Financial Statement

OMB Control No: 2900-0047	ICR Reference No: 200712-2900-002
Status: Historical Active	Previous ICR Reference No: 200505-2900-008
Agency/Subagency: VA	Agency Tracking No: 2900-0047
Title: Financial Statement
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/07/2008
Retrieve Notice of Action (NOA)	Date Received in OIRA: 04/11/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2011	36 Months From Approved	07/31/2008
Responses	8,000	0	10,000
Time Burden (Hours)	6,000	0	7,500
Cost Burden (Dollars)	0	0	0

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Abstract: This form is primarily completed by purchasers assuming a veteran's home loan in release of liability cases authorized by 38 U.S.C. 3714 and by veteran-purchasers seeking substitution of entitlement by 38 U.S.C. 3702(b)(2). Data obtained permits credit underwriting determinations for action in such cases.

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Authorizing Statute(s): US Code: 38 USC 3714 Name of Law: Assumptions; Release From Liability    US Code: 38 USC 3702(b)(2) Name of Law: Basic Entitlement    PL: Pub.L. 89 - 754 1013 Name of Law: Homeowners Assistance Program

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:
	73 FR 14	01/22/2008
30-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 67	04/07/2008
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 Financial Statement 26-6807 Financial Statement

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ICR Summary of Burden

	Total Approved	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	8,000	10,000	0	0	-2,000	0
Annual Time Burden (Hours)	6,000	7,500	0	0	-1,500	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: There is a reduction in the burden due to reduced usage of this form. On more recent loans the private loan holders are authorized to process requests for release of liability, using their own form. This has resulted in a decrease in the number of cases handled by VA and a corresponding drop in the number of forms used as older loans are less attractive for assumption.

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Annual Cost to Federal Government: $48,580

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

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: Denise McLamb 202-565-8374 [email protected]

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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: 04/11/2008

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