VA Renews VALERI Contract With Black Knight – NMP Skip to main content

VA Renews VALERI Contract With Black Knight

NationalMortgageProfessional.com
Jul 16, 2014

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.
Published
Jul 16, 2014
Markets Anxious As Fed Opens 2-Day Meeting

Investors, mortgage brokers & bankers await latest policy statement on fighting inflation

Regulation and Compliance
Jan 25, 2022
Ginnie Mae Streamlines FHA Advanced Loan Modification program

Documentation changes eliminate requirements for recordation and title insurance.

Regulation and Compliance
Jan 24, 2022
'A Long Road To Normal'

Nominated again to lead The Fed, Powell tells Senate committee to expect three rate hikes, but 'if we have to raise interest rates more over time, we will.'

Regulation and Compliance
Jan 11, 2022
CFPB: Complaint Response Worsens At Big 3 Credit Bureaus

Report claims Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors.

Regulation and Compliance
Jan 10, 2022
The Fed Names Chairs, Deputy Chairs For 12 Reserve Banks

In recent years, the Federal Reserve System has worked to increase the overall diversity of the Reserve Bank and branch boards of directors and continues to build on those efforts.

Regulation and Compliance
Jan 06, 2022
The Fed: Rate Hike Likely Coming in June

Federal Open Market Committee's December minutes reveal discussion of first hike in federal funds rate in 2Q of 2022, as well as of ending asset purchases by March.

Regulation and Compliance
Jan 05, 2022