Fiscal Year 2005 Performance and Accountability Report Published November 15, 2005
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Strategic Objective 2.3: Home Purchase and Retention
Improve the ability of veterans to purchase and retain a home by meeting or exceeding lending industry standards for quality, timeliness, and foreclosure avoidance.
Performance Trend and Impact of FY 2005 Result
Performance Trend |
FY 2005 Impact |
Key Measure: Foreclosure Avoidance Through Servicing Ratio
| |
2001 |
40% |
2002 |
43% |
2003 |
45% |
2004 |
44% |
2005 Result |
48% |
2005 Plan |
47% |
2006 Plan |
47% |
Strategic Target |
47% |
|
This result, which measures the success of VA's intervention efforts to prevent foreclosure, means that veteran homeowners were in a better position to avoid foreclosures. |
Related Information
Major Management Challenges
Neither VA's Office of the Inspector General nor the Government Accountability Office identified any major management challenges related to this objective.
Program Evaluations
No independent program evaluations have been conducted recently that specifically address this objective.
Program Assessment Rating Tool (PART) Evaluation
In relation to this strategic objective, the Administration conducted a PART evaluation of VA's Loan Guaranty program during 2004, which resulted in a rating of "Results Not Demonstrated." Please see Summary Table 3 for more information.
New Policies and Procedures
VA will be implementing significant improvements in the management of defaults with emphasis on loan holders being compensated for foreclosure avoidance through loss mitigation.
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