Loan Guaranty: Loan Servicing and Claims Procedures Modifications Segment 8 Effective Date, 55430 [E8-22223]

Download as PDF 55430 Federal Register / Vol. 73, No. 186 / Wednesday, September 24, 2008 / Notices DEPARTMENT OF VETERANS AFFAIRS Loan Guaranty: Loan Servicing and Claims Procedures Modifications Segment 8 Effective Date AGENCY: Department of Veterans Affairs (VA). Notice of applicability of Subpart F of 38 CFR, Part 36, to Segment 8 of the mortgage servicing industry. ACTION: rwilkins on PROD1PC63 with NOTICES3 SUMMARY: This publication is to serve as notice that on November 14, 2008, Subpart F of Title 38, Code of Federal Regulations, Part 36, will be applicable to industry segment 8. Program participants in the VA Home Loan Guaranty Program’s servicing and claims activities were assigned to one of nine industry segments as part of the planned phased implementation of the rules in Subpart F. All program participants were given notice of their respective segments and were afforded opportunity to comment during the regulatory development process (see SUPPLEMENTARY INFORMATION section, below). Segment 8 participants will be under the authority of Subpart F rules on November 14, 2008. VA continues to work with these participants to ensure VerDate Aug<31>2005 19:30 Sep 23, 2008 Jkt 214001 that all necessary servicing system modifications, defect corrections, interface testing and data transmission are addressed. SUPPLEMENTARY INFORMATION: On Friday, February 1, 2008, VA published final regulations that modify its Loan Guaranty Program’s loan servicing and claims procedures modifications (73 FR 6294). In response to comments received to the proposed regulations (70 FR 8472, published February 18, 2005) and to a supplemental notice published on November 27, 2006 (71 FR 68498), VA published a second supplemental notice on June 1, 2007 (72 FR 30505), in which the agency put forth a proposal to phase-in implementation of the new tracking system. Based on comments received to the proposed regulations and the first supplemental notice, VA decided to proceed with gradual implementation of the new rules and its computer-based tracking system, the VA Loan Electronic Reporting Interface (VALERI), with nine separate industry segments to be phased in over a period of approximately 11 months. In order to ease the confusion that was created by the original schedule showing the fourth segment not subject to the new rules until approximately the same time as the ninth segment, VA moved the former PO 00000 Frm 00004 Fmt 4701 Sfmt 4703 members of industry segment four into the last segment and renumbered all subsequent segments accordingly. This resulted in only eight industry segments. The first segment was subject to the new rules upon publication of the final regulations, when the rules became effective. The second segment was subject to the new rules effective April 19, 2008 (73 FR 21176). The third segment was subject to the new rules effective May 30, 2008 (73 FR 34993). The fourth segment was subject to the new rules effective June 27, 2008. The fifth segment was subject to the new rules effective July 25, 2008. The sixth segment was subject to the new rules effective September 19, 2008. The seventh segment was subject to the new rules effective October 17, 2008. The eighth segment will be subject to the new rules effective November 14, 2008. FOR FURTHER INFORMATION CONTACT: Mike Frueh, Department of Veterans Affairs, 810 Vermont Avenue, NW., Washington, DC 20420, (202) 461–9521 (Not a toll-free number). Approved: September 16, 2008. Gordon H. Mansfield, Deputy Secretary of Veterans Affairs. [FR Doc. E8–22223 Filed 9–23–08; 8:45 am] BILLING CODE 8320–01–P E:\FR\FM\24SEN3.SGM 24SEN3

Agencies

[Federal Register Volume 73, Number 186 (Wednesday, September 24, 2008)]
[Notices]
[Page 55430]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-22223]



[[Page 55430]]

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DEPARTMENT OF VETERANS AFFAIRS


Loan Guaranty: Loan Servicing and Claims Procedures Modifications 
Segment 8 Effective Date

AGENCY: Department of Veterans Affairs (VA).

ACTION: Notice of applicability of Subpart F of 38 CFR, Part 36, to 
Segment 8 of the mortgage servicing industry.

-----------------------------------------------------------------------

SUMMARY: This publication is to serve as notice that on November 14, 
2008, Subpart F of Title 38, Code of Federal Regulations, Part 36, will 
be applicable to industry segment 8. Program participants in the VA 
Home Loan Guaranty Program's servicing and claims activities were 
assigned to one of nine industry segments as part of the planned phased 
implementation of the rules in Subpart F. All program participants were 
given notice of their respective segments and were afforded opportunity 
to comment during the regulatory development process (see SUPPLEMENTARY 
INFORMATION section, below). Segment 8 participants will be under the 
authority of Subpart F rules on November 14, 2008. VA continues to work 
with these participants to ensure that all necessary servicing system 
modifications, defect corrections, interface testing and data 
transmission are addressed.

SUPPLEMENTARY INFORMATION: On Friday, February 1, 2008, VA published 
final regulations that modify its Loan Guaranty Program's loan 
servicing and claims procedures modifications (73 FR 6294). In response 
to comments received to the proposed regulations (70 FR 8472, published 
February 18, 2005) and to a supplemental notice published on November 
27, 2006 (71 FR 68498), VA published a second supplemental notice on 
June 1, 2007 (72 FR 30505), in which the agency put forth a proposal to 
phase-in implementation of the new tracking system.
    Based on comments received to the proposed regulations and the 
first supplemental notice, VA decided to proceed with gradual 
implementation of the new rules and its computer-based tracking system, 
the VA Loan Electronic Reporting Interface (VALERI), with nine separate 
industry segments to be phased in over a period of approximately 11 
months. In order to ease the confusion that was created by the original 
schedule showing the fourth segment not subject to the new rules until 
approximately the same time as the ninth segment, VA moved the former 
members of industry segment four into the last segment and renumbered 
all subsequent segments accordingly. This resulted in only eight 
industry segments. The first segment was subject to the new rules upon 
publication of the final regulations, when the rules became effective. 
The second segment was subject to the new rules effective April 19, 
2008 (73 FR 21176). The third segment was subject to the new rules 
effective May 30, 2008 (73 FR 34993). The fourth segment was subject to 
the new rules effective June 27, 2008. The fifth segment was subject to 
the new rules effective July 25, 2008. The sixth segment was subject to 
the new rules effective September 19, 2008. The seventh segment was 
subject to the new rules effective October 17, 2008. The eighth segment 
will be subject to the new rules effective November 14, 2008.

FOR FURTHER INFORMATION CONTACT: Mike Frueh, Department of Veterans 
Affairs, 810 Vermont Avenue, NW., Washington, DC 20420, (202) 461-9521 
(Not a toll-free number).

    Approved: September 16, 2008.
Gordon H. Mansfield,
Deputy Secretary of Veterans Affairs.
 [FR Doc. E8-22223 Filed 9-23-08; 8:45 am]
BILLING CODE 8320-01-P