Jul 19, 2013 at 7:52 PM
Fri, 7:52 PM
VA-Guaranteed Loans Continue to Lead Mortgage Industry in Key Foreclosure Indicator
FROM Curt Coy TO 1 recipient
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.
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