[Federal Register Volume 69, Number 178 (Wednesday, September 15, 2004)]
[Notices]
[Pages 55662-55663]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-20746]


-----------------------------------------------------------------------

DEPARTMENT OF VETERANS AFFAIRS

[OMB Control No. 2900-0521]


Agency Information Collection Activities Under OMB Review

AGENCY: Veterans Benefits Administration, Department of Veterans 
Affairs.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: In compliance with the Paperwork Reduction Act (PRA) of 1995 
(44 U.S.C. 3501-21), 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 and includes the actual data collection instrument.

DATES: Comments must be submitted on or before October 15, 2004.

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. 2900-0521.'' 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. 2900-0521'' in any correspondence.

SUPPLEMENTARY INFORMATION: 
    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.
    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 June 25, 2004, at pages 35713-35714.
    Affected Public: Business or other for profit and Individuals or 
households.
    Estimated Annual Burden: 162,500 hour.
    a. Report and Certification of Loan Disbursement, VA Form 26-1820--
87,500 hours.
    b. Request for Verification of Employment, VA Form 26-8497--25,000 
hours.
    c. Request for Verification of Deposit, VA Form 26-8497a--12,500 
hours.
    Estimated Average Burden Per Respondent:
    a. Report and Certification of Loan Disbursement, VA Form 26-1820--
15 minutes.
    b. Request for Verification of Employment, VA Form 26-8497--10 
minutes.

[[Page 55663]]

    c. Request for Verification of Deposit, VA Form 26-8497a--5 
minutes.
    Frequency of Response: On occasion.
    Estimated Number of Respondents: 650,000.
    a. Report and Certification of Loan Disbursement, VA Form 26-1820--
350,000.
    b. Request for Verification of Employment, VA Form 26-8497--
150,000.
    c. Request for Verification of Deposit, VA Form 26-8497a--150,000.

    Dated: September 1, 2004.
    By direction of the Secretary.
Loise Russell,
Director, Records Management Service.
[FR Doc. 04-20746 Filed 9-14-04; 8:45 am]
BILLING CODE 8320-01-P