Black Knight Financial Services says the U.S. Department of Veterans Affairs (VA) has signed a contract renewal for the company's Web-based reporting application ‘Veterans Affairs' Loan Electronic Reporting Interface’ (VALERI).
VALERI, which the VA has used since 2007, is built upon Black Knight's Desktop Process Management technology, a 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, Black Knight explains.
‘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,’ comments Michael J. Frueh, director of the VA's 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,’ says Joe Nackashi, chief information officer and president of the servicing and default technologies division of Black Knight.