[Federal Register Volume 62, Number 166 (Wednesday, August 27, 1997)]
[Notices]
[Page 45478]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-22715]


=======================================================================
-----------------------------------------------------------------------

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.

-----------------------------------------------------------------------

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