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Colleagues and Fellow Veterans:
We all know that employers want employees who are trustworthy, hard-working, reliable, dependable etc. We also know that typically Veterans possess these characteristics.
Data
supports the fact that Veterans using the VA-guaranteed home loan
program have the lowest foreclosure rate, just one more example that
Veterans have the qualities employers are seeking.
According
to the Mortgage Bankers Association’s (MBA) National Delinquency Survey
for the 1st Quarter of 2013, VA-guaranteed loans have now held the
lowest foreclosure rate (1.98%) in the mortgage industry in every
quarter for the past five years. VA’s foreclosure rate continues to beat
that of even prime loans (2.47%) -- those loans with the most stringent
credit and underwriting requirements.
Additionally,
VA’s seriously delinquent rate (4.15%) improved for the fifth straight
quarter and trails prime loans (4.05%) by 0.1%. (Seriously delinquent
loans are those defined as being 90+ days delinquent or in the process
of foreclosure).
A
key contributor to VA retaining the lowest foreclosure rate over the
last five years is its loan servicing efforts. VA and its partnering
loan servicers review all home loans during default to ensure that all
appropriate home retention options have been explored. An overview of
these options can be found here: http://www.benefits.va.gov/homeloans/documents/docs/foreclosure_avoidance_fact_sheet.pdf. The
VA Loan Electronic Reporting Interface (VALERI) has helped facilitate
these efforts, providing a paperless intelligent workflow system that
allows VA to track and capture data on every one of its guaranteed
loans.
The
National Delinquency Survey is based on a sample of approximately 41
million mortgage loans representing about 88% of the outstanding
first-lien mortgages in the market. It contains delinquency and
foreclosure measures broken out into loan type (prime, subprime, VA and
FHA), as well as by geographic locations.
V/R
Curtis L. Coy
Deputy Under Secretary for Economic Opportunity
Veterans Benefits Administration
U.S. Department of Veterans Affairs
Washington, DC 20420
Deputy Under Secretary for Economic Opportunity
Veterans Benefits Administration
U.S. Department of Veterans Affairs
Washington, DC 20420
Note: We apologize in advance if we are unable to respond directly to your questions, however please visit http://www.benefits.va.gov/homeloans/ to learn more about VA’s home loan program.
Please Remember:
· If you would like to review prior messages sent through this listserv, click http://benefits.va.gov/vow/economic_opportunity.htm.
· If
you would like to research, find, access, and, in time, manage your VA
benefits and personal information please visit and/or register at https://www.ebenefits.va.gov/ebenefits-portal/ebenefits.portal.
· If you are seeking employment in the federal government, particularly the VA, our VA for Vets high-tech tools, resources, and professional coaching services can help. Visit online at http://vaforvets.va.gov/Pages/default.aspx or contact a coach at 1-855-824-8387.
· If you would like to contact us about your VA education benefits
o You
can send us a secure email that will usually be answered within 48
hours or less. You can also search for answers to frequently asked
questions and register to be notified of any updates to the information.
This contact method is available 24 hours a day, 7 days a week and can
also be utilized worldwide. Click here to enter the "Ask A Question" site or here to review our frequently asked questions.
o You
can call 1-888-GIBILL-1 (1-888-442-4551). This line only accepts calls
from 7:00 AM - 7:00 PM central time Monday – Friday, though you are able
to schedule a call back from a Customer Service Representative.
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