Client Bulletin: May 19, 2025
Regarding the VASP Winddown
As you likely know already, the VA announced on April 23, 2025 that it would roll back the Veterans Affairs Servicing Purchase Program (or VASP), effective May 1, 2025.
Cenlar quickly responded to the announcement, made in VA circular 26-25-2. To plan for the truncated timeline, Cenlar made the following changes in advance of the effective date:
- To ensure the VA reviews and responds to all VASP submissions, Cenlar discontinued reviewing for VASP on April 25, 2025. Typical VA submission response timelines are 2 to 3 days.
- Any loans approved for VASP before May 1, 2025 had the approval communicated to the homeowner.
- Any loan not receiving VA approval before the May 1, 2025 recission date was re-evaluated under the remaining loss mitigation options within Chapter 5. Cenlar has already updated the VA loss mitigation waterfall to remove the VASP program and reflect the waterfall outlined in Chapter 5.
- For any loans that were approved for a VASP Trial Payment Plan (TPP), Cenlar will continue to monitor the TPP and upon successful completion submit for certification to ensure VA purchase process steps.
We appreciate your partnership as the industry continues to navigate the effects from the winddown of VASP.
If you have any questions, please contact your client manager.
We’re Enjoying Springtime in NYC. Are You?
Members of the Cenlar executive team, including President and CEO David Schneider and Chief Banking and Capital Markets Officer JB Long, are in New York City this week for the Mortgage Bankers Association’s Secondary and Capital Markets Conference. We’re thrilled to have the opportunity to meet face-to-face with so many of our client partners.
If you’re in town and haven’t scheduled time with us yet, we’d still love to get together. You can book something by clicking here.
If you’re not in NYC and we haven’t met up in a while, we always love the chance to gather in-person and learn more about your business needs. Reach out to your client manager, and we’ll get something scheduled. We’re looking forward to catching up soon!
Memorial Day Observance
Cenlar will be closed on Monday, May 26 in observance of Memorial Day. Any files received on Monday, May 26 will be processed the night of Tuesday, May 27. Output will be available the morning of Wednesday, May 28.
Looking for Something? Where to Find Essential Information
We want to help you access essential information quickly and efficiently. Our goal is to empower you to address basic requests independently, without the need to submit tickets or make phone calls.
See below to see where to obtain the information that is most important to you:
- Billing and Tax statements – Global Teller
- Cenlar generated letters – Global Teller
- Insurance related documents – META mailroom cabinet
- Recorded assignments & Title policies – META Satisfactions cabinet
- Loan boarding documents – META New Loans cabinet
- Loss Mitigation Final Modification package – META Loss Mitigation cabinet
- Appraisal, BPO and Valuations – META Valuation Services cabinet
- Property Preservation Inspection/Invoice – META Default Application cabinet
- Foreclosure Chronology and Deed – META Default Application cabinet
- Bankruptcy documents (Proof of Claim, Notice of final cure) – META Default Application cabinet
If you have any questions, please reach out to your client management team.