VALERI Newsflash Provides Servicing Updates

Weiner Brodsky Kider PC
Contact

Weiner Brodsky Kider PC

A recent VALERI Newsflash was issued providing updated information on Adequacy of Servicing (AOS), Electronic Default Notice Events, Foreclosure Sale Scheduled Events, and E-Filing/Recording Fees.

As of July 1, 2020, as to AOS Requirements, “AOS cases generate daily until the monthly pool is depleted.” Servicers are to run an “AOS Action Required” report daily to ensure responses/documents are provided timely on all cases.

With regard to Electronic Default Notice (EDN) Events, when providing the VA with notice of a default event, servicers are reminded to provide a “Primary Reason for Default” in the applicable data field prior to the 61st day of delinquency. The Newsflash also reminds servicers that when entering information about a Foreclosure Sale Scheduled Event, either a Judicial or Non-Judicial foreclosure type must be selected because the system will not recognize the subsequent Basic Claim event without this information and a review claim process will not open.  Finally, as to E-Filing/Recording Fees, servicers are instructed to combine an e-filing or e-recording fee with the related item that was filed or recorded.  Recording these fees as a separate fee without the filed/recorded item on the Basic Claim will result in a denial.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Weiner Brodsky Kider PC | Attorney Advertising

Written by:

Weiner Brodsky Kider PC
Contact
more
less

Weiner Brodsky Kider PC on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.