[Federal Register: September 24, 2008 (Volume 73, Number 186)]
[Notices]
[Page 55430]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr24se08-192]
[[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.
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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