View Information Collection Request (ICR) Package
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View Information Collection (IC) List
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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:
2900-0934
ICR Reference No:
202311-2900-003
Status:
Historical Active
Previous ICR Reference No:
Agency/Subagency:
VA
Agency Tracking No:
VBA-LGY-YA
Title:
Department of Veterans Affairs Servicing Purchase (VASP) program
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
01/16/2024
OIRA Conclusion Action:
Approved with change
Conclusion Date:
11/17/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/16/2023
Terms of Clearance:
In accordance with 5 CFR 1320.13, this information collection is approved for 6 months as a one-time emergency clearance. To continue using this collection after 6 months, the Agency must resubmit an ICR to OMB under the normal PRA clearance process prior to the expiration of this package.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2024
6 Months From Approved
Responses
41,988
0
0
Time Burden (Hours)
68,231
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
The Department of Veterans Affairs (VA) is initiating an expanded program using existing Refund provisions under 38 U.S.C. § 3732 and 38 C.F.R. 36.4320, Refunding of Loans in Default. This option will assist Veterans with VA-guaranteed loans who have defaulted on their mortgage loan and are facing foreclosure. Under this program, VA will exercise its statutory option to purchase the loan from the servicer and VA will hold the loan in VA’s own loan portfolio.
Emergency Justfication:
The COVID-19 Veterans Assistance Partial Claim Payment (VAPCP) program and COVID-19 Refund Modification were introduced as emergency measures to assist Veterans financially impacted by the COVID-19 pandemic retaining their VA-guaranteed home loans. Both programs were temporary solutions to address the financial pressures of the National Emergency. The VAPCP program sunset October 28, 2022. The COVID-19 Refund Modification is scheduled to sunset December 31, 2023. At the end of the pandemic, interest rates began to dramatically increase creating a rising rate environment. The rising rate environment combined with the residual impact of the pandemic has left traditional loss mitigation options insufficient to meet the need of affordable home retention options. The Department of Veterans Affairs (VA) is initiating a permanent program for borrowers and VA-guaranteed loans that are facing foreclosure, and do not qualify for a traditional loss mitigation option called VA Servicing Purchase (VASP).
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
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
Lenders - VASP Program
Veterans - VASP Program
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
41,988
0
0
41,988
0
0
Annual Time Burden (Hours)
68,231
0
0
68,231
0
0
Annual Cost Burden (Dollars)
0
0
0
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:
This is a new collection of information.
Annual Cost to Federal Government:
$544,055
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.
Yes
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:
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:
11/16/2023
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