U.S. Department of Veterans Affairs Renews Contract for Black Knight's Mortgage Reporting Application
- Black Knight developed the VA Loan Electronic Reporting Interface (VALERI) application for the U.S. Department of Veterans Affairs (VA) and the product was launched in 2008.
- VALERI supports the VA's mission to ensure veteran borrowers receive every opportunity to retain their home or avoid foreclosure.
- VALERI helps the VA communicate with servicers of VA-guaranteed loans on a daily basis.
- VALERI monitors current 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 servicemembers and their families from losing their VA-guaranteed home loans to foreclosure since the application went live in 2008.
JACKSONVILLE, Fla., July 21, 2016 /PRNewswire/ -- Black Knight Financial Services, Inc. (NYSE: BKFS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, announced today that the U.S. Department of Veterans Affairs (VA) signed a contract to renew its use of the VA Loan Electronic Reporting Interface (VALERI). VALERI is a Web-based reporting application developed for the VA by Black Knight that the VA has used since 2008 to help track and monitor over 2.5 million VA-guaranteed loans.
With VALERI, servicers can report significant events through their servicing systems or via a Web-portal user interface within the application, helping to eliminate manual processes, including email and verbal reporting, for both the servicer and the VA. The significant 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.
"VALERI has helped us to deliver on our mission to veterans and servicemembers, 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," said Michael J. Frueh, director of the U.S. Department of Veterans Affairs Loan Guaranty Program. "We have used VALERI to help more than 530,000 veterans, active-duty service members and their families since we went live in 2008."
Since implementing VALERI in 2008, Black Knight has made multiple enhancements to its servicing systems that support the Servicemembers Civil Relief Act (SCRA) and the Helping Heroes Keep Their Homes Act of 2010, as well as VALERI. SCRA and the Helping Heroes Keep Their Homes Act provide protections to service members relating to mortgages and foreclosure.
"We are proud to offer an application that is used to help veterans and servicemembers, and we will continue to invest in our technology that supports the servicing of their loans," said Joe Nackashi, president of the Servicing Technologies division of Black Knight Financial Services. "VALERI delivers a highly efficient solution for servicers to work together with the VA, and provide borrowers with the best options available. We are committed to working with the VA to help reduce costs and simplify servicer interactions."
About Black Knight Financial Services, Inc. Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE: FNF) company, is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.
Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.
For more information: Michelle Kersch Black Knight Financial Services 904.854.5043 [email protected]