VA Loan Electronic Reporting Interface (VALERI) System

Forms and Documents

Document Name	Status
COVID-19_Refund-JUSTIFICATION_FOR_EMERGENCY_APPROVAL.docx Supplementary Document	2021-06-30
SupportingStatement_2900-0021_VALERI-June2021.docx Supporting Statement A	2021-06-30
VALERI_Events_bulk_upload_template_v23.0 external.xlsx Supplementary Document	2021-05-28
VALERI_Claims_Bulk_Upload_Template_v21.xlsx Supplementary Document	2021-05-28

IC Document Collections

IC ID	Document Title	Status
28116	VA Loan Electronic Reporting Interface (VALERI) System Other-System	Modified

ICR Details

OMB Control No: 2900-0021	ICR Reference No: 202106-2900-013
Status: Received in OIRA	Previous ICR Reference No: 202105-2900-012
Agency/Subagency: VA	Agency Tracking No: VBA-LGY-NK
Title: VA Loan Electronic Reporting Interface (VALERI) System
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 07/09/2021
Date Submitted to OIRA: 07/01/2021

	Requested	Previously Approved
Expiration Date	6 Months From Approved	06/30/2024
Responses	967	967
Time Burden (Hours)	70	70
Cost Burden (Dollars)	0	0

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Abstract: Holders report of default and notice of intention to foreclose on loans guaranteed under 38 U.S.C. 3710 and 3712 as required by 38 U.S.C. 3732. Information collected by VA is done through the VALERI system and used for performing supplemental servicing, determination on forbearance, foreclosure, protection of property and initiation of claim payment.

Emergency Justfication: To further assist Veterans with VA-guaranteed loans retain their homes, VA is temporarily expanding the list of loan modification options that do not require VA’s prior approval to include a new loan modification, the COVID-19 Refund Modification, to assist certain COVID-impacted Veterans as they exit a COVID-19 forbearance. To ensure that servicers are able to implement this new modification in time to assist the large number of borrowers exiting forbearance this summer/fall, VA plans to announce the COVID-19 Refund Modification via VA Circular in early- to mid-July with an effective date of July 27, 2021. This timeline is being coordinated by an interagency working group led by the Domestic Policy Council and National Economic Council to ensure that all federal housing agencies release guidance this summer offering additional home retention options to borrowers with federally backed mortgages. As outlined in the VA Circular, servicers will be required to prepare and execute a note and security instrument on behalf of VA as part of this new modification, which includes a VA purchase of past due payments and, in some cases, unpaid principal. Servicers will also be required to provide VA with both legal documents and report the actions taken to bring the defaulted loan current in VA’s electronic loan servicing system (VALERI). As part of this administrative action, VA is requesting emergency approval of a new information collection (IC) that is associated with servicers (and Veterans) preparing, executing, and providing the required loan documents to VA. Much like VA’s recently published COVID-19 Veterans Assistance Partial Claim Payment program (COVID-VAPCP), and its accompanying IC requirements under OMB control number 2900-0889, this new IC does not require any specific form. Rather, VA will accept any note and security instrument that meet the requirements outlined in VA’s Circular guidance. The terms VA requires for the note and security instrument for the COVID-19 Refund Modification and the COVID-VAPCP are identical; the only differences are who is eligible for each program and what amounts can be included in the loan repayable to VA (e.g., past due payments, unpaid principal). In addition to the new IC request, VA is requesting emergency approval of a revision to existing OMB control number 2900-0021. Under this IC, servicers are already required to report activity on every VA-guaranteed loan in their servicing portfolio, regardless of the home retention option pursued. The amendment to this IC merely adds additional data elements to existing reporting requirements/loss mitigation events to facilitate reporting and oversight of the COVID-19 Refund Modification, as well as payment of the COVID-19 Refund. Given the time constraints associated with launching this new modification option, VA is developing technology requirements that will deliver a minimally viable product (MVP) to enable servicers to report data elements associated with executing the COVID-19 Refund Modification and requesting VA purchase of past due payments and, if necessary, unpaid principal. In order to deliver an MVP on time, VA will ask servicers to utilize existing loss mitigation events; that is, the Partial Claim and Loss Mitigation events to report necessary data elements. Both events already collect from servicers the information relevant to reporting the execution of the COVID-19 Refund Modification. VA plans, however, to add a drop-down indicator to the Partial Claim event to allow it to track that the event being reported is a COVID-19 Refund Modification. VA also plans to add an additional data element to the Partial Claim event to collect information regarding any amounts of unpaid principal included in the COVID-19 Refund request.

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Authorizing Statute(s): US Code: 38 USC 3712 Name of Law: Loans to purchase manufactured homes and lots
   US Code: 38 USC 3710 Name of Law: Purchase or construction of homes
   US Code: 38 USC 3732 Name of Law: Procedure on default
  

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

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
VA Loan Electronic Reporting Interface (VALERI) System	VA Form 26-1874, VA Form 26-1874a, VA Form 26-6850a, VA Form 26-8778, VA Form 26-6850, VA Form 26-6851, VA Form 26-8903, VA Form 26-8802	Claim Form Addendum - Adjustable Rate Mortgages ,   Notice of Default ,   Notice of Default and Intention to Foreclose ,   Notice of Intention to Foreclose ,   Present Status of Loan ,   Notice for Election to Convey and/or Invoice for Transfer of Property ,   VA Foreclosure Sale Letter ,   Claim Under Loan Guaranty

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ICR Summary of Burden

	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	967	967	0	0	0	0
Annual Time Burden (Hours)	70	70	0	0	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: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $805

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

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? Yes

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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: 07/01/2021

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