82 FR 30005 - Agency Information Collection Activity Under OMB Review: Credit Underwriting Standards and Procedures for Processing VA Guaranteed Loans

DEPARTMENT OF VETERANS AFFAIRS

Federal Register Volume 82, Issue 125 (June 30, 2017)

In compliance with the Paperwork Reduction Act (PRA) of 1995, this notice announces that the Veterans Benefits Administration, Department of Veterans Affairs, will submit the collection of information abstracted below to the Office of Management and Budget (OMB) for review and comment. The PRA submission describes the nature of the information collection and its expected cost and burden and it includes the actual data collection instrument.

[Federal Register Volume 82, Number 125 (Friday, June 30, 2017)]
[Notices]
[Pages 30005-30006]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-13728]


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DEPARTMENT OF VETERANS AFFAIRS

[OMB Control No. 2900-0521]


Agency Information Collection Activity Under OMB Review: Credit 
Underwriting Standards and Procedures for Processing VA Guaranteed 
Loans

AGENCY: Veterans Benefits Administration, Department of Veterans 
Affairs

ACTION: Notice.

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SUMMARY: In compliance with the Paperwork Reduction Act (PRA) of 1995, 
this notice announces that the Veterans Benefits Administration, 
Department of Veterans Affairs, will submit the collection of 
information abstracted below to the Office of Management and Budget 
(OMB) for review and comment. The PRA submission describes the nature 
of the information collection and its expected cost and burden and it 
includes the actual data collection instrument.

DATES: Written comments and recommendations on the proposed collection 
of information should be received on or before July 31, 2017.

ADDRESSES: Submit written comments on the collection of information 
through www.Regulations.gov, or to Office of Information and Regulatory 
Affairs, Office of Management and Budget, Attn: VA Desk Officer; 725 
17th St. NW., Washington, DC 20503 or sent through electronic mail to 
[email protected]. Please refer to ``OMB Control No. 2900-
0521'' in any correspondence.

FOR FURTHER INFORMATION CONTACT: Cynthia Harvey-Pryor, Enterprise 
Records Service (005R1B), Department of Veterans Affairs, 810 Vermont 
Avenue NW., Washington, DC 20420, (202) 461-5870 or email 
[email protected]. Please refer to ``OMB Control No. 2900-
0521.''

SUPPLEMENTARY INFORMATION: 
    Authority: Public Law 104-13; 44 U.S.C. 3501-21.
    Title: Credit Underwriting Standards and Procedures for Processing 
VA Guaranteed Loans (VA Form 26-1820, VA Form 26-8497, VA Form 26-
8497a).
    OMB Control Number: 2900-0521.
    Type of Review: Extension of an approved collection.
    Abstract: Lenders must obtain specific information concerning a 
veteran's credit history in order to properly underwrite the veteran's 
loan. VA loans may not be guaranteed unless the veteran is a 
satisfactory credit risk. The data collected on the following forms are 
used to ensure that applications for VA-guaranteed loans are 
underwritten in a reasonable and prudent manner.
    a. VA Form 26-1820 is completed by lenders closing VA-guaranteed 
and insured loans under the automatic or prior approval procedures.
    b. VA Form 26-8497 is used by lenders to verify a loan applicant's 
income and employment information when making guaranteed and insured 
loans. VA does not require the exclusive use of this form for 
verification purposes, any alternative verification document would be 
acceptable provided that all information requested on VA Form 26-8497 
is provided.
    c. Lenders making guaranteed and insured loans complete VA Form 26-
8497a to verify the applicant's deposits in banks and other savings 
institutions.
    An agency may not conduct or sponsor, and a person is not required 
to respond to a collection of information unless it displays a 
currently valid OMB control number. The Federal Register Notice with a 
60-day comment period soliciting comments on this collection of 
information was published at Vol. 82, No. 64, Wednesday, April 5, 2017, 
pages 16664 and 16665.
    Affected Public: Individuals or households.
    Estimated Annual Burden:

VA Form 26-1820 150,000 hours
VA From 26-8497 25,000 hours
VA Form 26-8497a 12,500 hours
    Estimated Average Burden per Respondent:

VA Form 26-1820 15 minutes
VA Form 26-8497 10 minutes
VA Form 26-8497a 5 minutes

    Frequency of Response: One time.
    Estimated Number of Respondents:

VA Form 26-1820 600,000
VA Form 26-8497 150,000
VA Form 26-8497a 150,000


[[Page 30006]]


    By direction of the Secretary.
Cynthia Harvey-Pryor,
Department Clearance Officer, Enterprise Records Service, Office of 
Quality and Compliance, Department of Veterans Affairs.
[FR Doc. 2017-13728 Filed 6-29-17; 8:45 am]
 BILLING CODE 8320-01-P