[Federal Register Volume 75, Number 188 (Wednesday, September 29, 2010)]
[Notices]
[Pages 60171-60172]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-24440]


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DEPARTMENT OF VETERANS AFFAIRS

[OMB Control No. 2900-0521]


Proposed Information Collection (Credit Underwriting Standards 
and Procedures for Processing VA Guaranteed Loans) Activity: 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 on 
information needed to underwrite VA-guaranteed loans.

DATES: Written comments and recommendations on the proposed collection 
of information should be received on or before November 29, 2010.

ADDRESSES: Submit written comments on the collection of information 
through the Federal Docket Management System (FDMS) at http://www.Regulations.gov or to Nancy J. Kessinger, Veterans Benefits 
Administration (20M35), 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. 
During the comment period, comments may be viewed online through FDMS.

FOR FURTHER INFORMATION CONTACT: Nancy J. Kessinger at (202) 461-9769 
or FAX (202) 275-5947.

SUPPLEMENTARY INFORMATION: Under the PRA of 1995 (Pub. L. 104-13; 44 
U.S.C. 3501--3521), 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 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. Report and Certification of Loan Disbursement, VA Form 26-1820.
    b. Request for Verification of Employment, VA Form 26-8497.
    c. Request for Verification of Deposit, VA Form 26-8497a.
    OMB Control Number: 2900-0521.
    Type of Review: Extension of a currently approved collection.
    Abstracts: Lenders must obtain specific information concerning a 
veteran's credit history in order to properly underwrite the veteran's 
loan. VA loans may not be guaranteed unless the veteran is a 
satisfactory credit risk. The data collected on the following forms 
will be used to ensure applications for VA-guaranteed loans are 
underwritten in a reasonable and prudent manner.

[[Page 60172]]

    a. VA Form 26-1820 is completed by lenders closing VA guaranteed 
and insured loans under the automatic or prior approval procedures.
    b. 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 does not require the exclusive use of this form for 
verification purposes, any alternative verification document would be 
acceptable provided that all information requested on VA Form 26-8497 
is provided.
    c. Lenders making guaranteed and insured loans complete VA Form 26-
8497a to verify the applicant's deposits in banks and other savings 
institutions.
    Affected Public: Business or other for profit.
    Estimated Annual Burden:
    a. Report and Certification of Loan Disbursement, VA Form 26-1820--
75,000 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.
    c. Request for Verification of Deposit, VA Form 26-8497a--5 
minutes.
    Frequency of Response: On occasion.
    Estimated Number of Respondents:
    a. Report and Certification of Loan Disbursement, VA Form 26-1820--
300,000.
    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 24, 2010.

    By direction of the Secretary.
Denise McLamb,
Program Analyst, Enterprise Records Service.
[FR Doc. 2010-24440 Filed 9-28-10; 8:45 am]
BILLING CODE 8320-01-P