Within 180 days of clearance, VA will consult with appropriate stakeholders and develop a plan for reducing burden by clarifying the requirements of this information collection for respondents.
Inventory as of this Action
Requested
Previously Approved
06/30/2020
6 Months From Approved
156,000
0
0
12,480
0
0
468,000
0
0
Section 309 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), Public Law 115-174 requires VA to promulgate regulations for cash-out refinance home loans within 180 days after the date of the enactment of the Act. Section 309 of the Act was codified at 38 U.S.C. 3709. VAâs regulation governing refinancing cash-out loans is found at 38 CFR 36.4306. Section 309 requires that a refinanced VA home loan may not be guaranteed by the Department of Veterans Affairs, unless, a specified minimum time period has passed between the original loan and the refinancing loan; and the lender complies with provisions related to fee recoupment, mortgage interest rates, and net tangible benefit tests. These provisions ensure that the refinancing loan is in the financial interest of the Veteran.
Please see email informing us we need to apply for emergency review. Rule effective February 15, 2019, so we would like the ICR approved as soon as possible. There is an information collection attached to the rule in 38 CFR 36.4306(a)(3)(iv).
US Code:
38 USC 3709
Name of Law: Refinancing of housing loans
PL:
Pub.L. 115 - 174 309
Name of Law: Economic Growth, Regulatory Relief, and Consumer Protection Act
Section 309 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), Public Law 115-174 requires VA to promulgate regulations for cash-out refinance home loans within 180 days after the date of the enactment of the Act. Section 309 of the Act was codified at 38 U.S.C. 3709.
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.
VA Guidance Document.pdf
Sample - VA Cash-Out Refinance Loan Comparison and Certification.docx
Refinance Disclosure Document IC Supporting Statement 12.17.2018.doc
VA-Guaranteed Home Loan Cash-out Refinance Loan Comparison Disclosure