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Notice

Notice of Submission of Proposed Information Collection to OMB Home Equity Conversion Mortgage (HECM) Insurance Application for Reverse Mortgages and Related Documents

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.

The HECM reverse mortgage application and related documents are used to determine the eligibility of the borrower and proposed mortgage transaction for FHA insurance endorsement. This submission is a consolidation of additional consumer notification requirements formerly approved under 2502-0534 and 2502-0546.

 

Table of Contents Back to Top

DATES: Back to Top

Comments Due Date: March 4, 2011.

ADDRESSES: Back to Top

Interested persons are invited to submit comments regarding this proposal. Comments should refer to the proposal by name and/or OMB approval Number (2502-0524) and should be sent to: HUD Desk Officer at, OIRA-Submission@omb.eop.gov, Office of Management and Budget, New Executive Office Building, Washington, DC 20503; fax: 202-395-5806.

FOR FURTHER INFORMATION CONTACT: Back to Top

Colette Pollard, Reports Management Officer, QDAM, Department of Housing and Urban Development, 451 Seventh Street, SW., Washington, DC 20410; e-mail Colette Pollard at Colette.Pollard@hud.gov; or telephone (202) 402-3400. This is not a toll-free number. Copies of available documents submitted to OMB may be obtained from Ms. Pollard.

SUPPLEMENTARY INFORMATION: Back to Top

This notice informs the public that the Department of Housing and Urban Development has submitted to OMB a request for approval of the information collection described below. This notice is soliciting comments from members of the public and affecting agencies concerning the proposed collection of information to: (1) Evaluate whether the proposed collection of information 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 through 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: Home Equity Conversion Mortgage (HECM) Insurance Application for Reverse Mortgages and Related Documents.

OMB Approval Number: 2502-0524.

Form Numbers: HUD-92800-5b, HUD-92051, HUD-92900-A, FANNIE-MAE-1009, HUD-92901, HUD-92902, Fannie Mae 1073, fnma-1004, fnma-1025, HUD-92561, HUD-1a, fnma-1003, fnma-1004c, HUD-1.

Description of the Need for the Information and Its Proposed Use:

The HECM reverse mortgage application and related documents are used to determine the eligibility of the borrower and proposed mortgage transaction for FHA insurance endorsement. This submission is a consolidation of additional consumer notification requirements formerly approved under 2502-0534 and 2502-0546.

Frequency of Submission: On-occasion, Annually.

Number of respondents Annual responses × Hours per response = Burden hours
Reporting Burden: 129,000 3.490 0.0024 1,100

Total Estimated Burden Hours: 1,100.

Status: Extension without change of a currently approved collection.

Authority: Section 3507 of the Paperwork Reduction Act of 1995, 44 U.S.C. 35, as amended.

Dated: January 26, 2011.

Colette Pollard,

Departmental Reports Management Officer.

[FR Doc. 2011-2297 Filed 2-1-11; 8:45 am]

BILLING CODE 4210-67-P

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