VA memo

John,

See VA’s response below.  Please let me know if you need additional information

VA has continued to obtain information electronically via EDI (Electronic Data Interchange) from those servicers which have been able to utilize existing mainframe computers and (FTP) File Transfer Protocol from server to server, but the paper form has been necessary to obtain information from servicers without that capability.  However, VA has been developing a web-based service to allow all servicers to provide information electronically via the new VA Loan Electronic Reporting Interface (VALERI) that will be mandated by new rules.  VA originally published the proposed rules on February 18, 2005, and has spent the intervening time fine-tuning the service and the new rules in order to respond to comments from the public.  VA published a supplemental notice to clarify the new electronic reporting requirements and reopened the comment period on the proposed rules on November 27, 2006.  Following discussions with Mr. John Kraemer and others at OMB on the need to provide additional information and seek further public comment, VA published a second supplemental notice on June 1, 2007 and again reopened the comment period on the proposed rules.  The program office has completed its response to all comments from the public and appropriate revisions to the proposed rules, and the final package is presently with VA's Office of General Counsel for review.  It is anticipated that the final rules package will be coming to OMB very soon.