#United States #Virginia Beach #LoanCare #VA Program #mortgage subservicer

LoanCare Takes Initiative for VA Partial Claim Program

LoanCare®, a renowned name in the mortgage subservicing industry, has officially announced its readiness to launch the Department of Veterans Affairs' (VA) Partial Claim Program. As one of the first subservicers to embrace this initiative, LoanCare aims to provide essential support to veterans experiencing financial difficulties. This innovative program is designed specifically to assist veterans in avoiding foreclosure, allowing them to maintain their homes during tough financial times.

The VA Partial Claim Program Explained

The VA Partial Claim Program is a strategic response to support veterans who are struggling with financial hardships. It allows eligible veterans who are in default on their loans to collaborate with their mortgage servicers. These veterans can enter a three-month trial payment plan. If the program is successfully completed, the overdue amount will be covered by the servicer, with reimbursement provided by the VA. This framework ensures that veterans can regain their footing financially and avoid the heartbreak of losing their homes. The reimbursement process engages the VA to recoup the advanced funds once the loan is fully paid, refinanced, or when the property is sold.

LoanCare’s Commitment to Readiness

With a go-live date set for November 28, 2026, LoanCare has diligently completed all necessary preparations, including operational, technological, and training initiatives. By being among the first in the industry to implement this program, LoanCare positions itself to offer immediate assistance to its clients who serve veteran communities.

Key Benefits of Early Implementation

LoanCare's proactive approach to this program brings immediate opportunities for its clients:

• - New options for veteran customers: The program offers paths for eligible, delinquent VA customers to attain payment relief.
• - Cost Efficiency: By facilitating this program, LoanCare can reduce the costs associated with extended default servicing activities.
• - Accelerated Delinquency Resolution: The initiative allows for a quicker resolution of delinquent accounts, which can significantly enhance portfolio performance.
• - Adaptability to Requirements: LoanCare’s readiness to implement evolving investor and agency demands signifies its commitment to operational excellence.

A Message from LoanCare’s Leadership

Dave Worrall, president of LoanCare, emphasizes the importance of this program, stating, "The VA Partial Claim Program gives eligible veterans another opportunity to overcome financial hardship and remain in their homes. We’re proud to be among the first subservicers to deliver this solution. Our readiness reflects our commitment to responding quickly to changing requirements and helping our clients achieve meaningful outcomes for the veteran customers they serve."

About LoanCare

With over 40 years of experience, LoanCare is a leader in providing full-service mortgage loan subservicing solutions, including specialized services and personalized retention marketing. The company prides itself on fostering an exceptional customer experience and is backed by the advanced LoanCare Analytics™ platform, which swiftly identifies risks and opportunities to facilitate informed decision-making. As a part of Fidelity National Financial (NYSE FNF), LoanCare’s reputation for excellence in the mortgage industry is well-established.

For further insights into LoanCare's offerings and their dedication to serving veterans, visit their official website at www.loancareservicing.com.