Regulator of septin dynamics; involved in the regulation of septin dynamics at bud neck after mitotic entry, likely by stabilizing septin structure; regulated at post-translational level by cell cycle dependent phosphorylation; likely phosphorylated by Cdc28p and dephosphorylated by Cdc14p before cytokinesis; high-copy suppressor of synthetic lethality of sis2 sit4 double mutant; VHS2 has a paralog, MLF3, that arose from the whole genome duplication