[Federal Register Volume 68, Number 87 (Tuesday, May 6, 2003)]
[Notices]
[Pages 24047-24048]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-11204]


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DEPARTMENT OF VETERANS AFFAIRS

[OMB Control No. 2900-0110]


Agency Information Collection Activities Under OMB Review

AGENCY: Veterans Benefits Administration, Department of Veterans 
Affairs.

ACTION: Notice.

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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 June 5, 2003.

FOR FURTHER INFORMATION CONTACT: Denise McLamb, Records Management 
Service (005E3), Department of Veterans Affairs, 810 Vermont Avenue, 
NW, or e-mail [email protected]. Please refer to ``OMB Control 
No. 2900-0110.'' 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. 2900-0110'' in any correspondence.

SUPPLEMENTARY INFORMATION:
    Title: Application for Assumption Approval and/or Release from 
Personal Liability to the Government on a Home Loan, VA Form 26-6381.
    OMB Control Number: 2900-0110.
    Type of Review: Extension of a currently approved collection.

[[Page 24048]]

    Abstract: VA Form 26-6381 is completed by veterans who are selling 
their homes by assumption rather than requiring purchaser to obtain 
their own financing to pay off the loan. VA processes requests for 
assumption approvals in a manner similar to that used for releases of 
liability. Title 38, U.S.C. Section 3713(a) provides that when a 
veteran disposes of his or her interest in the property securing the 
loan, VA may, upon request, release the original veteran-borrower from 
personal liability to the Government only if three requirements are 
fulfilled. First, the loan must be current. Second, the purchaser must 
assume all of the veteran's liability to the Government and the 
mortgage holder on the guaranteed loan. Third, the purchaser must 
qualify from a credit and income standpoint, to the same extent as if 
he or she were a veteran applying for a VA-guaranteed loan in the same 
amount as the loan being assumed. The information furnished is 
essential to make determinations for assumption approval, release of 
liability, and substitution of entitlement.
    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 20, 2002 at page 78042.
    Affected Public: Individuals or households, Business or other for 
profit.
    Estimated Annual Burden: 596 hours.
    Estimated Average Burden Per Respondent: 10 minutes.
    Frequency of Response: On occasion.
    Estimated Number of Total Respondents: 3,575.

    Dated: April 22, 2003.

    By direction of the Secretary.
Jacqueline Parks,
IT Specialist, Records Management Service.
[FR Doc. 03-11204 Filed 5-5-03; 8:45 am]
BILLING CODE 8320-01-P