jurisdictions that exceed the 60 day timeframe, please refer to the “Title Documentation, Insurance and Timeframe Requirements” spreadsheet located on the VALERI Internet web page.
VRM Title Letters – VRM will now notify servicers when a title package is approved. However, the approval notification includes the following disclaimer – “Please note that if any subsequent issues are discovered that may affect title, the title package may be subject to re-review and revised opinion of title.”
Please click here to view the entire Newsflash [pdf].
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally.