U.S. Department of Veterans Affairs Veterans …

1 Department of Veterans Affairs Veterans benefits administration VA loan Electronic Reporting Interface VA Servicer Guide FINAL Version July 2009 VA loan Electronic Reporting Interface VA Servicer Guide FINAL 07/31/2009 Page i Document Control Change Record DateVersion Author Position Notes2/15/08 V Final IBM Contractor Initial version for February 2008 VALERI roll-out 4/25/08 V Final IBM Contractor Updated to incorporate changes through April 25, 2008 7/27/2009 V Final IBM Contractor Updated to incorporate changes through July 27, 2009 FINAL VA loan Electronic Reporting Interface VA Servicer Guide Page ii 07/31/2009 Table of Contents Preface to this Edition.

2 1 Significant Changes under the Redesigned of the Redesigned Environment ..2 Modifications to VA Regulations ..31 Introduction to Servicer Procedures .. of this of the VA Home loan Program .. of the Program .. of the Regional loan Point of of Servicer Responsibilities .. to of this Guide ..72 Introduction to the Servicer Web Servicer Web Portal .. Loans .. Events .. Events .. File Exchange Process .. Revision and Timeframes .. Reporting .. Documents in Document Manager .. Requiring Documentation .. Supporting Documentation in Reports .. of Reports .. the Reports Application .. Generated Reports .. Management .. 38VA loan Electronic Reporting Interface VA Servicer Guide FINAL 07/31/2009 Page iii Users.

3 Users .. 423 General loan and for a Servicing Operations Control Procedures .. to Written Borrower Inquiries .. Reporting Requirements .. General loan Servicing Process .. Performs General loan Servicing Activities .. Reports General loan Events to Monitors General loan Events When 584 Delinquent loan Servicing .. and Delinquent loan Servicing Contacts Borrower .. Attempts to Collect Payments .. Orders Property Protects and Preserves Property .. Reports Electronic Default Sends Loss Mitigation Letter .. Reports Delinquent loan Events to VA .. 685 Loss Mitigation .. and Loss Mitigation Process .. Considers Repayment Plan .. Considers Special Considers loan Modification .. Considers Compromise Considers Deed-in-Lieu of Foreclosure.

4 Considers VA-Recommended Loss Mitigation Option .. Pays Incentives for Approved Loss Mitigation Options .. 88 FINAL VA loan Electronic Reporting Interface VA Servicer Guide Page iv 07/31/2009 Receives Incentive 896 Refunds .. and Refund Process .. Notifies Servicer of Refund Consideration .. Submits Refund Settlement Data .. Completes Title Search and Orders Analyzes and Approves or Denies Submits Title Documentation and Claim .. 927 Foreclosure .. and for Servicers Prior to Foreclosure .. of Defaulted Loans Prior to Foreclosure .. Tax Liens .. Home Foreclosure Process .. Refers loan for Reviews Adequacy of Establishes Bid and Completes Foreclosure Reports Foreclosure Sale Results to VA .. 1028 Property and Title Transfers.

5 And Property and Title Transfer Process .. Determines Eligibility to Transfer Custody and Reports Transfer of Custody Accepts or Rejects Transfer of Custody Event .. Calculates Acquisition Reviews Non-Routine Acquisitions .. Receives Acquisition Payment .. Submits Insurance Policies and Title Documents .. Approves or Rejects Title .. Return of Custody Process .. 109VA loan Electronic Reporting Interface VA Servicer Guide FINAL 07/31/2009 Page v Reports Event Requiring Return of Custody.

6 Determines Need to Return Custody .. Issues Bill of Collection (BOC) .. Receives Notice of Return of Satisfies and Claim Process for Terminated Loans .. Prepares and Submits Claim on Terminated loan .. Accepts or Rejects Claim .. Calculates Claim Payment .. Reviews Non-Routine Claims .. Receives Claim Claim Process for Refunded Loans .. Prepares and Submits Refund Claim and Title Accepts or Rejects Refund Reviews and Pays Refund Claim .. Receives Claim Claim Process for Mobile Homes .. Submits Mobile Home Claim with Supporting Documents .. Processes Mobile Home Claim .. Receives Claim or Total Loss of Guaranty, Debarment, Indemnification Agreements .. or Willful Misrepresentation .. of VA Requirements .. in the Servicer Web 12710 Post-Audits.

7 And Post-Audit Process .. Selects Cases for Post-Audit .. 139 FINAL VA loan Electronic Reporting Interface VA Servicer Guide Page vi 07/31/2009 Receives Notification of Post-Audit Submits Required Documentation .. Receives Notification of Post-Audit Results .. 14111 Bills of Collection .. and Bill of Collection Process .. Issues BOC .. Receives Notice of BOC .. Satisfies 14512 Appeals .. and Appeals Process .. Submits Reviews Appeal .. Notifies Servicer of its in the Servicer Web Portal .. 15013 Pre-Approvals .. and Pre-Approval Process .. Requests Pre-Approval .. Receives Notification of VA and Needs and Training .. 16715 Servicer Performance .. 168 Annex 1 Glossary ..A-1 Annex 2 Acronyms ..A-8 Annex 3 Detailed Claims Data Reporting Requirements.

8 A-10 Annex 4 Event Reporting Requirements and Post-Audit Documents ..A-36 Annex 5 Post-Audit Document 6 Federal Disaster loan Electronic Reporting Interface VA Servicer Guide FINAL 07/31/2009 Page vii Annex 7 Reports in the Servicer Web 8 VALERI Calculation of Total Eligible Indebtedness at Claim ..A-97 Annex 9 Additional VA Contact Information .. A-105 Annex 10 Transition Period A-107 Annex 11 Texas Veteran's Land Board Loans .. A-124 Annex 12 VA Property Preservation A-126 Annex 13 Repurchase A-133 Annex 14 Loss Mitigation Letter Guidance.

9 A-134 FINAL VA loan Electronic Reporting Interface VA Servicer Guide Page viii 07/31/2009 List of Tables Table 1: Timeframes for Reporting General loan Events .. 49 Table 2: Timeframes for Reporting Delinquent loan 60 Table 3: Timeframes for Reporting Loss Mitigation 73 Table 4: Timeframes for Reporting Refund 90 Table 5: Timeframes for Reporting Foreclosure 97 Table 6: Timeframe for Reporting Transfer of Custody 105 Table 7: Timeframe for Reporting Events Requiring a Return of 109 Table 8: Timeframe for Reporting Basic Claim Event for Terminated loan Claims .. 114 Table 9: Credit to Indebtedness for Foreclosure Sales in States without Statutory Bid Requirements .. 118 Table 10: Credit to Indebtedness for Foreclosure Sales in States with Statutory Bid Requirements .. 118 Table 11: Calculations Used for Determining Gross Claim Amount for Terminated loan 119 Table 12: Timeframe for Reporting Basic Claim Event for Refunded loan Claims.

10 121 Table 13: Detailed Claims Data Reporting Requirements .. 11 Table 14: Event Summary .. 38 Table 15: Non-Claim Event Data Elements and Post-Audit Documents .. 43 Table 16: Other Significant Events .. 76 Table 17: Post-Audit Document 77 Table 18: Information in VA Contact Information Report .. 83 Table 19: Information in Refund Status 84 Table 20: Information in Reconveyance Status Report .. 84 Table 21: Information in Bill of Collections and Offsets 85 Table 22: BOC Line Item Data in Bill of Collections Status and Offsets 86 Table 23: Cash Receipt Data in Bill of Collections Status and Offsets Report .. 86 Table 24: Offset Data in Bill of Collections Status and Offsets Report .. 87 Table 25: Information in Appeal Status Report .. 87 Table 26: Information in Post-Audit Selections and Results 88 Table 27: Disallowed Details in Post-Audit Selections and Results Report.