[Federal Register Volume 78, Number 208 (Monday, October 28, 2013)]
[Notices]
[Page 64294]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-25418]


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DEPARTMENT OF VETERANS AFFAIRS


Loan Guaranty: Mandatory Electronic Delivery of Loan Files for 
Review

AGENCY: Department of Veterans Affairs.

ACTION: Notice.

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SUMMARY: The Department of Veterans Affairs (VA) Loan Guaranty Service 
(LGY) announces a new policy with regard to lender submission of VA-
guaranteed closed loan files for review. Currently, lenders can submit 
loan files selected for review by LGY through either electronic upload 
or in hard copy form. Effective January 1, 2014, LGY will require the 
electronic uploading of all loan files, pursuant to 38 CFR 36.4333.

DATES: Effective January 1, 2014, VA will require the electronic 
submission of all loan files.

FOR FURTHER INFORMATION CONTACT: John Bell III, Assistant Director for 
Loan Policy and Valuation, Department of Veterans Affairs, 810 Vermont 
Avenue NW., Washington, DC 20420, (202) 632-8786 (This is not a toll-
free number.).

SUPPLEMENTARY INFORMATION: In accordance with 38 CFR 36.4333, VA 
announces the implementation of a new policy with regard to the 
submission of VA-guaranteed closed loan files to LGY for review.
    LGY on a monthly basis completes a full file review of randomly 
selected VA-guaranteed loans, and those with certain loan 
characteristics that closed during the prior month. The purpose of the 
review is to ensure that lenders participating in the Home Loan 
Guaranty program are complying with LGY regulations and policies.
    In May 2012, LGY began permitting lenders to submit their loan 
files selected for review either electronically or in hard copy form. 
Currently, lenders submit over 80 percent of all loan files for review 
electronically.
    To further take advantage of this technology and create a process 
for targeted reviews that will streamline the loan review process, LGY 
is implementing a new policy with regard to lender submission of loan 
files. This document announces that, effective January 1, 2014, LGY 
will require the electronic submission of all loan files selected for 
full file review.

Signing Authority

    The Secretary of Veterans Affairs, or designee, approved this 
document and authorized the undersigned to sign and submit the document 
to the Office of the Federal Register for publication electronically as 
an official document of the Department of Veterans Affairs. Jose D. 
Riojas, Chief of Staff, Department of Veterans Affairs, approved this 
document on October 18, 2013, for publication.

    Dated: October 22, 2013.
William F. Russo,
Deputy Director, Regulation Policy and Management, Office of the 
General Counsel, Department of Veterans Affairs.
[FR Doc. 2013-25418 Filed 10-25-13; 8:45 am]
BILLING CODE 8320-01-P