VA-Guaranteed Home Loan Cash-out Refinance Loan Comparison Disclosure

Forms and Documents

Document Name	Status
VA Guidance Document.pdf Supplementary Document	2019-12-03
Sample - VA Cash-Out Refinance Loan Comparison and Certification.docx Supplementary Document	2019-01-28
Refinance Disclosure Document IC Supporting Statement 12.17.2018.doc Supporting Statement A	2018-12-17
Justification for Emergency Extension.pdf Supplementary Document	2018-11-01

IC Document Collections

IC ID	Document Title	Status
233213	VA-Guaranteed Home Loan Cash-out Refinance Loan Comparison Disclosure Other-Sample Instrument	New

ICR Details

OMB Control No: 2900-0875	ICR Reference No: 201809-2900-010
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: VA	Agency Tracking No: VBA-LGY-NK
Title: VA-Guaranteed Home Loan Cash-out Refinance Loan Comparison Disclosure
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 10/29/2019
OIRA Conclusion Action: Approved with change	Conclusion Date: 12/19/2019
	Date Received in OIRA: 10/28/2019
Terms of Clearance: Within 180 days of clearance, VA will consult with appropriate stakeholders and develop a plan for reducing burden by clarifying the requirements of this information collection for respondents.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2020	6 Months From Approved
Responses	156,000	0	0
Time Burden (Hours)	12,480	0	0
Cost Burden (Dollars)	468,000	0	0

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Abstract: Section 309 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), Public Law 115-174 requires VA to promulgate regulations for cash-out refinance home loans within 180 days after the date of the enactment of the Act. Section 309 of the Act was codified at 38 U.S.C. 3709. VA’s regulation governing refinancing cash-out loans is found at 38 CFR 36.4306. Section 309 requires that a refinanced VA home loan may not be guaranteed by the Department of Veterans Affairs, unless, a specified minimum time period has passed between the original loan and the refinancing loan; and the lender complies with provisions related to fee recoupment, mortgage interest rates, and net tangible benefit tests. These provisions ensure that the refinancing loan is in the financial interest of the Veteran.

Emergency Justfication: Please see email informing us we need to apply for emergency review. Rule effective February 15, 2019, so we would like the ICR approved as soon as possible. There is an information collection attached to the rule in 38 CFR 36.4306(a)(3)(iv).

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Authorizing Statute(s): US Code: 38 USC 3709 Name of Law: Refinancing of housing loans
   PL: Pub.L. 115 - 174 309 Name of Law: Economic Growth, Regulatory Relief, and Consumer Protection Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
2900-AQ42	Final or interim final rulemaking	83 FR 27263	12/17/2018

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Federal Register Notices & Comments

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
VA-Guaranteed Home Loan Cash-out Refinance Loan Comparison Disclosure

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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	156,000	0	0	156,000	0	0
Annual Time Burden (Hours)	12,480	0	0	12,480	0	0
Annual Cost Burden (Dollars)	468,000	0	0	468,000	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: Section 309 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), Public Law 115-174 requires VA to promulgate regulations for cash-out refinance home loans within 180 days after the date of the enactment of the Act. Section 309 of the Act was codified at 38 U.S.C. 3709.

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Annual Cost to Federal Government: $483,459

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.     No

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.     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: 10/28/2019

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