Interest Rate Reduction Refinancing Loan Worksheet (VA Form 26-8923)

Forms and Documents

Document Name	Status
30-day FRN.pdf Supplementary Document	2024-09-20
2024-15550.pdf Supplementary Document	2024-07-29
SupportingStatement VAF 26-8923 (2900-0386)Updated revised 092024.docx Supporting Statement A	2024-09-20

IC Document Collections

IC ID	Document Title	Status
28596	Interest Rate Reduction Refinancing Loan Worksheet Other-Online - Web LGY	Modified

ICR Details

OMB Control No: 2900-0386	ICR Reference No: 202407-2900-003
Status: Received in OIRA	Previous ICR Reference No: 202108-2900-009
Agency/Subagency: VA	Agency Tracking No: VBA-LGY-NK
Title: Interest Rate Reduction Refinancing Loan Worksheet (VA Form 26-8923)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 09/23/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	12/31/2024
Responses	173,293	662,165
Time Burden (Hours)	86,647	156,735
Cost Burden (Dollars)	0	0

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Abstract: VA Form 26-8923 is used to determine veterans eligible for an exception to pay a funding fee in connection with a VA-guaranteed loan. Lenders are required to complete the form on all interest rate reduction refinancing (IRRRL) loans and submit the form to the Veteran no later than the third business day after receiving the Veteran's application.

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Authorizing Statute(s): US Code: 38 USC 3712 Name of Law: Loans to Purchase Manufactured Homes or Lots
   US Code: 38 USC 3703 Name of Law: Basic Provisions Relating to Loan Guaranty and Insurance
   US Code: 38 USC 3729 Name of Law: Loan Fee
   US Code: 38 USC 3710 Name of Law: Purchase or Construction of Homes
  

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:
	89 FR 57994	07/16/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 77241	09/20/2024
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
Interest Rate Reduction Refinancing Loan Worksheet	VA Form 26-8923	Interest Rate Reduction Refinancing Loan Worksheet

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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	173,293	662,165	0	-488,872	0	0
Annual Time Burden (Hours)	86,647	156,735	0	-70,088	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 decrease in burden hours is due to a reduction in the anticipated number of IRRRL loans.

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Annual Cost to Federal Government: $3,519,581

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.     Yes

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? No

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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: 09/23/2024

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