Credit Underwriting Standards and Procedures for Processing VA Guaranteed Loans (26-1820, 26-8497 & 26-8497a)

Forms and Documents

Document Name	Status
Form VA Form 26-1820 Credit Underwriting Standards and Procedures for Processing VA Guaranteed Loans (26-1820, 26-8497 & 26-8497a) Form	Modified
Correction Notice_2900-0521 FR Doc 2017-06687.docx Supplementary Document	2017-04-11
Supporting Statement 2900-0521 (VA FORMS 26-1820 26-8497 26-8497a)_ammended.docx Supporting Statement A	2017-08-23
2017-06687.pdf Supplementary Document	2017-04-10
2900-0521 30Day FRN.pdf Supplementary Document	2017-06-30

IC Document Collections

IC ID	Document Title	Status
28706	Credit Underwriting Standards and Procedures for Processing VA Guaranteed Loans (26-1820, 26-8497 & 26-8497a) Form	Modified

ICR Details

OMB Control No: 2900-0521	ICR Reference No: 201703-2900-018
Status: Historical Active	Previous ICR Reference No: 201307-2900-009
Agency/Subagency: VA	Agency Tracking No: VBA-LGY-NK
Title: Credit Underwriting Standards and Procedures for Processing VA Guaranteed Loans (26-1820, 26-8497 & 26-8497a)
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 with change	Conclusion Date: 09/19/2017
	Date Received in OIRA: 06/30/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2020	36 Months From Approved	09/30/2017
Responses	900,000	0	900,000
Time Burden (Hours)	187,500	0	187,500
Cost Burden (Dollars)	0	0	4,140

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Abstract: Under 38 U.S.C. 3710, a loan may not be guaranteed unless the veteran is a satisfactory credit risk. The statute also requires that VA set forth in regulatory form standards to be used by lenders in underwriting VA-guaranteed loans and obtaining credit information. These standards are set forth at 38 CFR 36.4340. They require lenders to collect certain specific information concerning the veteran and the veteran’s credit history (and spouse or other co-borrower, as applicable), in order to properly underwrite the veteran’s loan. Collection of this information is normal business practice for mortgage lenders.

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Authorizing Statute(s): US Code: 38 USC 3710 Name of Law: Housing and Small Business Loans
   US Code: 38 USC 3702(c) Name of Law: Basic entitlement
  

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:
	82 FR 6687	04/05/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 30005	06/30/2017
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
Credit Underwriting Standards and Procedures for Processing VA Guaranteed Loans (26-1820, 26-8497 & 26-8497a)	VA Form 26-8497a, VA Form 26-1820, VA Form 26-8497	Report and Certification of Loan Disbursement ,   Request for Verification of Employment ,   Request for Verification of Deposit

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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	900,000	900,000	0	0	0	0
Annual Time Burden (Hours)	187,500	187,500	0	0	0	0
Annual Cost Burden (Dollars)	0	4,140	0	-4,140	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:

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Annual Cost to Federal Government: $266,476

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

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: 06/30/2017

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