[Federal Register Volume 85, Number 130 (Tuesday, July 7, 2020)]
[Notices]
[Pages 40737-40738]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-14495]


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DEPARTMENT OF VETERANS AFFAIRS

[OMB Control No. 2900-0875]


Agency Information Collection Activity: VA-Guaranteed Home Loan 
Cash-Out Refinance Loan Comparison Disclosure

AGENCY: Veterans Benefits Administration (VBA), Department of Veterans 
Affairs.

ACTION: Notice.

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SUMMARY: Veterans Benefits Administration, Department of Veterans 
Affairs, 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.

DATES: Written comments and recommendations on the proposed collection 
of information should be received on or before September 8, 2020.

ADDRESSES: Submit written comments on the collection of information 
through Federal Docket Management System (FDMS) at www.Regulations.gov 
or to Nancy J. Kessinger, Veterans Benefits Administration (20M33), 
Department of Veterans Affairs, 810 Vermont Avenue NW, Washington, DC 
20420 or email to [email protected]. Please refer to ``OMB Control 
No. 2900-0875'' in any correspondence. During the comment period, 
comments may be viewed online through FDMS.

FOR FURTHER INFORMATION CONTACT: Danny S. Green, (202) 421-1354 or 
email [email protected]. Please refer to ``OMB Control No. 2900-
0875'' in any correspondence.

SUPPLEMENTARY INFORMATION: Under the PRA of 1995, 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.

    Authority:  Public Law 115-174; 38 CFR 36.4306.
    Title: VA-Guaranteed Home Loan Cash-Out Refinance Loan Comparison 
Disclosure.
    OMB Control Number: 2900-0875.

[[Page 40738]]

    Type of Review: Extension of a currently approved collection.
    Abstract: All-VA guaranteed cash-out refinancing loans must comply 
with the Act and AQ42. All refinancing loan applications taken on or 
after the effective date that do not meet the following requirements 
may be subject to indemnification or the removal of the guaranty. 
Failure to provide initial disclosures to the Veteran within 3 business 
days from the initial application date and at closing may result in 
indemnification of the loan up to 5 years. There are three categories 
of refinance loans; Interest Rate Reduction Refinancing Loans (IRRRL), 
TYPE I Cash-Out Refinance, and TYPE II Cash-Out Refinance.
    Affected Public: Individuals and households.
    Estimated Annual Burden: 12,480 hours.
    Estimated Average Burden per Respondent: 5 minutes.
    Frequency of Response: On occasion.
    Estimated Number of Respondents: 158,000.

    By direction of the Secretary.
Danny S. Green,
VA Clearance Officer, Office of Quality, Performance and Risk, 
Department of Veterans Affairs.
[FR Doc. 2020-14495 Filed 7-6-20; 8:45 am]
BILLING CODE 8320-01-P