The Department of Veteran Affairs is streamlining how mortgage lenders can submit loan information, moving from documents being sent via email to a newly released platform.
The new medium for information submission is called Program Participant Management (PPM) System, which can now be used by lenders in the VA program, the department announced in early December.
Mortgage companies can use the self-service portal for the completion of lender maintenance tasks including submitting underwriter, staff appraisal reviewer and agent recognition applications, annual renewals and validations of lender information and keeping lender information current.
Prior to the
John Bell III, executive director of the VA's Loan Guaranty Service, highlighted in a LinkedIn post that this is "another technological innovation led" by his department. "This will enhance the stakeholder experience by allowing lenders to utilize self service for many of the administrative duties," he wrote.Other recent VA innovations include the Loan Electronic Reporting Interface and the Loan Review API, which allows lenders to directly submit a loan from an LOS to the VA, the department's director said.
The department kicked off its move to modernize technologies related to its loan guaranty system a few years ago.
Bell, in a
As such, standardizing data processing and management across the entire home loan process was a priority, he said.
"It is all about transparency. It is about understanding how the stakeholders, lender servicers and appraisers provide value to the transaction — how they are performing versus the competition — so that veterans can understand how those stakeholders perform," Bell said to the publication two years prior. "From an educational standpoint, making sure they have milestones throughout that lifecycle of the loan to let them know what's next, what do I do to get to the next step, and what does this step mean? And that's not available in the industry right now."
