[Federal Register Volume 69, Number 122 (Friday, June 25, 2004)]
[Notices]
[Pages 35713-35714]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-14440]


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DEPARTMENT OF VETERANS AFFAIRS

[OMB Control No. 2900-0521]


Proposed Information Collection Activity: Proposed Collection; 
Comment Request

AGENCY: Veterans Benefits Administration, Department of Veterans 
Affairs.

ACTION: Notice.

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SUMMARY: The Veterans Benefits Administration (VBA), Department of 
Veterans Affairs (VA), is announcing an opportunity for public comment 
on the proposed collection of certain information by the agency. Under 
the Paperwork Reduction Act (PRA) of 1995, Federal agencies are 
required to publish notice in the Federal Register concerning each 
proposed collection of information, including each proposed extension 
of a currently approved collection, and allow 60 days for public 
comment in response to the notice. This notice solicits comments for 
information needed to underwrite VA-guaranteed loans.

DATES: Written comments and recommendations on the proposed collection 
of information should be received on or before August 24, 2004.

ADDRESSES: Submit written comments on the collection of information to 
Nancy J. Kessinger, Veterans Benefits Administration (20S52), 
Department of Veterans Affairs, 810 Vermont Avenue, NW., Washington, DC 
20420 or e-mail [email protected]. Please refer to ``OMB Control No. 
2900-0521'' in any correspondence.

FOR FURTHER INFORMATION CONTACT: Nancy J. Kessinger at (202) 273-7079 
or fax (202) 275-5947.

SUPPLEMENTARY INFORMATION: Under the PRA of 1995 (Public Law 104-13; 44 
U.S.C. 3501--3520), Federal agencies must obtain approval from the 
Office of Management and Budget (OMB) for each collection of 
information they conduct or sponsor. This request for comment is

[[Page 35714]]

being made pursuant to section 3506(c)(2)(A) of the PRA.
    With respect to the following collection of information, VBA 
invites comments on: (1) Whether the proposed collection of information 
is necessary for the proper performance of VBA's functions, including 
whether the information will have practical utility; (2) the accuracy 
of VBA's estimate of the burden of the proposed collection of 
information; (3) ways to enhance the quality, utility, and clarity of 
the information to be collected; and (4) ways to minimize the burden of 
the collection of information on respondents, including through the use 
of automated collection techniques or the use of other forms of 
information technology.

Titles:

    a. Credit Underwriting Standards and Procedures for Processing VA 
Guaranteed Loans.
    b. Report and Certification of Loan Disbursement, VA Form 26-1820.
    c. Request for Verification of Employment, VA Form 26-8497.
    d. Request for Verification of Deposit, VA Form 26-8497a.
    OMB Control Number: 2900-0521.
    Type of Review: Extension of a currently approved collection.
    Abstract:
    a. Credit Underwriting Standards and Procedures for Processing VA 
Guaranteed Loans--VA set forth, in regulatory form, standards to be 
used by lenders in underwriting VA-guaranteed loans and to obtain 
credit information. Lenders must collect certain specific information 
concerning the veteran and the veteran's credit history (and spouse or 
other co-borrower, as applicable), in order to properly underwrite the 
veteran's loan. A loan may not be guaranteed unless the veteran is a 
satisfactory credit risk. VA requires the lender to provide the 
Department with the credit information to assure itself that 
applications for VA-guaranteed loans are underwritten in a reasonable 
and prudent manner.
    b. VA Form 26-1820 is completed by lenders closing VA guaranteed 
and insured loans under the automatic or prior approval procedures. 
Lenders are required to submit with the form, a copy of the loan 
application (showing income, assets, and obligations) which the lender 
requires the borrower to execute when applying for the loan; original 
employment and income verifications obtained from the borrower's place 
of employment; original verification of assets; and original credit 
report.
    c. VA Form 26-8497 is used by lenders to verify a loan applicant's 
income and employment information when making guaranteed and insured 
loans. VA, however, does not require the exclusive use of this form for 
verification purposes; any comprehensible form or independent 
verification would be acceptable, provided all information presently 
shown on VA Form 26-8497 is provided.
    d. VA Form 26-8497a is primarily used by lenders making guaranteed 
and insured loans to verify the applicant's deposits in banks and other 
savings institutions.
    Affected Public: Business or other for profit and Individuals or 
households.
    Estimated Annual Burden: 162,500 hour.
    Frequency of Response: On occasion.
    Estimated Number of Respondents: 650,000.

    Dated: June 21, 2004.
    By direction of the Secretary.
Loise Russell,
Director, Records Management Service.
[FR Doc. 04-14440 Filed 6-24-04; 8:45 am]
BILLING CODE 8320-01-P