Department of Veterans Affairs Servicing Purchase (VASP) program

ICR 202311-2900-003

OMB: 2900-0934

Federal Form Document

Forms and Documents
IC Document Collections
ICR Details
Received in OIRA
Department of Veterans Affairs Servicing Purchase (VASP) program
New collection (Request for a new OMB Control Number)   No
Emergency 01/16/2024
  Requested Previously Approved
6 Months From Approved
41,988 0
68,231 0
0 0

The Department of Veterans Affairs (VA) is initiating an expanded program using existing Refund provisions under 38 U.S.C. § 3732 and 38 C.F.R. 36.4320, Refunding of Loans in Default. This option will assist Veterans with VA-guaranteed loans who have defaulted on their mortgage loan and are facing foreclosure. Under this program, VA will exercise its statutory option to purchase the loan from the servicer and VA will hold the loan in VA’s own loan portfolio.
The COVID-19 Veterans Assistance Partial Claim Payment (VAPCP) program and COVID-19 Refund Modification were introduced as emergency measures to assist Veterans financially impacted by the COVID-19 pandemic retaining their VA-guaranteed home loans. Both programs were temporary solutions to address the financial pressures of the National Emergency. The VAPCP program sunset October 28, 2022. The COVID-19 Refund Modification is scheduled to sunset December 31, 2023. At the end of the pandemic, interest rates began to dramatically increase creating a rising rate environment. The rising rate environment combined with the residual impact of the pandemic has left traditional loss mitigation options insufficient to meet the need of affordable home retention options. The Department of Veterans Affairs (VA) is initiating a permanent program for borrowers and VA-guaranteed loans that are facing foreclosure, and do not qualify for a traditional loss mitigation option called VA Servicing Purchase (VASP).


Not associated with rulemaking


IC Title Form No. Form Name
Lenders - VASP Program
Veterans - VASP Program

  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 41,988 0 0 41,988 0 0
Annual Time Burden (Hours) 68,231 0 0 68,231 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Miscellaneous Actions
This is a new collection of information.

Maribel Aponte 202 266-4688 [email protected]


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