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28704

Federal Register / Vol. 86, No. 102 / Friday, May 28, 2021 / Rules and Regulations DATA ELEMENT DEFINITIONSContinued
Event name
Data elements
Business definition of data element
Partial claim

Insurance advance date
Partial claim

Recording fees

Partial claim

Partial claim origination date.
Partial claim legal description.
Partial claim lien position.
Second borrower birth date.

The date on which the servicer made the insurance advance on veterans behalf, as described in 36.4805e2ii.
Total dollar amount of recording fees, recording taxes, or other charges levied by the recording authority, that must be paid in order to record the security instrument, as described in 36.4805e3iii.
The date the borrower executes the note required by 36.4805.

Partial claim
Partial claim
Partial claim

To address stakeholder comments discussed in section II above, VA is adopting changes to 36.4807 to eliminate the requirement that veterans and servicers complete and submit an application form. Thus, VA deleted proposed paragraph a and redesignated proposed paragraphs b and c as paragraphs a and b. In newly redesignated paragraph a, VA
deleted the introductory phrase Along with a complete application form,. In newly redesignated paragraph b, VA
amended the deadline for which servicers must report a partial claim event through VAs electronic loan servicing system VALERI. The revised deadline will now be measured from the date the borrower returns the executed note to the servicer, rather than the date the borrower executes the note. VA
made this revision to address commenters concerns about servicers being unable to dictate the date on which a veteran executes the note. See section II above. VA also amended newly redesignated paragraph b to include a conforming technical edit that is related to VAs decision to increase the timeframe in which servicers must request a partial claim payment from 90
days to 120 days post-forbearance. See section II.F. above.
Regarding the VALERI data elements outlined above, VA is deleting the following data elements as they are no longer necessary given the elimination of the ten-year repayment term: Partial claim first payment due date; partial claim maturity date; and partial claim P&I payment amount. VA is also updating the following data element definitions to align with changes to 36.4805e3i: Principal amount;
Interest amount; Tax payments missed amount; and Insurance payments missed amount.

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The legal description of the property.
The lien position of the partial claim loan.
The birth dates of all co-borrowers.

I. 36.4808 No Effect on the Servicing of the Guaranteed Loan In 36.4808, VA requires servicers to continue to service the guaranteed loan in accordance with subpart B of part 36.
The liability of the United States for any guaranteed loan shall decrease or increase pro rata with any decrease or increase of the amount of the unpaid portion of the guaranteed loan. A partial claim payment does not affect the guaranty percentage established at the time the guaranteed loan was made.
Receipt of a partial claim payment shall not eliminate a servicers option under 38 U.S.C. 3732 to convey to the Secretary the security for the guaranteed loan.
There is no change from the proposed rule to this section.
J. 36.4809 Expiration of the COVID
19 Veterans Assistance Partial Claim Payment Program In 36.4809, VA notes that the Secretary will not accept a request for a partial claim payment after the date that is 180 days after the date the COVID19
national emergency ends under the National Emergencies Act, unless a veterans COVID19 forbearance does not end until after such date. In cases where a veterans COVID19
forbearance ends after the subject date, the Secretary shall accept a request for a partial claim payment, provided that such request is submitted to the Secretary not later than 120 days after the date the veteran exits the COVID19
forbearance. However, in no event will the Secretary accept a request for a partial claim payment after October 28, 2022.
VA is making several changes to the final rule text in 36.4809 for reasons outlined in section II.E. above. First, there are technical conforming amendments in paragraph b related to definitional changes in 36.4801. See section IV.B. above. VA is also adopting
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a change in paragraph b to replace may still with shall in response to public comments. Also, VA is amending paragraph b to include a conforming technical edit that is related to VAs decision to increase the timeframe in which servicers must request a partial claim payment from 90 days to 120 days post-forbearance. See section II.F. above.
Additionally, in response to public comments, VA is replacing the date September 9, 2021 with October 28, 2022 in paragraph c.
K. 36.4810 Oversight of the COVID
19 Veterans Assistance Partial Claim Payment Program In 36.4810, VA sets forth the parameters for oversight of the COVID
VAPCP. It is an almost verbatim restatement of 38 U.S.C. 3704d.
Specifically, subject to notice and opportunity for a hearing, whenever the Secretary finds with respect to a partial claim payment that any servicer has failed to maintain adequate loan accounting records, or to demonstrate proper ability to service loans adequately or to exercise proper credit judgment or has willfully or negligently engaged in practices otherwise detrimental to the interest of veterans or of the Government, the Secretary may refuse either temporarily or permanently to guarantee or insure any loans made by such servicer and may bar such servicer from servicing or acquiring guaranteed loans.
Notwithstanding the above, but subject to 36.4328, the Secretary will not refuse to pay a guaranty or insurance claim on a guaranteed loan theretofore entered into in good faith between a veteran and such servicer. The Secretary may also refuse either temporarily or permanently to guarantee or insure any loans made by a lender or holder suspended, debarred, denied, or otherwise restricted from participation in FHAs insurance programs pursuant
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