[Federal Register Volume 73, Number 76 (Friday, April 18, 2008)]
[Notices]
[Page 21176]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-8381]


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DEPARTMENT OF VETERANS AFFAIRS


Loan Guaranty: Loan Servicing and Claims Procedures Modifications 
Segment 2 Effective Date

AGENCY: Department of Veterans Affairs.

ACTION: Notice of Applicability of Subpart F of 38 CFR Part 36 to 
Segment 2 of the Mortgage Servicing Industry.

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SUMMARY: This publication is to serve as notice that on April 18, 2008, 
Subpart F of Title 38, Code of Federal Regulations, Part 36, will be 
applicable to industry segment 2. Program participants in the VA Home 
Loan Guaranty Program's servicing and claims activities were assigned 
to one of nine industry segments as part of the planned phased 
implementation of the rules in Subpart F. All program participants were 
given notice of their respective segments and were afforded opportunity 
to comment during the regulatory development process (see Supplementary 
Information section of this notice). Segment 2 participants will be 
under the authority of Subpart F rules on April 18, 2008. VA continues 
to work with these participants to ensure that all necessary servicing 
system modifications, defect corrections, interface testing and data 
transmission are addressed.

FOR FURTHER INFORMATION CONTACT: Mike Frueh, Assistant Director for 
Loan Management (261), Veterans Benefits Administration, Department of 
Veterans Affairs, 810 Vermont Avenue, NW., Washington, DC 20420, (202) 
461-9521. (This is not a toll-free number.)

SUPPLEMENTARY INFORMATION: On Friday, February 1, 2008 (73 FR 6294), VA 
published final regulations that modify its Loan Guaranty Program's 
loan servicing and claims procedures modifications. In response to 
comments received to the proposed regulations published on February 18, 
2005 (70 FR 8472) and to a supplemental notice published on November 
27, 2006 (71 FR 68498), VA published a second supplemental notice on 
June 1, 2007 (72 FR 30505), in which the agency put forth a proposal to 
phase-in implementation of the new tracking system.
    Based on comments received to the proposed regulations and the 
first supplemental notice, VA decided to proceed with gradual 
implementation of the new rules and its computer-based tracking system, 
the VA Loan Electronic Reporting Interface (VALERI), with nine separate 
industry segments to be phased in over a period of approximately 11 
months. The first segment was subject to the new rules upon publication 
of the final regulations, when the rules became effective. Similar 
notices will be provided prior to the date that Subpart F will be 
applicable to each subsequent industry segment.

    Approved: April 14, 2008.
Gordon H. Mansfield,
Deputy Secretary of Veterans Affairs.
[FR Doc. E8-8381 Filed 4-17-08; 8:45 am]
BILLING CODE 8320-01-P