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Notice of Proposed Information Collection: Comment Request; Multifamily Insurance Benefits Claims Package

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Office of the Assistant Secretary for Housing-Federal Housing Commissioner, HUD.




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 comments on the subject proposal.


Comments Due Date: May 19, 2003.


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 8003, Washington, DC 20410 or Wayne

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Sivert W. Ritchie, Systems Accountant, Office of Financial Services, Department of Housing and Urban Development, 451 7th Street, SW., Room 6254, Washington, DC 20410, telephone (202) 708-2866 ext. 3266 (this is not a toll free number) for copies of the proposed forms and other available information.

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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 Notice 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 Start Printed Page 13322information technology, e.g., permitting electronic submission of responses.

This notice also lists the following information:

Title of Proposal: Multifamily Insurance Benefits Claims Package.

OMB Control Number, if applicable: 2502-0415.

Description of the need for the information and proposed use: The claims package requests from the mortgagee the necessary fiscal data required for HUD to determine the insurance owned to mortgage lenders that filed an insurance claim. When terms of a multifamily contract are breached or when a mortgagee meets conditions stated within the multifamily contact for an automated assignment, the holder of the mortgage may file for insurance benefits. The law, which supports this action, is statute 12 U.S.C. 1713(g) and Title II, Section 207(g) of the National Housing Act. This Act provides in part that “* * *” the mortgagee shall be entitled to receive the benefits of the insurance as hereinafter provided, upon assignment, transfer, and delivery to the Secretary, within a period and in accordance with rules and regulations to be prescribed by the Secretary of (1) all rights and interest arising under the mortgage so in default; (2) all claims of the mortgagee against the mortgagor or others, arising under the mortgage transaction; (3) all policies of title or other insurance or surety bonds or guaranties and any or all claims there under; (4) any balance of the mortgage loan not advanced to the mortgagor; (5) any cash or property held by the mortgagee, or to which it is entitled, as deposits made for account of the mortgagor and which have been applied in reduction of the principal of the mortgage indebtedness; and (6) all records, documents, books, papers and accounts relating to the mortgage transaction.” These provisions are further spelled out in 24 CFR 207 Subpart B, Contract Rights and Obligations. The receive these benefits, the mortgagee must prepare and submit to HUD the Multifamily Insurance Benefits Claims Package.

Agency form numbers, if applicable: HUD-2742, 2744-A. 2744-B, 2744-C, 2744-D, and 2744-E.

Estimation of the total number of hours needed to prepare the information collection, including the number of respondents, frequency of response and hours of response: The estimated total number of hours needed to prepare the information collection is 767; the number of respondents is 118 generating approximately 118 annual responses; the frequency of response is on occasion, and the estimated time needed to prepare the response varies from 15 minutes to 11/2 hours.

Status of the proposed information collection: Extension of a currently approved collection.

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Authority: The Paperwork Reduction Act of 1995, 44 U.S.C. Chapter 35, as amended.

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Dated: March 12, 2003.

Sean G. Cassidy,

General Deputy Assistant Secretary for Housing-Deputy Federal Housing Commissioner.

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[FR Doc. 03-6609 Filed 3-18-03; 8:45 am]