Both lenders and veterans are finding VA Home Loan approval to be increasingly user-friendly. Information technology has streamlined the VA Home Loan process.
Both lenders and veterans are finding VA Home Loan approval to be increasingly user-friendly. Information technology has streamlined the VA Home Loan process.
For example, veterans may no longer need to obtain their own VA Certificate of Eligibility prior to contacting a lender; lenders can access the VA's online Automated Certificate of Eligibility (ACE) system and obtain the certificate for the veteran, many times within seconds.
VA lenders also have authority to process and approve veterans' loan applications. Lenders can order appraisals online, review and determine the appraised value of the property, electronically submit information the VA needs, and receive the guaranty electronically within 24 hours.
The VA has upgraded its loan servicing through a new web-enabled "smart" system called VALERI (VA Loan Electronic Reporting Interface). Standardized servicing criteria and instant access to acquisition and claim payment status make it easier to communicate with the VA, and when necessary, helping veterans to avoid foreclosure due to financial difficulty.
