[Federal Register Volume 85, Number 196 (Thursday, October 8, 2020)]
[Notices]
[Page 63662]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-22221]


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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, Department of Veterans 
Affairs.

ACTION: Notice.

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SUMMARY: In compliance with the Paperwork Reduction Act (PRA) of 1995, 
this notice announces that the Veterans Benefits Administration, 
Department of 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 and it 
includes the actual data collection instrument.

DATES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function. Refer to 
``OMB Control No. 2900-0875''.

FOR FURTHER INFORMATION CONTACT: Danny S. Green, Enterprise Records 
Service (005R1B), Department of Veterans Affairs, 810 Vermont Avenue 
NW, Washington, DC 20420, (202) 421-1354 or email [email protected] . 
Please refer to ``OMB Control No. 2900-0875'' in any correspondence.

SUPPLEMENTARY INFORMATION: 
    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.
    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.
    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 at 85 FR, 130 on July 7, 2020, pages 40737 
and 40738.
    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. 2020-22221 Filed 10-7-20; 8:45 am]
BILLING CODE 8320-01-P