VALERI Servicer Newsflash
Investor Update
September 1, 2015
IMPORTANT INFORMATION
In an effort to streamline communication and improve efficiencies, Vendor Resource Management (VRM) suggested a series of email templates for the title package process. While this is a suggested method for title package submission; all submissions (email or hard copy via regular mail) will be accepted.
These templates may be used when sending information and documents to VRM Title at title-va@vrmco.com. Please refer to the templates attached. If you have any questions, please contact VRM Title at the above email address.
REMINDERS
Title Escalations – Any title escalations must go to VRM. If you require VA assistance, please copy the Contract Assurance (Property Management Oversight) mailbox at nashpm.vbaco@va.gov.
Title Package Extensions – Title extension requests made by servicers will only be considered by VRM if the request is received prior to the expiration of the title submission period.
Deed in lieu(DIL) Conveyance – A DIL of foreclosure is a voluntary transfer of a property from the borrower to the servicer for a release of all obligations under the mortgage when a borrower wishes to avoid the timeframe required to complete a foreclosure. In order to complete a DIL, there are several requirements that must be met prior to conveying to VA. Please ensure that the title is clear of all encumbrances such as liens, second mortgages, etc. If title is not clear, VA will not accept conveyance. If the property is a condominium, all condominium fees must be paid to date, prior to the completion of the DIL, as the fees will not be extinguished. The deed must also be transferred from the Veteran borrower to the servicer and then from the servicer to VA so that there is no dispute of clear chain of title.
DIL Requirement Reminder – VA regulation does NOT require a property to be listed for sale prior to reviewing or accepting a DIL of foreclosure.
Compromise Sale – Servicers should not report the Loan Paid In Full (PIF) event after completion of a compromise sale. The terminating event resulting from a compromise sale is not the same as a loan that was PIF. This could potentially result in delays with submitting your claim.
Correcting Data Reporting in VALERI – If a correction to data is required in VALERI, servicers must contact the VA-assigned technician immediately to determine the impact on the loan (if any) when making the correction. When a servicer submits a Transfer of Custody event and acquisition funds have been certified, the property goes to VA’s Property Management (PM) contractor’s inventory. When an Invalid Sale Results event is reported, VALERI will generate a Bill of Collection for review and servicers will be charged the PM Fee of $3,410, with no exceptions. Servicers are responsible for this fee unless contact with the assigned technician is made prior to certification of the acquisition funds.
Email Templates
When sending title packages, corrective documents, extension requests, or other correspondence, you may
use the templates below with the information as outlined in each section. Once completed, please email the
template to VRM at title-va@vrmco.com.
Template 1 – Title Package
Subject: ‘Title Package’
Message Body:
VA LIN: 12 digit VA loan number (no dashes)
Comments: ‘Please see attached title package’
(NOTE: Attachment must be in PDF format)
Template 2 – Corrective Documents for Title Package
Subject: ‘Corrective Documents for Title Package’
Message Body:
VA LIN: 12 digit VA loan number (no dashes)
Comments: ‘Attached are corrective documents for this title package’
(NOTE: Attachment must be in PDF format)
Template 3 – Extension Request
Subject: ‘Extension Request’
Message Body:
VA LIN: (12 digit VA loan number) (no dashes)
Original due date of title package:
Request date(s) of any prior extensions:
Expiration date of current extension approval:
Reason for the delay:
Time frame to resolve this delay:
New due date being requested:
Template 4 – Inquiry
Subject: ‘Inquiry’
Message Body:
VA LIN: (12 digit VA loan number) (no dashes)
Comments: ‘Inquiry’
Source: VA
