Title 38: Pensions, Bonuses, and Veterans' Relief
PART 36—LOAN GUARANTY
Subpart A—Guaranty of Loans to Veterans to Purchase Manufactured Homes and Lots, Including Site Preparation
general provisions
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§ 36.4220 Substantive and procedural requirements; waiver.
(a) Notwithstanding any requirement, condition, or limitation stated in or imposed by the regulations concerning the guaranty of manufactured home loans to veterans, the Under Secretary for Benefits, or the Director, Loan Guaranty Service, within the limitations and conditions prescribed by the Secretary, is hereby authorized, if the Under Secretary for Benefits or Director, Loan Guaranty Service finds the interests of the Government are not adversely affected, to relieve undue prejudice to a debtor, holder, or other person, which might otherwise result, provided no such action may be taken which would impair the vested rights of any person affected thereby. If such requirement, condition, or limitation is of an administrative or procedural (not substantive) nature, any employee designated in §36.4221 is hereby authorized to grant similar relief if the designated employee finds the failure or error of the lender was due to misunderstanding or mistake and that the interests of the Government are not adversely affected. Provisions of the regulations considered to be of an administrative or procedural (nonsubstantive) nature are limited to the following:
(1) The requirement in §36.4209(b) that a lender originating a loan under a certificate of commitment report the loan for issuance of guaranty evidence within 60 days following actual payment of the full proceeds of the loan. In such cases it is not necessary that a finding be made that the loan is not in default.
(2) The requirements in §36.4209(h) of this part concerning the giving of notice in assumption cases under 38 U.S.C. 3714.
(Authority: 38 U.S.C. 3714) (3) The requirement in §36.4279 that a holder promptly forward an advice of the terms of any agreement effecting a reamortization or extension of a loan.
(4) The requirement in §36.4280 concerning the giving of notice of default.
(5) The requirement in §36.4280 that a holder give 30 days advance notice of its intention to foreclose or repossess the security.
(6) The requirement in §36.4282 that a holder give notice of repossession of personal property within 10 days after such repossession has occurred.
(7) The requirement in §36.4210(a) that a lender obtain the prior approval of the Secretary before closing a joint loan if the lender or class of lenders is approved by the Secretary to close loans on the automatic basis pursuant to 38 U.S.C. 3712(c)(1).
(Authority: 38 U.S.C. 3712(c)(1)) (b) No waiver, consent, or approval required or authorized by the regulations concerning guaranty of loans to veterans shall be valid unless in writing signed by the Secretary or the employee designated in §36.4221.
[36 FR 1253, Jan. 27, 1971, as amended at 46 FR 43670, Aug. 31, 1981; 49 FR 13352, Apr. 4, 1984; 55 FR 37473, Sept. 12, 1990; 61 FR 28058, June 4, 1996]
