View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
2900-0521
ICR Reference No:
200708-2900-025
Status:
Historical Active
Previous ICR Reference No:
200409-2900-002
Agency/Subagency:
VA
Agency Tracking No:
2900-0521
Title:
Credit Underwriting Standards and Procedures for Processing VA Guaranteed Loans
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
03/05/2008
Retrieve Notice of Action (NOA)
Date Received in OIRA:
12/06/2007
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2011
36 Months From Approved
03/31/2008
Responses
400,000
0
650,000
Time Burden (Hours)
75,000
0
125,000
Cost Burden (Dollars)
0
0
0
Abstract:
VA has set forth at 38 CFR 36.4337 credit standards to be used by lenders in underwriting VA guaranteed loans. The standards require lenders to collect certain specific information concerning the veteran and the veteran's credit history.
Authorizing Statute(s):
US Code:
38 USC 3710
Name of Law: Housing and Small Business Loans
US Code:
38 USC 3702(c)
Name of Law: Basic entitlement
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
72 FR 181
09/19/2007
30-day Notice:
Federal Register Citation:
Citation Date:
72 FR 230
11/30/2007
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Credit Underwriting Standards and Procedures for Processing VA Guaranteed Loans
26-1820, 26-8497, 26-8947A
Report and Certification of Loan Disbursement
,
Request for Verification of Employment
,
Request for Verification of Deposit
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
400,000
650,000
0
0
-250,000
0
Annual Time Burden (Hours)
75,000
125,000
0
0
-50,000
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The estimated annual burden being claimed is 75,000 hours. The decrease of 50,000 hours is due to a decrease in the number of VA loans guaranteed and the increased use of alternative documentation. The information collections contained in 38 CFR 36.4337 are consistent with prevailing industry practices and are not unique to VA.
Annual Cost to Federal Government:
$1,471,500
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Uncollected
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Denise McLamb 202-565-8374 denise.mclamb@mail.va.gov
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
12/06/2007
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