MBA Letter to VA on VASP Implementation

2024 Comment Letters Government Lending Government Servicing Policy Issue Residential
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The Mortgage Bankers Association (MBA) and Housing Policy Council (HPC) welcome the Department of Veterans Affairs (VA) recent announcement of the Veterans Affairs Servicing Purchase (VASP) program, including the VA’s recognition that servicers require sufficient time to implement the program. Mortgage servicers are committed to the successful launch and long-term viability of the VASP program and realize its potential to help struggling Veterans. Achieving these goals and setting up an effective VASP program will require all stakeholders to execute a complex loss mitigation and servicing transfer process. We are concerned with the lack of information and guidance on how to do so.