Veterans Affairs Servicing Purchase (VASP) Transfer Program

Managed by VRM Mortgage Services

Ready to Get Started?

Download our VASP Servicing Transfer Instruction Package:

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 Instruction 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.

If you have not downloaded the VASP Servicing Transfer Instruction Package, please complete the above form.