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Notice of Proposed Information Collection: Comment Request; Owner of Record and Re-Sale Data To Preclude Predatory Lending Practices (Property Flipping) on FHA Insured Mortgages

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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.


Comments Due Date: April 30, 2010.

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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: Leroy McKinney Jr., 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 or the number for the Federal Information Relay Service (1-800-877-8339).

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Program Contact, 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.

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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: Owner of Record and Re-sale Data to Preclude Predatory Lending Practices (Property Flipping) on FHA Insured Mortgages.

OMB Control Number, if applicable: 2502-0547.

Description of the need for the information and proposed use: HUD is committed to preventing predatory sales practices. To do so, a permanent policy provides that FHA will not insure mortgages on properties re-sold within 90 days and will require that only the owner-of-record be permitted to sell the property if FHA will insure the subsequent mortgage. However, in order to accommodate current market conditions, FHA has established a waiver to this 90-days regulation, which will expire after a one-year period. Lenders will be required to provide evidence of the date of the last resale and the date it occurred. If the resale exceeds area price thresholds established by FHA, FHA requires an additional appraisal to establish value.

Agency form numbers, if applicable: None.

Estimation of the total numbers of hours needed to prepare the information collection including number of respondents, frequency of response, and hours of response: The estimated total number of hours needed to prepare the information collection is 43,500; the number of respondents is 13,000 generating approximately 1,150,000 annual responses; the frequency of response is on occasion; and the estimated time needed to prepare the response is less than 1 minute for clerical data and 1 hour for ARM Disclosure review.

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: February 23, 2010.

Ronald Y. Spraker,

Associate General Deputy Assistant Secretary for Housing.

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[FR Doc. 2010-4143 Filed 2-26-10; 8:45 am]