From the Source: Matt Tully on the Shutdown of VASP
Sagent Chief Compliance Officer Matt Tully recently shared insights with HousingWire about the shutdown of VASP — the U.S. Department of Veterans Affairs (VA) move to end the Veteran Affairs Servicing Purchase program. He focused on the challenges servicers could face implementing the changes, but also presented a solution that applies across agencies and investors. See his quote below and read the full article here.
Industry reactions to the document’s provisions were mixed. Matt Tully, chief compliance officer at Sagent, said the VA’s decision to end VASP is a reflection of current market realities.
“The VASP Program was launched in an environment of higher interest rates,” Tully said.
“The challenge for servicers will be implementing the changes to the VA loss-mitigation waterfall quickly and seamlessly.”
Since VASP is a program that was implemented less than a year ago, Tully called it “the last in a long line of loss mitigation options offered by the VA.” He added that servicers with real-time data access can be “more agile at getting up to speed with the all the recent updates to the loss mitigation options available to homeowners, at the VA and beyond.”
Staying informed about regulatory changes and policy shifts allows mortgage servicers to move quickly and implement changes during a hectic time. Our CCO Matt Tully has his finger on the pulse in DC + across the regulatory landscape, and regularly offers Sagent customers — and the media — insights based on his expertise and experience.
If you’re looking for servicing technology that helps you prioritize compliance while reducing costs and building long-term homeowner relationships, take a look at our end-to-end platform, Dara which includes Core, Default, and Consumer servicing solutions. Or just hit us up below!