“The Department of Veterans Affairs has embarked on a yearslong program to modernize its home loan guarantee process and streamline services through the creation of application programming interfaces (APIs) and accessible dashboards.”
“In an interview with GovernmentCIO Media & Research, Deputy Director of the VA Loan Guaranty Program John Bell III outlined the agency’s ultimate goals for one of its most widely used benefits programs.”
“Having released its “LGY” roadmap in third quarter 2021, VA is now creating the technical foundations necessary for large-scale reform of its home loan services. As outlined within the strategy, these include an emphasis on creating APIs for rapid sharing and transfer of necessary data between VA, customers and loan providers, as well as plans to align practices and technical capacities with those that have been implemented across private industry.”
“In describing the importance of these modernization efforts, Bell noted the increasing quantity of veterans who buy their homes through VA on an annual basis — a figure that has risen especially sharply over the past few years.”
“’In June 1944 near the end of World War II is when the original Servicemen Readjustment Act was passed. Since then, we have guaranteed 27 million loans to veterans. Over the past decade, our loan volume has grown tremendously and has risen over 600% in just the past six years,’ Bell said.”
“This has given even greater impetus to create the IT infrastructure to better accommodate this increasing demand for VA home loan services. One of the centerpieces of this will include standardizing data processing and management across the entire home loan process, an update VA plans to implement through following proven industry standards…” Read the full article here.
Source: VA Embarks on Long-Term Modernization of Home Loan Program – By Adam Patterson, January 3, 2022. GovernmentCIO.
