The Department of Veterans Affairs and Black Knight Financial Services have renewed their contract to extend VA’s use of a web-based reporting application the company designed to help the department evaluate mortgage loans.
The VA Loan Electronic Reporting Interface app works to help department personnel communicate with loan servicers and access reports on delinquent borrowers, loan modifications and approved repayment plan requests, Black Knight said Thursday.
The VA also tracks more than 2.5 million guaranteed loans with the app, according to Black Knight.
“VALERI has helped us to deliver on our mission to veterans and servicemembers, linking VA with servicers to help ensure veterans receive every possible opportunity to retain their homes, or offer them options to exit home ownership with dignity,” said Michael Frueh, director of VA’s loan guaranty program.
Frueh added that the system has helped at least 530,000 veterans, active-duty service members and their families apply for loans since 2008.
“We are committed to working with the VA to help reduce costs and simplify servicer interactions,” said Joe Nackashi, president of Black Knight Financial Services’ servicing technologies division.