[Federal Register: December 24, 2003 (Volume 68, Number 247)]
[Notices]
[Page 74633]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr24de03-111]
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-4815-N-106]
Notice of Submission of Proposed Information Collection to OMB:
Owner of Record and Re-sale Data To Preclude Predatory Lending
Practices (Property Flipping) on FHA Insured Mortgages
AGENCY: Office of the Chief Information Officer, HUD.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The proposed information collection requirement described
below has been submitted to the Office of Management and Budget (OMB)
for review, as required by the Paperwork Reduction Act. The Department
is soliciting public comments on the subject proposal.
To prevent predatory sales practices, HUD will not insure mortgages
on properties re-sold within 90 days, and only the owner-of-record is
permitted to sell the property if FHA is to insure the subsequent
mortgage. Lenders are required to provide evidence of the date of the
last resale and the date it occurred.
DATES: Comments Due Date: January 23, 2004.
ADDRESSES: Interested persons are invited to submit comments regarding
this proposal. Comments should refer to the proposal by name and OMB
approval number (2502-0547) and should be sent to: Lauren Wittenberg,
OMB Desk Officer, Office of Management and Budget, Room 10235, New
Executive Office Building, Washington, DC 20503; Fax number (202) 395-
6974; E-mail Lauren_Wittenberg@omb.eop.gov.
FOR FURTHER INFORMATION CONTACT: Wayne Eddins, Reports Management
Officer, AYO, Department of Housing and Urban Development, 451 Seventh
Street, Southwest, Washington, DC 20410; e-mail Wayne_Eddins@HUD.gov;
telephone (202) 708-2374. This is not a toll-free number. Copies of the
proposed forms and other available documents submitted to OMB may be
obtained from Mr. Eddins or on HUD's Web site at http://www5.hud.gov:63001/po/i/icbts/collectionsearch.cfm
.
SUPPLEMENTARY INFORMATION: The Department has submitted the proposal
for the collection of information, as described below, to OMB for
review, as required by the Paperwork Reduction Act (44 U.S.C. Chapter
35). The Notice lists the following information: (1) The title of the
information collection proposal; (2) the office of the agency to
collect the information; (3) the OMB approval number, if applicable;
(4) the description of the need for the information and its proposed
use; (5) the agency form number, if applicable; (6) what members of the
public will be affected by the proposal; (7) how frequently information
submissions will be required; (8) an estimate of the total number of
hours needed to prepare the information submission including number of
respondents, frequency of response, and hours of response; (9) whether
the proposal is new, an extension, reinstatement, or revision of an
information collection requirement; and (10) the name and telephone
number of an agency official familiar with the proposal and of the OMB
Desk Officer for the Department.
This Notice also lists the following information:
Title of Proposal: Owner of Record and Re-sale Data to Preclude
Predatory Lending Practices (Property Flipping) on FHA Insured
Mortgages.
OMB Approval Number: 2502-0547.
Form Numbers: None.
Description of the Need for the Information and its Proposed Use:
To prevent predatory sales practices, HUD will not insure mortgages on
properties re-sold within 90 days, and only the owner-of-record is
permitted to sell the property if FHA is to insure the subsequent
mortgage. Lenders are required to provide evidence of the date of the
last resale and the date it occurred.
Respondents: Individuals or households, Business or other for-
profit, Not-for-profit institutions.
Frequency of Submission: On occasion.
----------------------------------------------------------------------------------------------------------------
Number of Annual Hours per
respondents responses x response = Burden hours
----------------------------------------------------------------------------------------------------------------
Reporting Burden: 750,000 750,000 .. 0.036 .. 27,500
----------------------------------------------------------------------------------------------------------------
Total Estimated Burden Hours: 7,500.
Status: Extension of a currently approved collection.
Authority: Section 3507 of the Paperwork Reduction Act of 1995,
44 U.S.C. 35, as amended.
Dated: December 17, 2003.
Wayne Eddins,
Departmental Reports Management Officer, Office of the Chief
Information Officer.
[FR Doc. 03-31756 Filed 12-23-03; 8:45 am]
BILLING CODE 4210-72-P