Loan Guaranty: Adjustable Rate Mortgage Notification Requirements and Look-Back Period
This document proposes to amend the Department of Veterans Affairs (VA) Loan Guaranty Service (LGY) regulations that govern adjustable rate mortgages made in conjunction with the Home Loan Guaranty program. These revisions would align VA's disclosure and interest rate adjustment requirements with the implementing regulations of the Truth in Lending Act (TILA), as recently revised by the Consumer Financial Protection Bureau (CFPB). Specifically, the rule would amend the timing, content, and format requirements for the disclosures provided to borrowers prior to an interest-rate adjustment. The proposed regulation would also require that an interest-rate adjustment correspond with the interest rate index available 45 days prior to the adjustment. This proposed rulemaking would ensure VA's consistency with other applicable consumer finance and housing regulations governing adjustable rate mortgages.
Proposed Information Collection (Report of General Information) Activity: Comment Request
The Veterans Benefits Administration (VBA), Department of Veterans Affairs (VA), is announcing an opportunity for public comment on the proposed collection of certain information by the agency. Under the Paperwork Reduction Act (PRA) of 1995, Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed revision of a currently approved collection, and allow 60 days for public comment in response to the notice. This notice solicits comments on information needed as evidence to determine a claimant's entitlement to benefits.