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OMB ID: [OMB Control No. 2900-0521]

NOTICE: NOTICES

DOCUMENT ACTION: Notice.

SUBJECT CATEGORY: Agency Information Collection Activities Under OMB Review

DATES: Comments must be submitted on or before December 31, 2007.

DOCUMENT SUMMARY: In compliance with the Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. 35013521), this notice announces that the Veterans Benefits Administration (VBA), Department of Veterans Affairs, will submit the collection of information abstracted below to the Office of Management and Budget (OMB) for review and comment. The PRA submission describes the nature of the information collection and its expected cost and burden; it includes the actual data collection instrument.

SUMMARY: Agency information collection activities; proposals, submissions, and approvals,

SUPPLEMENTAL INFORMATION

Titles: a. Report and Certification of Loan Disbursement, VA Form 261820.

b. Request for Verification of Employment, VA Form 268497.

c. Request for Verification of Deposit, VA Form 268497a.

OMB Control Number: 29000521.

Type of Review: Revision of a currently approved collection.

Abstract: Lenders must obtain specific information concerning a veteran's credit history in order to properly underwrite the veteran's loan. VA loans may not be guaranteed unless the veteran is a satisfactory credit risk. The data collected on the following forms are used to ensure that applications for VAguaranteed loans are underwritten in a reasonable and prudent manner.

a. VA Form 261820 is completed by lenders closing VA guaranteed and insured loans under the automatic or prior approval procedures.

b. VA Form 268497 is used by lenders to verify a loan applicant's income and employment information when making guaranteed and insured loans. VA does not require the exclusive use of this form for verification purposes, any alternative verification document would be acceptable provided that all information requested on VA Form 268497 is provided.

c. Lenders making guaranteed and insured loans complete VA Form 26 [[Page 67788]]
8497a to verify the applicant's deposits in banks and other savings institutions.

An agency may not conduct or sponsor, and a person is not required to respond to a collection of information unless it displays a currently valid OMB control number. The Federal Register Notice with a 60day comment period soliciting comments on this collection of information was published on September 19, 2007, at pages 5362053621.

Affected Public: Business or other for profit.

Estimated Annual Burden: 75,000 hour.

a. Report and Certification of Loan Disbursement, VA Form 261820 50,000 hours.

b. Request for Verification of Employment, VA Form 26849716,667 hours.

c. Request for Verification of Deposit, VA Form 268497a8,333 hours.

Estimated Average Burden Per Respondent:

a. Report and Certification of Loan Disbursement, VA Form 261820 15 minutes.

b. Request for Verification of Employment, VA Form 26849710 minutes.

c. Request for Verification of Deposit, VA Form 268497a5 minutes.

Frequency of Response: On occasion.

Estimated Number of Respondents: 400,000.

a. Report and Certification of Loan Disbursement, VA Form 261820 200,000.

b. Request for Verification of Employment, VA Form 268497 100,000.

c. Request for Verification of Deposit, VA Form 268497a100,000.

Dated: November 26, 2007.

By direction of the Secretary.
Denise McLamb,
Program Analyst, Records Management Service.
[FR Doc. E723232 Filed 112907; 8:45 am]
BILLING CODE 832001P

FOR FURTHER INFORMATION CONTACT Denise McLamb, Records Management Service (005R1B), Department of Veterans Affairs, 810 Vermont Avenue, NW., Washington, DC 20420, (202) 4617485, FAX (202) 2730443 or email
denise.mclamb@mail.va.gov. Please refer to ``OMB Control No. 2900 0521.''