MBA Sends Letter to VA on Proposed Partial Claim, Loss Mitigation Changes

The Mortgage Bankers Association on March 11 sent a letter to the Department of Veterans Affairs on its proposed policies establishing a partial claim option and changing the VA’s loss mitigation waterfall.

The changes are part of the VA Home Loan Program Reform Act, passed into law last year with MBA support.

MBA provided a number of suggestions to ensure that the loss mitigation waterfall works for both veterans and lenders, and to clarify ambiguity and effectuate the purpose of the VA partial claim program. MBA also suggested that the VA substantially increase the time allowed for servicers to implement the changes.

Click here or read the full letter below