MBA's President and CEO Bob Broeksmit, CMB, released the following statement on the Department of Veterans Affairs’ release of its partial claim program and updated loss mitigation waterfall:

“MBA applauds the VA’s release of its partial claim program and updated loss mitigation waterfall, following a collaborative stakeholder feedback process that helped strengthen the proposed policies.

“We are pleased to see that veteran homeowners will have access to a key loss mitigation option available to other borrowers with government-backed mortgages, that can allow veterans to remain in their homes without increasing their monthly payments.

“After actively engaging in the legislative and policy efforts behind this important change, we will continue working with the VA and our servicer members to support implementation. Activating this new loss mitigation option will require servicers to update systems, modify processes, and train staff, and we appreciate the VA’s recognition of these implementation challenges by providing a 180-day timeframe. Our members are committed to implementing these changes as quickly as possible to ensure veteran homeowners can benefit from this important new tool.”