Interest Rate Reduction Refinancing Loan Worksheet

Forms and Documents

Document Name	Status
Form 26-8923 Interest Rate Reduction Refinancing Loan Worksheet Form	Modified
2900-0386 justification.docx Supporting Statement A	2012-07-05

IC Document Collections

IC ID	Document Title	Status
28596	Interest Rate Reduction Refinancing Loan Worksheet Form	Modified

ICR Details

OMB Control No: 2900-0386	ICR Reference No: 201203-2900-013
Status: Historical Active	Previous ICR Reference No: 200811-2900-014
Agency/Subagency: VA	Agency Tracking No: 2900-0386
Title: Interest Rate Reduction Refinancing Loan Worksheet
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: 08/31/2012
	Date Received in OIRA: 07/05/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2015	36 Months From Approved	08/31/2012
Responses	140,000	0	30,000
Time Burden (Hours)	23,333	0	5,000
Cost Burden (Dollars)	0	0	0

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Abstract: Form is used by lenders for completing the funding fee and maximum permissible loan amounts for interest rate reduction refinancing loans to veterans (38 U.S.C. 3729(a), 3710(a)(8), or 3712(a)(1)(F)). Information is used by VA loan examiners to assure that the above requirements are met prior to issuing guaranty.

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Authorizing Statute(s): US Code: 38 USC 3729 Name of Law: Loan Fee
   US Code: 38 USC 3710 Name of Law: Purchase or Construction of Homes
   US Code: 38 USC 3712 Name of Law: Loans to Purchase Manufactured Homes or Lots
   US Code: 38 USC 3703 Name of Law: Basic Provisions Relating to Loan Guaranty and Insurance
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 67	04/06/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 124	06/27/2012
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
Interest Rate Reduction Refinancing Loan Worksheet	26-8923	Interest Rate Reduction Refinancing Loan Worksheet

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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	140,000	30,000	0	0	110,000	0
Annual Time Burden (Hours)	23,333	5,000	0	0	18,333	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 increase in burden hours is due to a dramatic increase in the number of Interest Rate Reduction Refinancing Loans. This is due to interest rates being historically low.

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Annual Cost to Federal Government: $331,100

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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

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: 07/05/2012

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