VA revised chapter 9 of the Servicer Handbook (M26-4). Sections 9.02, 9.03, 9.04(b), 9.05, 9.06, 9.08, and 9.09 were updated as follows:
- 9.02 to clarify lien position qualifications;
- 9.03 to clarify the claim event used to file a Traditional VA Purchase (tVAP) claim;
- 9.04(b) to clarify the requirement for servicers to confirm obligors are willing and able to execute the VA Servicing Purchase (VASP) loan modification;
- 9.05 to clarify the VASP payoff amount;
- 9.06 to clarify the 15-calendar day requirement for servicers to provide a written Trial Payment Plan (TPP) agreement to the borrower;
- 9.07 to clarify the reporting timeframe for VASP Events and the requirement for servicers to confirm the borrower agrees to sign the modification agreement was also removed from the VASP with No TPP Event details;
- 9.08 to state VA will not issue appeals or supplemental claim payments after VASP payment has been issued, to correct the report title to monitor VASP payments, and to add clarity related to the modification agreement and the timeframe to establish the first monthly payment was also updated to reference the VASP event acceptance; and
- 9.09 to reflect a 122-day timeframe for a standard servicing transfer.
The revisions went into effect August 12, 2024.
Click to view the VA Transmittal of Change 11 to M26-4, VA Servicer Handbook (08-12-24): https://www.tenaco.com/wp-content/uploads/2024/08/VA-Transmittal-of-Change-11-to-M26-4-VA-Servicer-Handbook-08-12-24.pdf
Click to view the VA Transmittal of Change 11 to M26-4, VA Servicer Handbook (08-13-24): https://www.tenaco.com/wp-content/uploads/2024/08/VA-Transmittal-of-Change-11-to-M26-4-VA-Servicer-Handbook-08-13-24.pdf
