Black Knight Financial Services announced Thursday that it is extending its contract with the Department of Veterans Affairs to provide a reporting application for VA-insured mortgages.
The program, called the VA Loan Electronic Reporting Interface, has been in use since 2008, Black Knight said in a release. According to Black Knight, the VALERI program currently monitors information on more than 2.5 million VA-guaranteed loans, and enables servicers and the VA to work together to assist borrowers.
“With VALERI, the VA has been able to help more than 530,000 veterans, active-duty service members and their families from losing their VA-guaranteed home loans to foreclosure since the application went live in 2008,” Black Knight said in a release.
According to Black Knight, with the VALERI system, servicers can report significant events through their servicing systems or via a web-portal user interface within the application, which helps eliminate manual processes, including email and verbal reporting, for both the servicer and the VA.
The events reported though VALERI 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 said.
According to Michael Frueh, director of the U.S. Department of Veterans Affairs loan guaranty program, the VALERI program helps the VA keep veteran borrowers in their homes.
“VALERI has helped us to deliver on our mission to veterans and service members, linking VA with servicers to help ensure veterans receive every possible opportunity to retain their homes, or offer them options to exit home ownership with dignity,” Frueh said.
Joe Nackashi, president of the servicing technologies division of Black Knight, said that the company is “proud” of its relationship with the VA.
“We are proud to offer an application that is used to help veterans and service members, and we will continue to invest in our technology that supports the servicing of their loans,” Nackashi said.
“VALERI delivers a highly efficient solution for servicers to work together with the VA, and provide borrowers with the best options available,” Nackashi added. “We are committed to working with the VA to help reduce costs and simplify servicer interactions.”