MIAMI–The Department of Veterans Affairs (VA) has introduced major changes to its loan guaranty platform.
Announced during its Annual Lenders Conference here, the initial stages of the redesign of the VA Loan Electronic Reporting Interface (VALERI) began late last year. According to John Bell III, Deputy Director of the VA Loan Guaranty Service, the VA’s vision is an “end-to-end solution” that will enable enhanced performance monitoring throughout the entire loan process.
“Modernization is necessary to remain a competitive and effective industry leader within the housing finance environment,” Bell told the meeting.
During the redesign, according to Bell, VALERI will transition from an outsourced platform to a commercial-off-the-shelf (COTS) salesforce solution, integrating loan origination, property valuation and mortgage servicing into one platform. The VA said it will also overhaul the current platform’s lack of automation as well as embedded communication and information exchange delays.
This new approach will create “an integrated customer service approach” that will extend to all stakeholders, including lenders, servicers and appraisers, according to Bell.
The VA said it plans to begin changes to the loan guaranty process as early as this October and the entire redesign is scheduled for completion by the end of 2019.