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Notice of Proposed Information Collection: Comment Request; Request for Credit Approval of Substitute Mortgagor

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Office of the Assistant Secretary for Housing, 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.

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Comments Due Date: July 18, 2008.


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: Lillian Deitzer, Departmental Reports Management Officer, QDAM, Department of Housing and Urban Development, 451 7th Street, SW., Washington, DC 20410; e-mail or telephone (202) 402-8048.

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Leslie Bromer, Office of Single Family Asset Management and Disposition Division, Department of Housing and Urban Development, 451 7th Street, SW., Washington, DC 20410, telephone (202) 402-2309 (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 information technology, e.g., permitting electronic submission of responses.

This Notice also lists the following information:

Title of Proposal: Request for Credit Approval of Substitute Mortgagor.

OMB Control Number, if applicable: 2502-0036.

Description of the need for the information and proposed use: A buyer may assume an FHA-insured mortgage by becoming the substitute mortgagor through the credit approval process. Prior to releasing a seller from liability on the mortgage note or for mortgages after December 15, 1989, HUD or a Direct Endorsement (DE) lender must review the credit of the assumer and record the approval.

Agency form numbers, if applicable: HUD-92210 and HUD-92210.1.

Estimation of the total number of hours needed to prepare the information collection including number of respondents, frequency of response, and hours of response: The number of burden hours is 4,800. The number of respondents is 600, the number of responses is 4, the frequency of response is on occasion, and the burden hour per response is .50-1.00.

Status of the proposed information collection: This is an extension to a previous 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: May 12, 2008.

Frank L. Davis,

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

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[FR Doc. E8-11075 Filed 5-16-08; 8:45 am]