Loan Guaranty: Maximum Allowable Attorney Fees, 67465-67466 [2013-26985]
Download as PDF
<![CDATA[
Federal Register / Vol. 78, No. 218 / Tuesday, November 12, 2013 / Notices
short-term debt securities (including
selected money market instruments).
How To Report: Completed reports
can be submitted electronically or
mailed to the Federal Reserve Bank of
New York, Statistics Function, 4th
Floor, 33 Liberty Street, New York, NY
10045–0001. Inquiries can be made to
the survey staff of the Federal Reserve
Bank of New York at (212) 720–6300 or
email: SHC.help@ny.frb.org. Inquiries
can also be made to Dwight Wolkow at
(202) 622–1276, email: comments2TIC@
do.treas.gov.
When To Report: Data must be
submitted to the Federal Reserve Bank
of New York, acting as fiscal agent for
the Department of the Treasury, by
March 3, 2014.
Paperwork Reduction Act Notice: This
data collection has been approved by
the Office of Management and Budget
(OMB) in accordance with the
Paperwork Reduction Act and assigned
control number 1505–0146. An agency
may not conduct or sponsor, and a
person is not required to respond to, a
collection of information unless it
displays a valid control number
assigned by OMB. The estimated
average annual burden associated with
this collection of information is 48
hours per respondent for end-investors
and custodians that file Schedule 3
reports covering their securities
entrusted to U.S. resident custodians,
145 hours per respondent for large endinvestors filing Schedule 2 reports, and
700 hours per respondent for large
custodians of securities filing Schedule
2 reports. Comments concerning the
accuracy of this burden estimate and
suggestions for reducing this burden
should be directed to the Department of
the Treasury, Attention Administrator,
International Portfolio Investment Data
Reporting Systems, Room 5422,
Washington, DC 20220, and to OMB,
Attention Desk Officer for the
Department of the Treasury, Office of
Information and Regulatory Affairs,
Washington, DC 20503.
Dwight Wolkow,
Administrator, International Portfolio
Investment Data Reporting Systems.
[FR Doc. 2013–26973 Filed 11–8–13; 8:45 am]
emcdonald on DSK67QTVN1PROD with NOTICES
BILLING CODE 4810–25–P
DEPARTMENT OF VETERANS
AFFAIRS
Loan Guaranty: Maximum Allowable
Attorney Fees
AGENCY:
Department of Veterans Affairs
(VA).
VerDate Mar<15>2010
17:41 Nov 08, 2013
Jkt 232001
ACTION:
Notice.
This notice provides
information to participants in the
Department of Veterans Affairs (VA)
Home Loan Guaranty program
concerning the maximum attorney fees
allowable in calculating the
indebtedness used to determine the
guaranty claim payable upon loan
termination. The table in this notice
contains the amounts the Secretary has
determined to be reasonable and
customary for all States, following an
annual review of amounts allowed by
other government-related home loan
programs.
DATES: The new maximum attorney fees
will be allowed for all loan terminations
completed on or after December 12,
2013.
FOR FURTHER INFORMATION CONTACT: Mr.
Andrew Trevayne, Assistant Director for
Loan and Property Management (261),
Loan Guaranty Service, Department of
Veterans Affairs, Washington, DC
20420, (202) 632–8795 (Not a toll-free
number).
SUPPLEMENTARY INFORMATION: The VA
Home Loan Guaranty program
authorized by Title 38, United States
Code (U.S.C.), Chapter 37, offers a
partial guaranty against loss to lenders
who make home loans to Veterans. VA
regulations concerning the payment of
loan guaranty claims are set forth at 38
CFR 36.4300, et seq. Computation of
guaranty claims is addressed in 38 CFR
36.4324, which states that one part of
the indebtedness upon which the
guaranty percentage is applied is the
allowable expenses/advances as
described in 38 CFR 36.4314. Paragraph
(b)(5)(ii) of that section describes the
procedures to be followed in
determining what constitutes the
reasonable and customary fees for legal
services in the termination of a loan.
The Secretary annually reviews
allowances for legal fees in connection
with the termination of single-family
housing loans, including foreclosure,
deed-in-lieu of foreclosure, and
bankruptcy-related services, issued by
the Department of Housing and Urban
Development (HUD), Fannie Mae, and
Freddie Mac. Based on increases
announced over the past year by these
entities, the Secretary has deemed it
necessary to publish in the Federal
Register a table setting forth the revised
amounts the Secretary now determines
to be reasonable and customary. The
table reflects the primary method for
foreclosing in each State, either judicial
or non-judicial, with the exception of
SUMMARY:
PO 00000
Frm 00135
Fmt 4703
Sfmt 4703
67465
those States where either judicial or
non-judicial is acceptable. The use of a
method not authorized in the table will
require prior approval from VA. This
table will be available throughout the
year at: https://www.benefits.va.gov/
homeloans/.
The new VA table closely mirrors
amounts and methods for foreclosure
allowed by Fannie Mae. Unlike Fannie
Mae, VA has determined that in Hawaii
the preferred method of foreclosure
should not yet be changed to include a
second method. VA is aware that
Hawaii has established a new nonjudicial foreclosure procedure; however,
VA believes this new method is not yet
well-established enough to provide
acceptable title to the real estate
community. Thus, the judicial
foreclosure procedure remains the
preferred method. VA will continue to
monitor the situation in Hawaii, and
make necessary changes as conditions
warrant.
Other jurisdictions that require
special mention include Oregon, South
Dakota, and Nebraska. VA continues to
prefer the non-judicial method in
Oregon and sees no need to allow the
judicial method on a regular basis.
However, in South Dakota, VA
determined that the non-judicial
procedure in South Dakota is not a
preferred method of foreclosure. In the
past, VA routinely allowed either the
non-judicial or judicial method of
foreclosure in Nebraska. At this time,
VA is designating non-judicial as the
preferred method of foreclosure in
Nebraska, although special approval
may be requested for a case where
judicial foreclosure is deemed
necessary.
There is no change to the amounts VA
will allow for attorney fees for deeds-inlieu of foreclosure or for bankruptcy
relief. VA will continue to monitor these
fees on an annual basis, as we are aware
that other entities are conducting
ongoing reviews of these fees.
The following table represents the
Secretary’s determination of the
reasonable and customary cost of legal
services for the preferred method of
terminating VA loans in each
jurisdiction under the provisions of 38
CFR 36.4314(b)(5)(ii). These amounts
will be allowed for all loan terminations
completed on or after December 12,
2013.
E:\FR\FM\12NON1.SGM
12NON1
67466
Federal Register / Vol. 78, No. 218 / Tuesday, November 12, 2013 / Notices
VA
Non-Judicial
foreclosure 1 2
Jurisdiction
VA Judicial
foreclosure 1 2
Deed-in-Lieu
of foreclosure
$900
1200
925
1050
1000
1225
N/A
N/A
600
N/A
900
1200
N/A
1050
N/A
N/A
850
N/A
N/A
N/A
N/A
2100
N/A
1000
1025
900
950
1000
900
1100
1150
N/A
N/A
N/A
N/A
1150
N/A
N/A
N/A
1000
N/A
N/A
1300
N/A
N/A
900
900
925
N/A
N/A
925
1000
1000
N/A
1000
N/A
N/A
N/A
N/A
N/A
N/A
1700
1350
N/A
2250
N/A
N/A
2400
N/A
1750
1500
1300
1250
1700
1350
1750
N/A
2000
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2425
1500
2000
2400
N/A
1250
1700
1450
N/A
1650
1500
N/A
1650
1250
N/A
N/A
N/A
1700
1800
N/A
N/A
N/A
1500
N/A
$350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
350
emcdonald on DSK67QTVN1PROD with NOTICES
Alabama .......................................................................................................................................
Alaska ..........................................................................................................................................
Arizona .........................................................................................................................................
Arkansas ......................................................................................................................................
California ......................................................................................................................................
Colorado ......................................................................................................................................
Connecticut ..................................................................................................................................
Delaware ......................................................................................................................................
District of Columbia .....................................................................................................................
Florida ..........................................................................................................................................
Georgia ........................................................................................................................................
Guam ...........................................................................................................................................
Hawaii ..........................................................................................................................................
Idaho ............................................................................................................................................
Illinois ...........................................................................................................................................
Indiana .........................................................................................................................................
Iowa .............................................................................................................................................
Kansas .........................................................................................................................................
Kentucky ......................................................................................................................................
Louisiana ......................................................................................................................................
Maine ...........................................................................................................................................
Maryland ......................................................................................................................................
Massachusetts .............................................................................................................................
Michigan .......................................................................................................................................
Minnesota ....................................................................................................................................
Mississippi ....................................................................................................................................
Missouri ........................................................................................................................................
Montana .......................................................................................................................................
Nebraska ......................................................................................................................................
Nevada .........................................................................................................................................
New Hampshire ...........................................................................................................................
New Jersey ..................................................................................................................................
New Mexico .................................................................................................................................
New York—Western Counties 3 ...................................................................................................
New York—Eastern Counties ......................................................................................................
North Carolina ..............................................................................................................................
North Dakota ................................................................................................................................
Ohio .............................................................................................................................................
Oklahoma .....................................................................................................................................
Oregon .........................................................................................................................................
Pennsylvania ................................................................................................................................
Puerto Rico ..................................................................................................................................
Rhode Island ................................................................................................................................
South Carolina .............................................................................................................................
South Dakota ...............................................................................................................................
Tennessee ...................................................................................................................................
Texas ...........................................................................................................................................
Utah .............................................................................................................................................
Vermont .......................................................................................................................................
Virgin Islands ...............................................................................................................................
Virginia .........................................................................................................................................
Washington ..................................................................................................................................
West Virginia ................................................................................................................................
Wisconsin .....................................................................................................................................
Wyoming ......................................................................................................................................
1 When a foreclosure is stopped due to circumstances beyond the control of the holder or its attorney (including, but not limited to bankruptcy,
VA-requested delay, property damage, hazardous conditions, condemnation, natural disaster, property seizure, or relief under the
Servicemembers Civil Relief Act) and then restarted, VA will allow a $350 restart fee in addition to the base foreclosure attorney fee. This fee
recognizes the additional work required to resume the foreclosure action, while also accounting for the expectation that some work from the previous action may be utilized in starting the new action.
2 VA will allow attorney fees of $650 (Chapter 7) or $850 (initial Chapter 13) for obtaining bankruptcy releases directly related to loan termination. For additional relief filed under either chapter, VA will allow an additional $250.
3 Western Counties of New York for VA are: Allegany, Cattaraugus, Chautauqua, Erie, Genesee, Livingston, Monroe, Niagara, Ontario, Orleans, Steuben, Wayne, Wyoming, and Yates. The remaining counties are in Eastern New York.
Approved: November 4, 2013.
Jose D. Riojas,
Chief of Staff, Department of Veterans Affairs.
[FR Doc. 2013–26985 Filed 11–8–13; 8:45 am]
BILLING CODE 8320–01–P
VerDate Mar<15>2010
17:41 Nov 08, 2013
Jkt 232001
PO 00000
Frm 00136
Fmt 4703
Sfmt 9990
E:\FR\FM\12NON1.SGM
12NON1
]]>Agencies
[Federal Register Volume 78, Number 218 (Tuesday, November 12, 2013)]
[Notices]
[Pages 67465-67466]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-26985]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF VETERANS AFFAIRS
Loan Guaranty: Maximum Allowable Attorney Fees
AGENCY: Department of Veterans Affairs (VA).
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: This notice provides information to participants in the
Department of Veterans Affairs (VA) Home Loan Guaranty program
concerning the maximum attorney fees allowable in calculating the
indebtedness used to determine the guaranty claim payable upon loan
termination. The table in this notice contains the amounts the
Secretary has determined to be reasonable and customary for all States,
following an annual review of amounts allowed by other government-
related home loan programs.
DATES: The new maximum attorney fees will be allowed for all loan
terminations completed on or after December 12, 2013.
FOR FURTHER INFORMATION CONTACT: Mr. Andrew Trevayne, Assistant
Director for Loan and Property Management (261), Loan Guaranty Service,
Department of Veterans Affairs, Washington, DC 20420, (202) 632-8795
(Not a toll-free number).
SUPPLEMENTARY INFORMATION: The VA Home Loan Guaranty program authorized
by Title 38, United States Code (U.S.C.), Chapter 37, offers a partial
guaranty against loss to lenders who make home loans to Veterans. VA
regulations concerning the payment of loan guaranty claims are set
forth at 38 CFR 36.4300, et seq. Computation of guaranty claims is
addressed in 38 CFR 36.4324, which states that one part of the
indebtedness upon which the guaranty percentage is applied is the
allowable expenses/advances as described in 38 CFR 36.4314. Paragraph
(b)(5)(ii) of that section describes the procedures to be followed in
determining what constitutes the reasonable and customary fees for
legal services in the termination of a loan.
The Secretary annually reviews allowances for legal fees in
connection with the termination of single-family housing loans,
including foreclosure, deed-in-lieu of foreclosure, and bankruptcy-
related services, issued by the Department of Housing and Urban
Development (HUD), Fannie Mae, and Freddie Mac. Based on increases
announced over the past year by these entities, the Secretary has
deemed it necessary to publish in the Federal Register a table setting
forth the revised amounts the Secretary now determines to be reasonable
and customary. The table reflects the primary method for foreclosing in
each State, either judicial or non-judicial, with the exception of
those States where either judicial or non-judicial is acceptable. The
use of a method not authorized in the table will require prior approval
from VA. This table will be available throughout the year at: https://www.benefits.va.gov/homeloans/.
The new VA table closely mirrors amounts and methods for
foreclosure allowed by Fannie Mae. Unlike Fannie Mae, VA has determined
that in Hawaii the preferred method of foreclosure should not yet be
changed to include a second method. VA is aware that Hawaii has
established a new non-judicial foreclosure procedure; however, VA
believes this new method is not yet well-established enough to provide
acceptable title to the real estate community. Thus, the judicial
foreclosure procedure remains the preferred method. VA will continue to
monitor the situation in Hawaii, and make necessary changes as
conditions warrant.
Other jurisdictions that require special mention include Oregon,
South Dakota, and Nebraska. VA continues to prefer the non-judicial
method in Oregon and sees no need to allow the judicial method on a
regular basis. However, in South Dakota, VA determined that the non-
judicial procedure in South Dakota is not a preferred method of
foreclosure. In the past, VA routinely allowed either the non-judicial
or judicial method of foreclosure in Nebraska. At this time, VA is
designating non-judicial as the preferred method of foreclosure in
Nebraska, although special approval may be requested for a case where
judicial foreclosure is deemed necessary.
There is no change to the amounts VA will allow for attorney fees
for deeds-in-lieu of foreclosure or for bankruptcy relief. VA will
continue to monitor these fees on an annual basis, as we are aware that
other entities are conducting ongoing reviews of these fees.
The following table represents the Secretary's determination of the
reasonable and customary cost of legal services for the preferred
method of terminating VA loans in each jurisdiction under the
provisions of 38 CFR 36.4314(b)(5)(ii). These amounts will be allowed
for all loan terminations completed on or after December 12, 2013.
[[Page 67466]]
----------------------------------------------------------------------------------------------------------------
VA Non-
Judicial VA Judicial Deed-in-Lieu
Jurisdiction foreclosure 1 foreclosure 1 of foreclosure
2 2
----------------------------------------------------------------------------------------------------------------
Alabama......................................................... $900 N/A $350
Alaska.......................................................... 1200 N/A 350
Arizona......................................................... 925 N/A 350
Arkansas........................................................ 1050 N/A 350
California...................................................... 1000 N/A 350
Colorado........................................................ 1225 N/A 350
Connecticut..................................................... N/A 1700 350
Delaware........................................................ N/A 1350 350
District of Columbia............................................ 600 N/A 350
Florida......................................................... N/A 2250 350
Georgia......................................................... 900 N/A 350
Guam............................................................ 1200 N/A 350
Hawaii.......................................................... N/A 2400 350
Idaho........................................................... 1050 N/A 350
Illinois........................................................ N/A 1750 350
Indiana......................................................... N/A 1500 350
Iowa............................................................ 850 1300 350
Kansas.......................................................... N/A 1250 350
Kentucky........................................................ N/A 1700 350
Louisiana....................................................... N/A 1350 350
Maine........................................................... N/A 1750 350
Maryland........................................................ 2100 N/A 350
Massachusetts................................................... N/A 2000 350
Michigan........................................................ 1000 N/A 350
Minnesota....................................................... 1025 N/A 350
Mississippi..................................................... 900 N/A 350
Missouri........................................................ 950 N/A 350
Montana......................................................... 1000 N/A 350
Nebraska........................................................ 900 N/A 350
Nevada.......................................................... 1100 N/A 350
New Hampshire................................................... 1150 N/A 350
New Jersey...................................................... N/A 2425 350
New Mexico...................................................... N/A 1500 350
New York--Western Counties \3\.................................. N/A 2000 350
New York--Eastern Counties...................................... N/A 2400 350
North Carolina.................................................. 1150 N/A 350
North Dakota.................................................... N/A 1250 350
Ohio............................................................ N/A 1700 350
Oklahoma........................................................ N/A 1450 350
Oregon.......................................................... 1000 N/A 350
Pennsylvania.................................................... N/A 1650 350
Puerto Rico..................................................... N/A 1500 350
Rhode Island.................................................... 1300 N/A 350
South Carolina.................................................. N/A 1650 350
South Dakota.................................................... N/A 1250 350
Tennessee....................................................... 900 N/A 350
Texas........................................................... 900 N/A 350
Utah............................................................ 925 N/A 350
Vermont......................................................... N/A 1700 350
Virgin Islands.................................................. N/A 1800 350
Virginia........................................................ 925 N/A 350
Washington...................................................... 1000 N/A 350
West Virginia................................................... 1000 N/A 350
Wisconsin....................................................... N/A 1500 350
Wyoming......................................................... 1000 N/A 350
----------------------------------------------------------------------------------------------------------------
\1\ When a foreclosure is stopped due to circumstances beyond the control of the holder or its attorney
(including, but not limited to bankruptcy, VA-requested delay, property damage, hazardous conditions,
condemnation, natural disaster, property seizure, or relief under the Servicemembers Civil Relief Act) and
then restarted, VA will allow a $350 restart fee in addition to the base foreclosure attorney fee. This fee
recognizes the additional work required to resume the foreclosure action, while also accounting for the
expectation that some work from the previous action may be utilized in starting the new action.
\2\ VA will allow attorney fees of $650 (Chapter 7) or $850 (initial Chapter 13) for obtaining bankruptcy
releases directly related to loan termination. For additional relief filed under either chapter, VA will allow
an additional $250.
\3\ Western Counties of New York for VA are: Allegany, Cattaraugus, Chautauqua, Erie, Genesee, Livingston,
Monroe, Niagara, Ontario, Orleans, Steuben, Wayne, Wyoming, and Yates. The remaining counties are in Eastern
New York.
Approved: November 4, 2013.
Jose D. Riojas,
Chief of Staff, Department of Veterans Affairs.
[FR Doc. 2013-26985 Filed 11-8-13; 8:45 am]
BILLING CODE 8320-01-P
