Veterans Affairs Servicing Purchase (VASP) Transfer Program – VASP Readiness Test

Managed by VRM Mortgage Services

Ready to Get Started?

Download our VASP Servicing Transfer Readiness Package:

The VASP Servicing Transfer Readiness Test is an opportunity where Servicers may perform a test transfer of data by preparing a file following the standards outlined in the VASP Servicing Transfer Instruction Package.

Click here to download the readiness package if you have not done so yet.

The VASP Servicing Transfer Readiness Test is an opportunity where Servicers may perform a test transfer of data by preparing a file following the standards outlined in the VASP Servicing Transfer Instruction Package. Please note that this is an initial test to help reduce testing time during the Transfer Project. Each Servicer will need to follow the Servicing Transfer Instructions, Data Standard Guidelines and Master Boarding Template as outlined in the Servicing Transfer Package. During the Transfer Project, additional communication and testing may be required.

The results of this a VASP Readiness Test does not guaranty the Servicers readiness in the future as changes between the VASP Readiness Test and the actual transfer (occurring during a Transfer Project) may find additional deficiencies by the Servicer using the master boarding file or requirements of the Servicing Transfer Instructions when submitting information on live loans.

Servicers wishing to participate in a test must do so within the available testing period only and must follow the guidelines specified for the test. Click here to download the Readiness Test Package.

VASP Readiness Testing Period is Open from 10/8/2024 – 10/15/2024

Use the form to submit your test request:

Join VRM Mortgage Services in making a difference for our veterans. Together, we can provide the
support they need to retain their homes and secure their futures.

Empowering Mortgage Servicers to Support Veterans

VRM Mortgage Services has been contracted by the Department of Veterans Affairs (VA) to facilitate the Veterans Affairs Servicing Purchase (VASP) Transfer Program. This initiative is designed to support Mortgage Servicers with the transition of guaranty loans that have been acquired by the VA as a wholly owned loan now determined to be VASP.

Understanding VASP: A Lifeline for Veterans

The VASP Program allows the VA to purchase delinquent loans from servicers through an expedited process, providing a lifeline to veteran borrowers on guaranty loans that meet the eligible criteria of the program.

As a Servicer, VA Servicing Purchase (VASP) is a last-resort option for keeping the borrower in their home when no other option can help the borrower avoid foreclosure. This is often referred to as the last option in the “Home Retention Waterfall.”

Before Considering VASP, Explore:

Repayment Plans
Special Forbearances
Other Loan Modifications

If these options will not work for the borrower’s situation, then as the Servicer you will review the required criteria for VASP to determine if the loan qualifies.

How is a VASP Servicing Transfer Different from a Normal Servicing Transfer?

Whenever possible a VASP Servicing Transfer will follow standards transfer activities but will differ when it is necessary for the loan program, timeline, or expectations of a wholly owned loan.

*Loss Mitigation – Given that the acquisition of the loan by the VA transitions the loan from a Guaranty Loan to a Portfolio (wholly-owned) loan, these loan programs do not have the same waterfall or default servicing behaviors of the Guaranty Loan Program. Portfolio Servicing cannot support any in-flight modifications or legal actions that may have been started by the Guaranty Servicer and thus must be closed out. This ensures the Transferee does not have compliance issues with CFPB regulations on Loss Mitigation Procedures as a result of Transfer (Reference: CFPB § 1024.41 Loss Mitigation Procedures)

Visit VRM University (VRMU) to access our on-demand VASP training modules. These optional trainings are designed to help you understand the VASP transfer process and are continually updated with new content.

Ready to Get Started?

Download our VASP Servicing Transfer Readiness Package: