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VA Revamping Servicing Ops.(Department of Veteran Affairs's loan guarantee program)
The Department of Veteran Affairs is revamping its mortgage servicing operations and it has awarded a five-year $10.8 million contract for an automated loan servicing information system.
This new technology will make it easier to monitor servicers and the performance of VA loans, according to Keith Pedigo, director of VA's loan guaranty program.
"It is really an amazing leap forward for us in terms of our capability," he said.
Over the next 12 months VA plans to issue final regulations that delegate more responsibilities to VA loan servicers, especially in the area of loss mitigation.
At the same time, VA has contracted with Creative Computer Solutions Inc., Bethesda, Md., to provide a new system that will automate the flow of servicing data on VA loans.
The contract calls for Fidelity National Financial, Jacksonville, Fla., to provide the servicing system, which is customized to meet VA's specifications.
Six of the top 10 mortgage servicers use Fidelity systems, which were developed by Alltel. Fidelity acquired Alltel in early 2003.
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Source: HighBeam Research, VA Revamping Servicing Ops.(Department of Veteran Affairs's loan...