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

ICR 201703-2900-018

OMB: 2900-0521

Federal Form Document

ICR Details
2900-0521 201703-2900-018
Historical Active 201307-2900-009
VA VBA-LGY-NK
Credit Underwriting Standards and Procedures for Processing VA Guaranteed Loans (26-1820, 26-8497 & 26-8497a)
Extension without change of a currently approved collection   No
Regular
Approved with change 09/19/2017
Retrieve Notice of Action (NOA) 06/30/2017
  Inventory as of this Action Requested Previously Approved
09/30/2020 36 Months From Approved 09/30/2017
900,000 0 900,000
187,500 0 187,500
0 0 4,140

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.

US Code: 38 USC 3710 Name of Law: Housing and Small Business Loans
   US Code: 38 USC 3702(c) Name of Law: Basic entitlement
  
None

Not associated with rulemaking

  82 FR 6687 04/05/2017
82 FR 30005 06/30/2017
No

  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
No
No

$266,476
No
    Yes
    Yes
No
No
No
Uncollected
Cynthia Harvey - Pryor 202 461-5870 cynthia.harvey-pryor@va.gov

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
06/30/2017


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