In its next
extension, revision, or extension request, VA shall identify if any
of this information is collected by loan servicers in connection
with VA’s standards for loss mitigation. If so, the servicer’s
collection of information to determine eligibility for assumption
of loan (or other loss mitigation options) under VA guidelines is
covered by the PRA, even without a specific form and should be
included for both approval and in burden estimates.
Inventory as of this Action
36 Months From Approved
Application required by 38 U.S.C.
3713(a) and 3702(B)(2) for determinations necessary for release of
liability and substitution of entitlement of Veteran-sellers to the
government on guaranteed, insured and direct loans. Information
collected permits VA review for compliance with requirements of 38
U.S.C. 3713(a)(1) & (2) on status of loan, purchaser's
assumption of full liability under the loan instruments and credit
worthiness as well as credit underwriting.
USC 3710 Name of Law: Purchase or construction of homes
US Code: 38
USC 3713 Name of Law: Release from liability under guaranty
US Code: 38
USC 3702 Name of Law: Basic entitlement