SUPPORTING STATEMENT FOR VA FORM 26-8084,
CLAIM FOR REPURCHASE OF LOAN
(2900-0377)
A. JUSTIFICATION
1. The holder of a vendee account which has been guaranteed by the Department of Veterans Affairs may request VA to repurchase a loan as provided in 38 CFR 36.4600(d). Also see 38 U.S.C. 3733(a).
2. Under 38 CFR 36.4600(d), the holder of a delinquent vendee account is legally entitled to repurchase of the loan by VA when the loan has been continuously in default for 3 months and the amount of the delinquency equals or exceeds the sum of 2 monthly installments. When requesting repurchase of a loan, the holder uses VA Form 26-8084. Upon receipt of a holder's VA Form 26-8084, the supporting documents are examined to see that all of the documents required have been submitted and that they are sufficient to complete the repurchase. VA Form 26-8084 is compared with the settlement sheet prepared when the loan was sold and examined closely to establish that there are no errors in the holder's methods of computation. Following repurchase by VA, the obligor(s) are notified in writing that VA has repurchased the loan, and the vendee account is serviced and maintained by VA thereafter.
3. Information technology for this form is not being used since a small number of forms are completed and returned each year. The cost of having a system for this form to be sumbitted electronically would not be cost effective. The form has been placed on the Internet where the holder of a vendee account can download and complete.
4. No duplication exists. Data is abstracted from loan accounting records of financial institutions and the claim is the only submission of this data.
5. Small organizations are generally not involved. VA Form 26-8084 is distributed to holders and information collected is the minimum needed to compute the holder's claim.
6. This information collection is not a recurring or repetitive report. It is accomplished on a one-time basis per applicant.
7. There are no special circumstances that require the collection to be conducted in a manner inconsistent with the guidelines in 5 CFR 1320.6.
8. The Department notice was published in the Federal Register on November 18, 2009, pages 59604-59605. No comments were received.
9. No payment or gifts to respondents have been made under this collection of information.
10. Loan Guaranty Home, Condominium and Manufactured Home Loan Applicant Records, Specially Adapted Housing Applicant Records, and Vendee Loan Applicant Records - VA (55VA26) are contained in the Privacy Act Issuances, 2001.
11. No sensitive questions appear on the form.
12. Estimate of Information Collection Burden
a. Number of respondents is estimated at 60.
b. Frequency of response is generally one-time.
c. Annual burden is 30 hours.
d. The estimated response time is 30 minutes.
e. The total estimated cost to respondents is $450.
(30 hours x $15 per hour)
13. This submission does not involve any recordkeeping costs.
14. Estimated Annualized Cost to the Federal Government
$798.00 Estimated Loan Guaranty processing cost for
(60 cases x 30 minutes x $26.60 per
hour (average loan guaranty field salary))
$798.00 Total estimated cost to Federal Government
15. The decrease in burden hours is due to the last sale of loans guaranteed under 38 CFR 36.4600 occurred in 1988 and many of the outstanding loans have been paid in full.
16. Information collection is not for publication purposes.
17. The collection instrument, VA Form 26-8084, may be reproduced and/or stocked by the respondents and veterans service organizations. This VA form does not display an expiration date, and if required to do so it would result in unnecessary waste of existing stocks of this form. These forms are submitted to OMB for approval every 3 years. As such, this date requirement would also result in an unnecessary burden on the respondents and would delay Department action on the benefit being sought. VA also seeks to minimize its cost to itself of collecting, processing, and using the information by not displaying the expiration date. For the reasons stated, VA continues to seek an exemption that waives the displaying of the expiration date on VA Form 26-8084.
18. There is no exception to the certification statement identified in Item l9, "Certification for Paperwork Reduction Act Submissions," of OMB Form 83-l.
STATISTICAL METHODS
The data collection does not employ statistical methods.
| File Type | application/msword |
| File Title | EILEEN:DOC |
| Author | VBA USER |
| File Modified | 2010-02-05 |
| File Created | 2010-02-05 |