The Secretary may contract out servicing and require quarterly statements
What the document says“The Secretary may enter into a contract with an appropriate entity for the service of a partial claim made by the Secretary under this section. Any such contract shall provide that such entity shall provide quarterly statements to the holder of the loan for which the Secretary makes the partial claim.”
The Secretary of Veterans Affairs may hire an outside entity to service a partial claim. Any such contract has to require that entity to send the loan holder a statement every quarter.
What the document actually says“The Secretary may enter into a contract with an appropriate entity for the service of a partial claim made by the Secretary under this section. Any such contract shall provide that such entity shall provide quarterly statements to the holder of the loan for which the Secretary makes the partial claim.”
The VA can hire a firm to look after the claim. The firm must send the lender a report four times a year.
Looking after the claim means keeping the books and taking payments. The rule about reports must be in the deal.
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