A bill that would give the Department of Veterans Affairs authority to establish a partial claims program awaits review by the Senate Committee on Veterans’ Affairs, after moving quickly through the House.
House Committee on Veterans’ Affairs Chair Mike Bost, R-IL, said the recent Supreme Court decision to overturn the Chevron doctrine should restore some checks and balances.
Mortgage servicers and agency officials speaking at the Mortgage Bankers Association’s recent annual convention shared their experiences implementing the new VASP loss-mitigation program.
Officials from the government agencies last week discussed plans to boost nonbank liquidity to ensure the entities can survive the next housing crisis.
Streamlining the adoption of new loss-mitigation programs ahead of deadlines can help servicers enhance their loan portfolios, according to a white paper from DLS Servicing Consultants.
The Mortgage Bankers Association and the Housing Policy Center have urged VA to extend the deadline to implement the Veterans Affairs Servicing Purchase loss-mitigation program though Dec. 31.
Servicers have until Oct. 1 to implement the new VA Servicing Purchase loss-mitigation program. Meanwhile, the House Committee on Veterans’ Affairs introduced legislation to authorize a VA partial-claim loss-mitigation option.
The Department of Veterans Affairs said the temporary pause will help fill the gap until servicers fully implement the Veterans Affairs Servicing Purchase home-retention program.
The VA said Wednesday it is “strongly” encouraging mortgage servicers to extend their pause of foreclosures for VA-guaranteed home loans through the end of this year.