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:
2900-0021
ICR Reference No:
202106-2900-013
Status:
Historical Active
Previous ICR Reference No:
202105-2900-012
Agency/Subagency:
VA
Agency Tracking No:
VBA-LGY-NK
Title:
VA Loan Electronic Reporting Interface (VALERI) System
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
07/27/2021
OIRA Conclusion Action:
Approved without change
Conclusion Date:
07/30/2021
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/26/2021
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2022
6 Months From Approved
06/30/2024
Responses
967
0
967
Time Burden (Hours)
70
0
70
Cost Burden (Dollars)
0
0
0
Abstract:
Holders report of default and notice of intention to foreclose on loans guaranteed under 38 U.S.C. 3710 and 3712 as required by 38 U.S.C. 3732. Information collected by VA is done through the VALERI system and used for performing supplemental servicing, determination on forbearance, foreclosure, protection of property and initiation of claim payment.
Emergency Justfication:
To further assist Veterans with VA-guaranteed loans retain their homes, VA is temporarily expanding the list of loan modification options that do not require VA’s prior approval to include a new loan modification, the COVID-19 Refund Modification, to assist certain COVID-impacted Veterans as they exit a COVID-19 forbearance. To ensure that servicers are able to implement this new modification in time to assist the large number of borrowers exiting forbearance this summer/fall, VA plans to announce the COVID-19 Refund Modification via VA Circular in early- to mid-July with an effective date of July 27, 2021. This timeline is being coordinated by an interagency working group led by the Domestic Policy Council and National Economic Council to ensure that all federal housing agencies release guidance this summer offering additional home retention options to borrowers with federally backed mortgages. As outlined in the VA Circular, servicers will be required to prepare and execute a note and security instrument on behalf of VA as part of this new modification, which includes a VA purchase of past due payments and, in some cases, unpaid principal. Servicers will also be required to provide VA with both legal documents and report the actions taken to bring the defaulted loan current in VA’s electronic loan servicing system (VALERI). As part of this administrative action, VA is requesting emergency approval of a new information collection (IC) that is associated with servicers (and Veterans) preparing, executing, and providing the required loan documents to VA. Much like VA’s recently published COVID-19 Veterans Assistance Partial Claim Payment program (COVID-VAPCP), and its accompanying IC requirements under OMB control number 2900-0889, this new IC does not require any specific form. Rather, VA will accept any note and security instrument that meet the requirements outlined in VA’s Circular guidance. The terms VA requires for the note and security instrument for the COVID-19 Refund Modification and the COVID-VAPCP are identical; the only differences are who is eligible for each program and what amounts can be included in the loan repayable to VA (e.g., past due payments, unpaid principal). In addition to the new IC request, VA is requesting emergency approval of a revision to existing OMB control number 2900-0021. Under this IC, servicers are already required to report activity on every VA-guaranteed loan in their servicing portfolio, regardless of the home retention option pursued. The amendment to this IC merely adds additional data elements to existing reporting requirements/loss mitigation events to facilitate reporting and oversight of the COVID-19 Refund Modification, as well as payment of the COVID-19 Refund. Given the time constraints associated with launching this new modification option, VA is developing technology requirements that will deliver a minimally viable product (MVP) to enable servicers to report data elements associated with executing the COVID-19 Refund Modification and requesting VA purchase of past due payments and, if necessary, unpaid principal. In order to deliver an MVP on time, VA will ask servicers to utilize existing loss mitigation events; that is, the Partial Claim and Loss Mitigation events to report necessary data elements. Both events already collect from servicers the information relevant to reporting the execution of the COVID-19 Refund Modification. VA plans, however, to add a drop-down indicator to the Partial Claim event to allow it to track that the event being reported is a COVID-19 Refund Modification. VA also plans to add an additional data element to the Partial Claim event to collect information regarding any amounts of unpaid principal included in the COVID-19 Refund request.
Authorizing Statute(s):
US Code:
38 USC 3710
Name of Law: Purchase or construction of homes
US Code:
38 USC 3712
Name of Law: Loans to purchase manufactured homes and lots
US Code:
38 USC 3732
Name of Law: Procedure on default
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
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
VA Loan Electronic Reporting Interface (VALERI) System
VA Form 26-1874, VA Form 26-1874a, VA Form 26-6850a, VA Form 26-8778, VA Form 26-6850, VA Form 26-6851, VA Form 26-8903, VA Form 26-8802
Claim Form Addendum - Adjustable Rate Mortgages
,
Notice of Default
,
Notice of Default and Intention to Foreclose
,
Notice of Intention to Foreclose
,
Present Status of Loan
,
Notice for Election to Convey and/or Invoice for Transfer of Property
,
VA Foreclosure Sale Letter
,
Claim Under Loan Guaranty
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
967
967
0
0
0
0
Annual Time Burden (Hours)
70
70
0
0
0
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:
Annual Cost to Federal Government:
$805
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.
Yes
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?
Yes
Agency Contact:
Maribel Aponte 202 266-4688 maribel.aponte@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:
07/01/2021
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