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Federal Register / Vol. 86, No. 102 / Friday, May 28, 2021 / Rules and Regulations that provides a COVIDVAPCP note and security instrument to a veteran on June 15, 2021, must include the July 1, 2021
guaranteed loan payment in the partial claim payment amount, and the veteran will not need to make a guaranteed loan payment until August 1, 2021.
VA is also making a conforming amendment to paragraph e8 to account for the revisions to paragraph e3i. VA is also making technical drafting edits to paragraph f to clarify that Secretary of Veterans Affairs, an Officer of the United States should appear on the note and security instrument and that the name of the incumbent Secretary should not be included unless State law requires naming a real person.
G. 36.4806 Terms of the Assistance to the Veteran If a veteran chooses to accept VAs assistance i.e., a partial claim payment to the servicer, on the veterans behalf, the veteran, and all co-borrowers on the guaranteed loan, must execute a note and security instrument in favor of the Secretary of Veterans Affairs, an Officer of the United States. In addition, all non-borrowers holding a title interest in the property are required to sign the security instrument. In paragraph b, VA establishes specific terms of the note and security instrument. Specifically, VA requires the note and security instrument to include the amount to be repaid to the Secretary, by the veteran, to be the amount calculated under 36.4805e. VA also requires repayment in full immediately upon the
veterans transfer of title to the property, or the refinancing or payment in full otherwise, of the guaranteed loan with which the partial claim payment is associated. Finally, VA states that a veteran may make payments for the subordinate loan, in whole or in part, without charge or penalty. If the veteran makes a partial prepayment, there will be no changes in the due date unless VA
agrees in writing to those changes.
As discussed in section II above, VA
is revising 36.4806 to remove provisions that were in proposed paragraphs b2 through b5, which would have required repayment of the COVIDVAPCP loan within ten years and would have applied a 1.00 percent interest rate to the loan. VA is also redesignating proposed paragraph b6
as paragraph b2. VA is also adding new paragraph b3 to expressly state that a veteran may make partial prepayments of the new COVIDVAPCP
loan. This conforming amendment is necessary to preserve an element of the proposed rule which would have prohibited VA from charging veterans any fees for any prepayments made during the 60-month deferment term.38
As this final rule does not provide for a repayment term, and thus no deferment term, VA is preserving this crucial protection for veterans by expressly stating in new paragraph b3 that veterans can make prepayments on the COVIDVAPCP
loan, in whole or in part, without charge or penalty. VA is also making technical drafting edits to paragraph a to clarify that the Secretary of Veterans Affairs,
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an Officer of the United States should appear on the note and security instrument and the name of the incumbent Secretary should not be included unless State law requires naming a real person. VA is also making technical drafting edits to paragraph b2, as redesignated, to remove unnecessary commas that appeared after refinancing and otherwise in the proposed rule.39
H. 36.4807 Application for Partial Claim Payment In 36.4807, VA requires the servicer to provide VA with the original note required by 36.4805. Also, not later than 180 days following the date the security instrument required by 36.4805 is fully executed, the servicer must provide VA with the original security instrument and evidence that the servicer recorded such instrument. If the recording authority causes a delay, the servicer may request an extension of time, in writing, from VA.
Servicers will utilize VAs existing loan servicing platform, the VA Loan Electronic Reporting Interface VALERI
system, to report the partial claim payment event. Servicers must report the partial claim event within seven days of the date the veteran returns to the servicer the executed note required by 36.4805, but not later than 120 days after the date the veteran exits the COVID19 forbearance. Below, VA has identified the specific data elements that servicers must input into VALERI
when reporting the partial claim event.

DATA ELEMENT DEFINITIONS
Event name
Data elements
Business definition of data element
Partial claim

Principal amount

Partial claim

Interest amount

Partial claim

Tax payments missed amount.

Partial claim

Insurance payments missed amount.

Partial claim

Tax advance amount

Partial claim

Tax advance date

Partial claim

Insurance advance amount.

Total dollar amount of all scheduled but missed monthly payments of principal, as described in 36.4805e2i and e3ii, and all scheduled monthly payments of principal due within 31
days of the date the servicer provides to the veteran the note and security instrument described in 36.4806.
Total dollar amount of all scheduled but missed monthly payments of interest, as described in 36.4805e2i and e3ii, and all scheduled monthly payments of interest due within 31
days of the date the servicer provides to the veteran the note and security instrument described in 36.4806.
Total dollar amount of all scheduled but missed monthly escrow payments for real estate taxes, as described in 36.4805e2ii and e3ii, and all scheduled monthly escrow payments for real estate taxes due within 31 days of the date the servicer provides to the veteran the note and security instrument described in 36.4806.
Total dollar amount of all scheduled but missed monthly escrow payments for insurance premiums, as described in 36.4805e2ii and e3ii, and all scheduled monthly escrow payments for insurance premiums due within 31 days of the date the servicer provides to the veteran the note and security instrument described in 36.4806.
Total dollar amount of all payments the servicer made to real estate tax authorities on the veterans behalf, as described in 36.4805e2ii.
The date on which the servicer made the tax advance on the veterans behalf, as described in 36.4805e2ii.
Total dollar amount of all payments the servicer made to insurance providers on the veterans behalf, as described in 36.4805e2ii.

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