Loan Guaranty: Requirements for Interest Rate Reduction Refinancing Loans

Forms and Documents

Document Name	Status
2900-AI92- correction.pdf Supplementary Document	2008-05-06
2900-0601 justification.doc Supporting Statement A	2008-05-06

IC Document Collections

IC ID	Document Title	Status
28842	Loan Guaranty: Requirements for Interest Rate Reduction Refinancing Loans	Modified

ICR Details

OMB Control No: 2900-0601	ICR Reference No: 200801-2900-005
Status: Historical Active	Previous ICR Reference No: 200503-2900-011
Agency/Subagency: VA	Agency Tracking No: 2900-0601
Title: Loan Guaranty: Requirements for Interest Rate Reduction Refinancing Loans
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/12/2008
	Date Received in OIRA: 05/06/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2011	36 Months From Approved	06/30/2008
Responses	50	0	78
Time Burden (Hours)	25	0	39
Cost Burden (Dollars)	0	0	0

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Abstract: VA is authorized to guarantee loans to veterans to refinance existing mortgage loans previously guaranteed by VA provided the veteran still owns the property used as security for the loan. Under these regulations, VA requires that the lender provide VA with the credit information to assure itself that interest rate reduction refinancing loans to refinance delinquent loans are undertaken in a reasonable and prudent manner.

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Authorizing Statute(s): US Code: 38 USC 3710 Name of Law: Purchase or construction of homes
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
2900-AI92	Final or interim final rulemaking	63 FR 106	06/03/1998

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 24	02/05/2008
30-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 82	04/28/2008
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Loan Guaranty: Requirements for Interest Rate Reduction Refinancing Loans

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	50	78	0	0	-28	0
Annual Time Burden (Hours)	25	39	0	0	-14	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The decrease in burden hours is due to a reduction in the number of loans being made by program participants.

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Annual Cost to Federal Government: $635

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 05/06/2008

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