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Welcome to the Veterans Affairs Servicing Purchase (VASP) Training Series
VA Home Loans
Welcome to the Veterans Affairs Servicing Purchase (VASP) Training Series
VA is excited to share important training materials covering the VASP program with loan servicers, and other industry stakeholders. This three-part self-guided video series is designed to answer key questions about VASP and help servicers correctly navigate the program to offer home retention options to eligible borrowers. All modules are now live and available for viewing in the window below.
About the VASP Program
The VASP program is an extension of VA’s purchase authority designed to assist Veterans who are most at risk of foreclosure and who cannot resolve their delinquency through other home retention and loss mitigation options. VASP is the last option in VA’s Home Retention Waterfall for loss mitigation. VASP has specific qualifying criteria, all of which must be met. The program is offered to a borrower based on the servicer’s review of all home retention options available and qualifying criteria. Borrowers do not apply for VASP. Instead, servicers determine eligibility after working with them through VA’s Home Retention Waterfall. This training is for servicers and loan professionals who will be working through the VA Home Retention Waterfall and determining borrower eligibility for the program.
Module 1: VA Home Retention Waterfall and VASP Criteria
An overview of the VA Home Retention Waterfall and the VASP program, including VASP qualifying criteria, and describes the process servicers follow when evaluating a borrower for home retention.
Module 2: VASP Events, Payment Process, and Loan Modification
This training discusses the role of the VASP events, the VASP payment process, VASP payoff statement and the VASP loan modification including the servicers' responsibilities with all three.
Module 3: Servicing Transfer Process
After VA certifies and issues a payment for VASP to the servicer, the servicing is transferred to VA’s contractor on behalf of VA. This training module reviews the Servicing Transfer Process between the transferring servicer and VA's contractor and steps required to be taken by the servicer during this process.
