COVID-19 Veterans Assistance Partial Claim Payment program UNDER 38 C.F.R. 36.4803, 38.4805, 38.4806, and 38.4807

ICR 202105-2900-014

OMB: 2900-0888

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2021-05-28
IC Document Collections
IC ID
Document
Title
Status
ICR Details
2900-0888 202105-2900-014
Received in OIRA 202103-2900-023
VA VBA-LGY-YA
COVID-19 Veterans Assistance Partial Claim Payment program UNDER 38 C.F.R. 36.4803, 38.4805, 38.4806, and 38.4807
Existing collection in use without an OMB Control Number   No
Regular 06/01/2021
  Requested Previously Approved
36 Months From Approved
63,236 0
94,854 0
3,130,182 0

VA is initiating a temporary program via rulemaking for veterans with VA-guaranteed or insured loans who requested forbearance under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), including forbearance granted to a veteran for a financial hardship due, directly or indirectly, to the COVID-19 national emergency. To implement the COVID-19 Veterans Assistance Partial Claim Payment program (COVID-VAPCP), VA relies on its loss-mitigation authority for helping veterans retain their homes. Under this program, a servicer may consider a partial claim option when evaluating loss-mitigation for a veteran exiting a COVID-19 forbearance. For veterans and servicers who participate in the program, the servicer is required to originate a new loan repayable to VA and provide documentation to VA. This collection of information is necessary to ensure that veterans and servicers can comply with VA regulatory requirements proposed at 38 C.F.R. §§ 36.4803, 36.4805, 38.4806, and 38.4807.

US Code: 38 USC 3732
   US Code: 38 USC 3720
  
US Code: 38 USC 3720
US Code: 38 USC 3732

2900-AR05 Final or interim final rulemaking 86 FR 28692 05/28/2021

  85 FR 79142 12/09/2020
86 FR 28692 05/28/2021
No

0

  Total Request 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 63,236 0 0 63,236 0 0
Annual Time Burden (Hours) 94,854 0 0 94,854 0 0
Annual Cost Burden (Dollars) 3,130,182 0 0 3,130,182 0 0
Yes
Changing Regulations
No
This is a new information collection request. Nevertheless, VA notes that there is a change in burden hour estimates published in VA’s proposed rule on COVID-VAPCP (RIN 2900-AR05). Specifically, there is an overall increase in burden hours associated with the final rule. Notably, the final rule resulted in a decrease in the estimated completion time due to the elimination of the proposed application form, financial evaluation, and borrower and servicer certifications. However, despite this decrease in individual respondent burden, the overall burden hour estimate increased due to an increase in the number of estimated respondents. As discussed in the Regulatory Impact Analysis, VA anticipated a number of larger servicers would opt for alternative home retention options (such as a loan modification or deferment) rather than participate in COVID-VAPCP. Given that the program is more aligned with FHA and USDA partial claim programs, VA now anticipates such servicers (and the loans they service that are currently in a COVID-19 forbearance) will now utilize the partial claim payment option.

$1,292,860
No
    No
    Yes
No
No
No
Yes
Maribel Aponte 202 266-4688 [email protected]

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
06/01/2021


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