[Federal Register Volume 67, Number 106 (Monday, June 3, 2002)]
[Notices]
[Pages 38320-38321]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-13748]


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DEPARTMENT OF VETERANS AFFAIRS

[OMB Control No. 2900-0320]


Agency Information Collection Activities Under OMB Review

AGENCY: Veterans Benefits Administration, Department of Veterans 
Affairs.

ACTION: Notice.

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[[Page 38321]]

SUMMARY: In compliance with the Paperwork Reduction Act (PRA) of 1995 
(44 U.S.C., 3501 et seq.), this notice announces that the Veterans 
Benefits Administration (VBA), Department of Veterans Affairs, has 
submitted 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; it includes the actual data collection 
instrument.

DATES: Comments must be submitted on or before July 3, 2002.

FOR FURTHER INFORMATION CONTACT: Denise McLamb, Information Management 
Service (045A4), Department of Veterans Affairs, 810 Vermont Avenue, 
NW., Washington, DC 20420, (202) 273-8030, FAX (202) 273-5981 or e-
mail: [email protected]. Please refer to ``OMB Control No. 
2900-0320.''
    Send comments and recommendations concerning any aspect of the 
information collection to VA's OMB Desk Officer, OMB Human Resources 
and Housing Branch, New Executive Office Building, Room 10235, 
Washington, DC 20503 (202) 395-7316. Please refer to ``OMB Control No. 
2900-0320'' in any correspondence.

SUPPLEMENTARY INFORMATION:
    Title: Escrow Agreement for Postponed Exterior Onsite Improvements, 
VA Form 26-1849.
    OMB Control Number: 2900-0320.
    Type of Review: Extension of a currently approved collection.
    Abstract: VA Form 26-1849 is provided as a service to veterans, 
builders/sellers, and escrow agents to use in situations involving 
escrows. A VA loan amount cannot exceed the reasonable value of the 
property as determined by the Secretary of Veterans Affairs. The 
reasonable value is predicated on the completion of all improvements. 
In certain circumstances, such as adverse weather or other specified 
unavoidable conditions, the completion of some improvements may have to 
be postponed. For these situations, VA has developed escrow procedures 
whereby a builder/seller deposits at least one and one-half times the 
cost of completing the improvements into an escrow account held by a 
third party. The funds can only be used for the purpose of finishing 
the postponed improvements and are released when the improvements have 
been completed. These escrow procedures provide incentive to builder/
sellers to complete all postponed improvements and are standard 
practices in both the real estate and mortgage lending fields.
    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 on December 19, 2001, at page 65531.
    Affected Public: Individuals or households.
    Estimated Annual Burden: 1 hour.
    Estimated Average Burden Per Respondent: 30 minutes.
    Frequency of Response: On occasion.
    Estimated Number of Total Respondents: 10,000.

    Dated: May 13, 2002.

    By direction of the Secretary.
Genie McCully,
 Acting Director, Information Management Service.
[FR Doc. 02-13748 Filed 5-31-02; 8:45 am]
BILLING CODE 8320-01-P