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The frustration level of applying for a VA home loan just may be going down.
Paperwork! When we think about anything (especially the VA home loan process) that involves any level of government, one of the first things that comes to mind is the incredible amount of paperwork that it takes to get anything done. Not only do we have to fill out numerous forms, we have to fill them out numerous times – depending on the branch of government that oversees your particular need. It seems like something could be done to simplify this process! VALERI! The Veterans Administration has been working on a project that addresses this mountain of paper. It started with the ACE (Automated Certificate of Eligibility) system. Many qualified lenders can obtain your certificate for you through this Internet based system. However, the best is yet to come. In November of this year, the department is implementing a new automated system called VALERI (VA Loan Electronic Reporting Interface). This new system addresses virtually all the loan servicing regulations, processes, and reporting requirements. Not only will it facilitate faster processing of applications, it also assists the VA in tracking the status of their guaranteed loans. The lenders will also have access to better information in processing loan applications. One of the best features is a Veterans Information Portal. This portal provides the veteran with a central Internet location to check on all the items of interest to them. Who said you can't teach an old dog new tricks? |
