Veterans Benefits Administration, Department of Veterans Affairs.
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.
Comments must be submitted on or before June 5, 2003.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Denise McLamb, Records Management Service (005E3), Department of Veterans Affairs, 810 Vermont Avenue, NW, or e-mail email@example.com. Please refer to “OMB Control No. 2900-0110.” Send comments and recommendations concerning any aspect of the information collection to VA's OMB Desk Officer, OMB Human Resources and Housing Branch, New Executive Office Building, Room 10235, Washington, DC 20503 (202) 395-7316. Please refer to “OMB Control No. 2900-0110” in any correspondence.End Further Info End Preamble Start Supplemental Information
Title: Application for Assumption Approval and/or Release from Personal Liability to the Government on a Home Loan, VA Form 26-6381.
OMB Control Number: 2900-0110.
Type of Review: Extension of a currently approved collection. Start Printed Page 24048
Abstract: VA Form 26-6381 is completed by veterans who are selling their homes by assumption rather than requiring purchaser to obtain their own financing to pay off the loan. VA processes requests for assumption approvals in a manner similar to that used for releases of liability. Title 38, U.S.C. Section 3713(a) provides that when a veteran disposes of his or her interest in the property securing the loan, VA may, upon request, release the original veteran-borrower from personal liability to the Government only if three requirements are fulfilled. First, the loan must be current. Second, the purchaser must assume all of the veteran's liability to the Government and the mortgage holder on the guaranteed loan. Third, the purchaser must qualify from a credit and income standpoint, to the same extent as if he or she were a veteran applying for a VA-guaranteed loan in the same amount as the loan being assumed. The information furnished is essential to make determinations for assumption approval, release of liability, and substitution of entitlement.
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 December 20, 2002 at page 78042.
Affected Public: Individuals or households, Business or other for profit.
Estimated Annual Burden: 596 hours.
Estimated Average Burden Per Respondent: 10 minutes.
Frequency of Response: On occasion.
Estimated Number of Total Respondents: 3,575.Start Signature
Dated: April 22, 2003.
By direction of the Secretary.
IT Specialist, Records Management Service.
[FR Doc. 03-11204 Filed 5-5-03; 8:45 am]
BILLING CODE 8320-01-P