View Information Collection Request (ICR) Package

OMB Control No: 2900-0515	ICR Reference No: 202007-2900-003
Status: Historical Active	Previous ICR Reference No: 199112-2900-003
Agency/Subagency: VA	Agency Tracking No: VBA-LGY-NK
Title: LOAN GUARANTY - MAINTENANCE OF LOAN RECORDS, ELIMINATION OF REFERENCE TO HUD MPS (MINIMUM PROPERTY STANDARDS - HUD HANDBOOK 4900.1) (38 CFR 36.4215 AND 36.4330)
Type of Information Collection: Reinstatement without change of a previously approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 01/19/2021
	Date Received in OIRA: 10/28/2020
Terms of Clearance: Notwithstanding the abstract description of this information collection that lenders will keep loan records for at least one year, approval of this information collection does not modify the requirement at 38 CFR 36.4215(a) that "This record shall be maintained until the Secretary ceases to be liable as guarantor of the loan" or any other recordkeeping requirement under any other active OMB control number for VA or other federal agency. OMB determines that the requirement that a mortgage note or deed allow appointment of substitute of trustees under 38 CFR 36.4330 is not a "collection of information" within the meaning of the Paperwork Reduction Act. In the next revision, extension, or reinstatement request, VA shall include a copy of any publicly issued guidance related to this information collection, if any.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2024	36 Months From Approved
Responses	35,000	0	0
Time Burden (Hours)	17,500	0	0
Cost Burden (Dollars)	0	0	0

Abstract: WHEN VA AUDITORS CONDUCT AUDITS AND EXAMINATIONS OF LENDER RECORDS, IT IS NECESSARY THAT THE RECORDS BE AVAILABLE. THIS NEW REGULATORY REQUIREMENT WILL ASSURE THAT LENDERS KEEP THEIR LOAN ORIGINATION RECORDS FOR AT LEAST ONE YEAR.

Authorizing Statute(s): None

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:
	85 FR 18292	08/20/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 23477	10/23/2020
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Change Due to Agency Discretion	Change Due to Potential Violation of the PRA
Annual Number of Responses	35,000	29,000	6,000
Annual Time Burden (Hours)	17,500	17,499	1
Annual Cost Burden (Dollars)	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The figures presented reflect current loan volumes.

Annual Cost to Federal Government: $2,449,300

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

Agency Contact: Danny Green 202 421-1354 danny.green2@va.gov

View ICR - OIRA Conclusion