[Federal Register Volume 79, Number 25 (Thursday, February 6, 2014)]
[Notices]
[Pages 7282-7283]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-02532]


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DEPARTMENT OF VETERANS AFFAIRS

[OMB Control No. 2900-0521]


Agency Information Collection (Credit Underwriting Standards and 
Procedures for Processing VA Guaranteed Loans) Activity Under OMB 
Review

AGENCY: Veterans Benefits Administration, Department of Veterans 
Affairs.

ACTION: Notice.

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SUMMARY: In compliance with the Paperwork Reduction Act (PRA) of 1995 
(44 U.S.C. 3501-3521), this notice announces that the Veterans Benefits 
Administration (VBA), Department of

[[Page 7283]]

Veterans Affairs, will submit 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; it includes the actual 
data collection instrument.

DATES: Comments must be submitted on or before March 10, 2014.

ADDRESSES: Submit written comments on the collection of information 
through www.Regulations.gov, or to Office of Information and Regulatory 
Affairs, Office of Management and Budget, Attn: VA Desk Officer; 725 
17th St. NW., Washington, DC 20503 or sent through electronic mail to 
[email protected]. Please refer to ``OMB Control No. 2900-
0521'' in any correspondence.

FOR FURTHER INFORMATION CONTACT: Crystal Rennie, Enterprise Records 
Service (005R1B), Department of Veterans Affairs, 810 Vermont Avenue 
NW., Washington, DC 20420, (202) 632-7492 or email 
[email protected]. Please refer to ``OMB Control No. 2900-0521.''

SUPPLEMENTARY INFORMATION:
    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: Revision of a currently approved collection.
    Abstract: 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 are 
used to ensure that applications for VA-guaranteed loans are 
underwritten in a reasonable and prudent manner.
    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.
    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 October 1, 2013, at pages 60379-60380.
    Affected Public: Business or other for profit.
    Estimated Annual Burden:
    a. Report and Certification of Loan Disbursement, VA Form 26-1820--
150,000 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: One Time.
    Estimated Number of Respondents:
    a. Report and Certification of Loan Disbursement, VA Form 26-1820--
600,000.
    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: February 3, 2014.

    By direction of the Secretary.
Crystal Rennie,
Department Clearance Officer, Department of Veterans Affairs.
[FR Doc. 2014-02532 Filed 2-5-14; 8:45 am]
BILLING CODE 8320-01-P