Voglio sapere a riguardo di…

28702

Federal Register / Vol. 86, No. 102 / Friday, May 28, 2021 / Rules and Regulations
that VA will pay only one partial claim payment per veteran.
In paragraph e1, VA states that because VA will pay only one partial claim payment per guaranteed loan, and only one partial claim payment per veteran, a servicer must, when calculating the amount of partial claim payment to be paid by VA to the servicer, include the full amount of indebtedness that is necessary to bring the guaranteed loan current. In paragraph e2, VA states that to bring the guaranteed loan current, servicers must include the full COVID19
indebtedness, comprising i all scheduled but missed monthly payments of principal and interest; and ii as applicable, all scheduled but missed monthly escrow payments for real estate taxes and insurance premiums, or where the guaranteed loan documents do not provide for monthly escrowing, all payments the servicer made to real estate tax authorities and insurance providers, on the veterans behalf, during the COVID19
forbearance.
In paragraph e3i, VA requires servicers to include all scheduled monthly payments comprising principal, interest, and escrow payments for real estate taxes and insurance premiums due within 31
days of the date the servicer provides to the veteran the note and security instrument described in 36.4806. VA
notes that any such payment due within 31 days of such date may be considered part of the veterans obligation to bring the guaranteed loan current. As such, VA is requiring servicers to include this amount in the partial claim payment.
In paragraph e3ii, VA requires servicers to include, if applicable, all scheduled monthly payments comprising principal, interest, and escrow payments for real estate taxes and insurance premiums that were missed on or after March 1, 2020, but before the veteran was granted a COVID19 forbearance. As discussed in the notice of proposed rulemaking, VA
included this feature to allow veterans who may have missed a payment before requesting forbearance, but who would otherwise meet the COVIDVAPCP
requirements, to participate in the program.37 In such cases, however, the servicer must waive any late charges and fees associated with these missed payments. Additionally, under paragraph e3iii, VA requires servicers to include the actual amount of recording fees, recording taxes, or other charges levied by the recording authority that must be paid in order to 37 85

FR 79142, 79150 Dec. 9, 2020.

VerDate Sep<11>2014

16:57 May 27, 2021

Jkt 253001

record the security instrument described in 36.4806.
In paragraph e4, VA clarifies that servicers shall not include any amounts in the partial claim that are not listed by paragraph e2 or 3. This means servicers cannot include any amounts for example, fees, penalties, or interest beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the guaranteed loan, or any late charges and fees that the veteran incurred between March 1, 2020, and the date the veteran entered the COVID19 forbearance.
In paragraph e5, VA states that nothing in 36.4805 shall preclude a veteran from making an optional payment or a servicer from waiving a veterans indebtedness, such that the amount of partial claim payment would not exceed the 30 percent cap described in paragraph b.
In paragraph e6, VA explains that if the servicer miscalculates the partial claim amount, resulting in an overpayment to the servicer, the amount of such overpayment shall constitute a liability of the servicer to the United States. The servicer will be required to remit the overpaid amount immediately to VA. In paragraph e7, VA states that if the servicer miscalculates the partial claim amount, resulting in underpayment i.e., an amount insufficient to bring the guaranteed loan current, the servicer must waive the difference.
Finally, paragraph e8 prohibits servicers from including any amounts for a monthly payment that is scheduled to be paid on a date that is more than 31 days after the servicer provides to the veteran the note and security instrument described in 36.4806.
Under paragraph f, the servicer is required to prepare a note and security instrument in favor of the Secretary of Veterans Affairs, an Officer of the United States. Using the Department of Veterans Affairs or the United States is incorrect. Furthermore, certain states have their own Departments of Veterans Affairs, and without the explicit distinction made here, confusion could result. Therefore, it is critical that the note and security instrument read in favor of the Secretary of Veterans Affairs, an Officer of the United States. In cases where state law requires naming a real person, this final rule notice allows servicers to include the name of the incumbent Secretary. These provisions are consistent with VAs property conveyance rule found at 38 CFR
36.4323d8.

PO 00000

Frm 00012

Fmt 4700

Sfmt 4700

VA requires that the note be consistent with the terms described in 36.4806 and include all borrowers who are obligated on the guaranteed loan. The security instrument is also required to include all persons borrowers, as well as non-borrowers who hold a title interest in the property securing the guaranteed loan. In paragraph g, subject to the requirement that the servicer submit the application for a partial claim payment to VA not later than 90 days after the date the veteran exits the COVID19 forbearance, VA requires all loan documents to be fully executed not later than 90 days after the veteran exits the COVID19
forbearance. Paragraph h requires the servicer to record the security instrument timely, as prescribed in 36.4807. Finally, in paragraph i, the servicer is prevented from charging, or allowing to be charged, to the veteran any fee in connection with the COVID
VAPCP.
VA is making several changes to the final rule text in 36.4805. First, there are technical conforming amendments in paragraphs a, b, e2, e2ii, e3ii, and g, related to definitional changes in 36.4801. See section IV.B.
above. VA is also incorporating a technical edit to paragraph e4 that replaces borrower with veteran to remain consistent across Subpart F. See section III.C. above. In paragraph e3ii, VA is revising the text to clarify VAs intent that payments missed on March 1, 2020 can be included in the partial claim amount.
See section III.C. above.
Also in response to comments discussed above, VA is amending paragraph a to reflect the adjustment to the timeframe in which servicers must request a partial claim payment from 90
days to 120 days, as discussed in section II.F. above. VA is also amending paragraphs b and e5 to reflect the change in the maximum amount of available assistance, that is, from 15
percent of the UPB to 30 percent of the UPB. This change is discussed in more detail in section II.B.3. above.
Finally, VA is revising paragraph e3i such that the payments servicers must include in the partial claim amount will now be tied to the date the servicer provides the loan documents to the veteran, instead of the date the veteran executes such documents. As discussed in section III.H. above, this revision addresses industry concerns that servicers do not control when a veteran executes the note and security instrument, which increases the risk that servicers will miscalculate the partial claim payment amount. For example, under this final rule, a servicer
E:FRFM28MYR1.SGM

28MYR1