[Federal Register: April 30, 2004 (Volume 69, Number 84)]
[Notices]
[Page 23800-23801]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr30ap04-81]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-4907-15]
Notice of Proposed Information Collection: Comment Request;
Application for FHA Insured Mortgage
AGENCY: Office of the Assistant Secretary for Housing, HUD.
ACTION: Notice.
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SUMMARY: The proposed information collection requirement described
below will be submitted to the Office of Management and Budget (OMB)
for review, as required by the Paperwork Reduction Act. The Department
is soliciting public comment on the subject proposal.
DATES: Comments Due Date: June 29, 2004.
ADDRESSES: Interested persons are invited to submit comments regarding
this proposal. Comments should refer to the proposal by name and/or OMB
Control Number and should be sent to: Wayne Eddins, Reports Management
Officer, Department of Housing and Urban Development, 451 7th Street,
SW., L'Enfant Plaza Building, Room 8202, Washington, DC 20410.
FOR FURTHER INFORMATION CONTACT: Vance T. Morris, Director, Office of
Single Family Program Development, Department of Housing and Urban
Development, 451 7th Street, SW., Washington, DC 20410, telephone (202)
708-2121 (this is not a toll free number) for copies of the proposed
forms and other available information.
SUPPLEMENTARY INFORMATION: The Department is submitting the proposed
information collection to OMB for review, as required by the Paperwork
Reduction Act of 1995 (44 U.S.C. chapter 35, as amended).
This Noticing is soliciting comments from members of the public and
affected agencies concerning the proposed collection of information to:
(1) Evaluate whether the proposed collection is necessary for the
proper performance of the functions of the agency, including whether
the information will have practical utility; (2) Evaluate the accuracy
of the agency's estimate of the burden of the proposed collection of
information; (3) Enhance the quality, utility, and clarity of the
information to be collected; and (4) Minimize the burden of the
collection of information on those who are to respond; including the
use of appropriate automated collection techniques or other forms of
information technology, e.g., permitting electronic submission of
responses.
This Notice also lists the following information:
Title of Proposal: Application for FHA Insured Mortgage.
OMB Control Number, if applicable: 2502-0059.
Description of the need for the information and proposed use: The
documents requested are used to determine the eligibility of a loan
application for FHA's mortgage insurance. Without these documents, HUD
would have difficulty in determining the eligibility of a loan
application and, thus, put in jeopardy the insurance fund. For the
Informed Consumer Choice Notice, OMB control number 2502-0537, which is
being incorporated into this PRA package, please see the following:
Section 225(a) of the Department of Veterans Affairs and Housing
and Urban Development, and Independent Agencies Appropriations Act,
1999 (HUD FY 1999 Appropriations Act) (Pub. L. No. 105-76; 112 Sat.
2461, approved October 21, 1998) amended section 203(b)(2) to the
National Housing Act to add at the end of this section the following
language: ``In conjunction with any loan insured under this section, an
original lender shall provide to each prospective borrower a disclosure
notice that provides a one page analysis of mortgage products offered
by that lender and for which the borrower would qualify. This notice
shall include: (i) a generic analysis comparing note rate (and
associated interest payments), insurance premiums, and other costs and
fees that would be due over the life of the loan insured by the
Secretary under this subsection with note rates, insurance premiums (if
applicable), and other costs and fees that would be expected to be due
if the mortgagor obtained instead other mortgage products offered by
the lender and for which the borrower would qualify with similar loan-
to-value ratio in connection with a conventional mortgage * * *
assuming prevailing interest rates; and (ii) a statement regarding when
the mortgagor's requirement to pay mortgage insurance premiums for a
mortgage insured under this section would terminate or a statement that
the requirement will terminate only if the mortgage is refinanced, paid
off, or otherwise terminated.''.
Agency form numbers, if applicable: HUD-92900-A, HUD 92900-B, HUD-
92900-WS, HUD-92900-PUR, HUD-92561, HUD-92544.
Estimation of the total numbers of hours needed to prepare the
information collection including number of respondents, frequency of
response, and hours of response: Number of respondents is 1,000,000.
Some of the 1,000,000 will have to complete additional responses
determined by their unique circumstances, so that each respondent will
provide from one to four different responses. The frequency of
responses is on occasion. Total responses will be 1,034,000. The
various responses require from .005 hours to as much as .50 hours each,
and respondents who complete all four will average .99 hours. Total
burden hours are 244,550.
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Total
Number of Responses Total Hours per annual
Type of information collection respondents per annual response burden
respondent responses hours
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HUD forms and Credit Report......................... 1,000,000 1 1,000,000 .0235 235,025
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Computations for buydowns........................... \1\ 20,000 1 20,000 .250 5,000
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Mortgagor Notice of Intent to Satisfy Occupancy \1\ 5,000 1 5,000 .005 25
Requirements.......................................
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Informed Consumer Choice Notice..................... \1\ 9,000 1 9,000 .50 4,500
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[[Page 23801]]
Total burden.................................. 1,000,000 From 1 to 1,034,000 From .2350 244,550
4 to .9900
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\1\ Included in 1,000,000 above.
Status of the proposed information collection: Revision of a
currently approved collection 2502-0059 that will expire July 31, 2004,
and termination of OMB control no. 2502-0537.
Authority: The Paperwork Reduction Act of 1995, 44 U.S.C.,
chapter 35, as amended.
Dated: April 26, 2004.
John C. Weicher,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 04-9777 Filed 4-29-04; 8:45 am]
BILLING CODE 4210-27-M