VALERI Servicer Newsflash
November 6, 2015
Federal Register – Maximum Allowable Attorney Fees – The Federal Register notice published on July 31, 2015, provided updated information regarding the primary method of foreclosing in each state and the dollar value allowable amount for each type of foreclosure method. The VALERI Fee cost schedule will reflect a zero dollar value for the alternative method of foreclosure that is not recognized in the Federal Register. If a servicer’s attorney determines the need to use a foreclosure method not authorized by VA, the servicer must seek pre-approval from VA prior to the foreclosure taking place. Servicers must submit the pre-approval to VA through the VALERI pre-approval request. They must select the reason for the pre-approval as “Other Regulatory Requirement – Any Deviation from Regulatory Requirements Caused by Unusual Circumstances”, and provide justification for why they are seeking pre-approval to use an alternative method of foreclosure. Upon claim submission, the attorney fees will automatically be denied and the servicer will need to submit an appeal with supporting documentation including the invoice and justification for using an alternative foreclosure method.
Servicer Calls – As a reminder, VA bi-weekly servicer calls were split earlier this year based on the alphabetical order of servicer names. To receive an invitation for future calls, please send an email request to the VALERI Helpdesk and include your name, position, email address and phone number. Our next call is Thursday, November 19, 2015. Below is the breakdown of the call times:
- A-L – 1:00 p.m. EST
- M-Z – 2:00 p.m. EST
New HUD-1 Settlement Statement Disclosure –The new HUD-1 Settlement Statement Disclosure that was recently released no longer requires signatures; therefore, VA will no longer require an executed HUD-1 at post audit for completion of Compromise Sales.
Report Name Change – The name of the Non-Matching report has been changed to the WebLGY and Servicer Non-Matching Loans report.