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.