The U.S. Department of Veterans Affairs (VA) has officially launched its Web-based reporting application for mortgage servicers – Veterans Affairs' Loan Electronic Reporting Interface (VALERI). Fidelity National Information Services (FIS) developed VALERI in collaboration with VA.
FIS explains that VALERI is built upon the FIS Desktop, a workflow-, imaging-, expense- and communication-management system that provides real-time connectivity among lenders, service providers, vendors and portfolio investors.
The system enables mortgage servicers to report significant events through either the servicing system or the servicer's Web portal user-interface within VALERI, eliminating many manual processes, as well as paper, facsimile, e-mail and verbal reporting for both the servicer and VA. Significant events – which are defined as events that must be reported in order to maintain compliance with VA's regulations – include the sale of VA-guaranteed loans, the completion of a loan modification, or the approval of a repayment plan.
VA and FIS will continue to transition servicers onto the VALERI platform through November.
