Financial Statement (VA Form 26-6807)

Forms and Documents

Document Name	Status
Form VA Form 26-6807 Financial Statement Form	Modified
VA Form 26-6807 marriage justification.docx Supplementary Document	2014-06-19
VA Form 26-6807 marriage justification.docx Supplementary Document	2014-06-19
OMB2900-0047(26-6807)(6-29-14).doc Supporting Statement A	2014-06-19

IC Document Collections

IC ID	Document Title	Status
28173	Financial Statement Form	Modified

ICR Details

OMB Control No: 2900-0047	ICR Reference No: 201310-2900-016
Status: Historical Active	Previous ICR Reference No: 201101-2900-009
Agency/Subagency: VA	Agency Tracking No: 2900-0047 VBA-LGY-NK
Title: Financial Statement (VA Form 26-6807)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 06/20/2014
	Date Received in OIRA: 05/08/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2017	36 Months From Approved	07/31/2014
Responses	3,000	0	6,000
Time Burden (Hours)	2,250	0	4,500
Cost Burden (Dollars)	0	0	0

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Abstract: VA Form 26-6807 is primarily completed by purchasers assuming a veteran's home loan in release of liability cases authorized by 38 U.S.C. 3714, and by veteran-purchasers seeking substitution of entitlement by 38 U.S.C. 3702(b)(2). Data obtained permits credit underwriting determinations for action in such cases.

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Authorizing Statute(s): PL: Pub.L. 89 - 754 1013 Name of Law: Homeowners Assistance Program
   US Code: 38 USC 3702(b)(2) Name of Law: Basic Entitlement
   US Code: 38 USC 3714 Name of Law: Assumptions; Release From Liability
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 222	11/18/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 7001	02/05/2014
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
Financial Statement	VA Form 26-6807	Financial Statement

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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	3,000	6,000	0	-3,000	0	0
Annual Time Burden (Hours)	2,250	4,500	0	-2,250	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The reduction in burden is due to continued reduction in usage of the form. A factor in the reduction is historic low interest rates, that make loan assumptions, for which this form is primarily used not an attractive option. Since a person can obtain new credit at these low rates, it reduces the need to assume a loan to get a favorable interest rate.

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Annual Cost to Federal Government: $20,430

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? 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: 05/08/2014

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