Agency Information Collection Activities Under OMB Review

DEPARTMENT OF VETERANS AFFAIRS

[OMB Control No. 2900-0112]

Agency Information Collection Activities Under OMB Review

AGENCY: Veterans Benefits Administration, Department of Veterans

Affairs.

ACTION: Notice.

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SUMMARY: In compliance with the Paperwork Reduction Act (PRA) of 1995

(44 U.S.C., 3501 et seq.), this notice announces that the Veterans

Benefits Administration (VBA), Department of Veterans Affairs, has

submitted the collection of information abstracted below to the Office

of Management and Budget (OMB) for review and comment. The PRA

submission describes the nature of the information collection and its

expected cost and burden; it includes the actual data collection

instrument.

DATES: Comments must be submitted on or before September 26, 1997.

FOR FURTHER INFORMATION OR A COPY OF THE SUBMISSION CONTACT: Ron

Taylor, Information Management Service (045A4), Department of Veterans

Affairs, 810 Vermont Avenue, NW, Washington, DC 20420, (202) 273-8015

or FAX (202) 273-5981. Please refer to ``OMB Control No. 2900-0112.''

SUPPLEMENTARY INFORMATION:

Title and Form Number: Statement of Holder or Servicer of Veteran's

Loan, Form Letter 26-559.

OMB Control Number: 2900-0112.

Type of Review: Reinstatement, without change, of a previously

approved collection for which approval has expired.

Abstract: Veteran-borrowers may sell their home subject to the

existing VA-guaranteed mortgage lien without the prior approval of the

VA if the commitment for the loan was made prior to March 1, 1988.

However, if they wish to be released from personal liability to the

Government in the event of a subsequent default by a transferee, the VA

must determine, pursuant to 38 U.S.C. 3713(a), that: (1) The loan

payments are current; (2) the transferee will assume the veteran's

legal liabilities in connection with the loan; and (3) the purchaser

qualifies from a credit standpoint. Also, veteran-borrowers may sell

their home to veteran-transferees in accordance with 38 U.S.C.

3702(b)(2). However, eligible transferees must meet all the

requirements of 38 U.S.C. 3713(a) in addition to having sufficient

available loan guaranty entitlement to replace the amount of

entitlement used by the seller in obtaining the original loan.

In performing the credit underwriting functions associated with

processing a veteran's request for release from liability and/or

substitution of entitlement, loan specialists at VA field stations must

collect and verify information from the current holder or servicer of

the loan. Form Letter 26-559 collects information on the mortgage loan

amount, payment terms, taxes, insurance and liens which are used to

compute the total monthly mortgage cost to the borrower.

An agency may not conduct or sponsor, and a person is not required

to respond to a collection of information unless it displays a

currently valid OMB control number. The Federal Register Notice with a

60-day comment period soliciting comments on this collection of

information was published on May 27, 1997 at page 28755-28756.

Affected Public: Business or other for-profit--Individuals or

households.

Estimated Annual Burden: 1,167 hours.

Estimated Average Burden Per Respondent: 10 minutes.

Frequency of Response: One-time.

Estimated Number of Respondents: 7,000.

Send comments and recommendations concerning any aspect of the

information collection to VA's OMB Desk Officer, Allison Eydt, OMB

Human Resources and Housing Branch, New Executive Office Building, Room

10235, Washington, DC 20503 (202) 395-4650. Please refer to ``OMB

Control No. 2900-0112'' in any correspondence.

Dated: July 29, 1997.

By direction of the Secretary.

Donald L. Neilson,

Director, Information Management Service.

[FR Doc. 97-22715 Filed 8-26-97; 8:45 am]

BILLING CODE 8320-01-P