The Department of Veterans Affairs is consolidating the applications for its home loan program into a single product line that will allow for improved data insights and transparency.
VA awarded Accenture Federal Services a one-year contract, worth up to $328 million with three one-year options, to build tailored applications that will modernize the Loan Guaranty (LGY) service.
The Office of Information Technology and LGY expect the program to become more responsive to veterans, other users and lenders while capitalizing on changes in mortgage industry data collection.
“We are collaborating with the VA and helping them to discover bold new solutions that serve veterans better than the commercial market by innovating and building an ecosystem that improves the veteran’s experience,” said Shawn Roman, VA client account lead for AFS, in the announcement. “By providing LGY with actionable visibility of the entire mortgage lifecycle, we are helping VA transform its veteran home loan experience.”
Veterans will be able to make better informed decisions concerning their home loans thanks to human-centered design and the incorporation of Mortgage Industry Standards Maintenance Organization datasets. Benefit deliveries to veterans will be automated.
The contract builds on AFS’s work since 2017 modernizing the VA Loan Electronic Reporting Interface-Redesign (VALERI-R) system for monitoring and managing millions of home loans. VALERI-R tells veterans when they may default or foreclose on their loan to mitigate home losses.
AFS will continue to improve the VALERI-R platform.