The MBA and HPC also urged ongoing meetings with the VA to address outstanding technical and operational details around loss mitigation processes and servicing transfers under VASP.
“Frequent and ongoing communication with all relevant parties is essential to ensuring veterans receive timely assistance,” the groups stated.
They further recommended the VA extend its voluntary foreclosure moratorium for VASP-eligible borrowers until the new program’s effective launch date.
“A properly structured and implemented VASP is a welcome addition to the VA’s loss mitigation toolkit to help Veterans in today’s interest rate environment,” the MBA and HPC concluded. “To successfully provide the relief needed and communicate effectively with veterans, we urge you to consider this request as time is of the essence.”
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
