VA Embraces Electronic Reports.

Washington -- In cooperation with Fidelity National Information Services Inc., Jacksonville, Fla., the Department of Veteran Affairs launched the VA Loan Electronic Reporting Interface, an online tool created to instantly connect lenders, servicers, portfolio investors and vendors while adapting fully revised mortgage compliance requirements.

VA said the project redesigned virtually all of VA loan servicing regulations, processes and reporting requirements. "The new regulatory environment is being implemented through process changes, organizational changes, and a new application service that replaces our current loan servicing system."

VALERI is credited by its creators as a regulatory revision tool that has "transformed VA's role from supplemental servicer to servicing oversight, resulting in increased reporting requirements for mortgage clients" and avoiding manual transmission of data.

According to deputy director of VA Loan Guaranty Service, Dick Fyne, the new technology will help improve services offered to veterans as well as the mortgage servicing industry at a lower cost to the government. "The VALERI application service was designed to support the largest regulatory revision in the history of VA's home loan program," Mr. Fyne said.

VALERI will serve as a reporting application for mortgage servicers based on Fidelity's FIS Desktop. It allows users to report significant events either through their servicing system or a VALERI user interface. Besides lowering processing costs, the paperless structure makes compliance to required servicer VA reporting highly time efficient. It also helps improve workflow, document management and process automation level.

VALERI was introduced at the Mortgage Bankers Association's National Mortgage Serciving Conference in New Orleans in February.

The new VA servicing redesign update and the phased-in approach to the implementation of the new platform, panelists said, will help simplify the ...