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Black Knight Financial Services announced that the Department of Veterans Affairs (VA) signed a contract renewal for the Web-based reporting application “Veterans Affairs’ Loan Electronic Reporting Interface” (VALERI), which the VA has used since 2007. VALERI is built upon Black Knight’s Process Management technology, a highly efficient workflow, imaging and communication management system that provides real-time connectivity between lenders, service providers, vendors and portfolio investors.
VALERI enables mortgage servicers to report “significant events,” through either the servicing system or the servicer’s Web portal user-interface within VALERI, eliminating many processes that were previously done manually, as well as email and verbal reporting for both the servicer and VA.
Significant events may include when a borrower becomes delinquent on a loan, when a loan modification is complete or when a repayment plan is approved.
Since implementing VALERI in 2007, Black Knight has made multiple enhancements to its servicing systems, including enhancements that support the Servicemembers Civil Relief Act (SCRA) and the Helping Heroes Keep Their Homes Act of 2010. VA technicians flag loans to help servicers further identify and process protected loans with greater ease and confidence. SCRA prohibits mortgage servicers from foreclosing or seizing property from active-duty military personnel unable to meet their mortgage obligations. The protection from foreclosure lasts up to nine months after active duty has ended, and service members also qualify for interest rate limits and other shields under the law.
“VALERI allows us to establish clear, standardized business rules, which ensure that every veteran borrower receives every possible opportunity to retain their home, or exit home ownership with dignity. Since implementing this technology, VALERI has enabled servicers and VA to help more than 380,000 veterans and service members avoid foreclosure, saving taxpayers more than $12 billion,” said Michael J. Frueh, Director of the U.S. Department of Veterans Affairs Home Loan program. “We appreciate Black Knight’s commitment to ensuring this technology meets our requirements and supports our mission to help veteran homeowners.”
“Historically, the black knight, for which our company is named, is known for helping people, and we are honored to have the opportunity to continue to work with the VA to help our veterans by delivering, supporting and enhancing this comprehensive technology,” said Joe Nackashi, chief information officer and president of the Servicing and Default Technologies division of Black Knight Financial Services.
