AISLE Submits Letter to VA with Feedback on VASP Program, Urges Consideration of Key Concerns1/17/2024
AISLE submitted a letter to the U.S. Department of Veterans Affairs (VA) on the VA Servicing Purchase Program (VASP) and offered suggested recommendations for consideration. Per the VA Press Release published in November 2023, VASP will allow VA to purchase defaulted VA loans from mortgage servicers, modify the loans, and then place them in the VA-owned portfolio as direct loans.
AISLE’s recommendations were based on the intent to assist Servicers and Borrowers once the program is published. Specifically, requesting tools for mortgage servicers to successfully implement the program once published. Having additional tools once the program is published will ensure a smooth implementation for both Borrowers and Servicers. Below, you will find some of the recommendations for consideration that were referenced: • Requested the Agency allow mortgage servicers ample time to implement the new program, including recommendations of the following:
• AISLE offered data and general feedback on the note rate, which creates a sustainable monthly payment. Members can click here to request a PDF copy of the full letter. Comments are closed.
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