VALERI Servicer Newsflash
On April 10, the U.S. Department of Veterans Affairs (VA) released a VALERI Servicer Newsflash.
VALERI Servicer Newsflash
Transfer of Custody (TOC) Processing Defect – VA has identified a defect regarding the TOC event submitted on the Bulk Upload spreadsheet. The TOC events are rejecting due to the “Date of Confirmation/ Ratification of Sale” fields not being populated; however, we have confirmed that the Date of Confirmation/Ratification of Sale is being reported on the bulk upload spreadsheet for the appropriate states, as required. This defect will be fixed with our VALERI 3.4 manifest release tentatively scheduled for June. If you find a TOC that rejected due to this reason, please report the TOC manually in the Servicer Web Portal (SWP). This action must be taken to correct the issue until the fix is released. If you have any questions or concerns, please reach out to the VALERI helpdesk at email@example.com.
Circular 26-15-2 – Reconveyance Disputes Process was issued on March 13, 2015, and is located on the VALERI Internet site.
Deficiency Waiver Letter (DWL) – Under 38 CFR 36.4323, a DWL must be sent to the borrower no later than 15-calendar days after receipt of the guaranty claim payment on all loans where VA paid a maximum guaranty claim and the property was conveyed to VA. The DWL must include the amount of waived indebtedness. At time of post audit, if a servicer fails to provide evidence validating a deficiency waiver notice was sent, meeting all regulatory requirements, a regulatory infraction will be added to the loan.
On Saturday, April 11, 2015, VALERI Manifest 3.3 will be deployed. The following system enhancements will be included:
CQ 10711 –The description of the DWL has changed. It now shows as “Deficiency Waiver Letter only when property conveyed and max guaranty claim”.
Please click here to view the newsflash online.
Please click here to view Circular 26-15-2 [pdf].
Safeguard Properties is the mortgage field services industry leader, preserving vacant and foreclosed properties across the U.S., Puerto Rico, Virgin Islands and Guam. Founded in 1990 by Robert Klein and headquartered in Cleveland, Ohio, Safeguard provides the highest quality service to our clients by leveraging innovative technologies and proactively developing industry best practices and quality control procedures. Consistent with Safeguard’s values and mission, we are an active supporter of hundreds of charitable efforts across the country. Annually, Safeguard gives back to communities in partnership with our employees, vendors and clients. We also are dedicated to working with community leaders and officials to eliminate blight and stabilize neighborhoods. Safeguard is dedicated to preserving today and protecting tomorrow. Website: www.safeguardproperties.com.