[Federal Register Volume 60, Number 191 (Tuesday, October 3, 1995)]
[Notices]
[Pages 51805-51806]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-24469]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Office of the Assistant Secretary for Housing--Federal Housing
Commissioner
[Docket No. FR-3927-N-02]
Notice of Submission of Proposed Information Collection to OMB
AGENCY: Office of the Assistant Secretary for Housing--Federal Housing
Commissioner, HUD.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The proposed information collection requirement described
below has been submitted to the Office of Management and Budget (OMB)
for emergency review, as required by the Paperwork Reduction Act. The
Department is soliciting public comments on the subject proposal.
DATES: Comments due date: October 10, 1995.
ADDRESSES: Interested persons are invited to submit comments regarding
this proposal. Comments must be received within seven (7) days from the
date of this Notice. Comments should refer to the proposal by name and
should be sent to: Joseph F. Lackey, Jr., OMB Desk Officer, Office of
Management and Budget, New Executive Office Building, Washington, DC
20503.
FOR FURTHER INFORMATION CONTACT:
Kay F. Weaver, Reports Management Officer, Department of Housing and
Urban Development, 451 Seventh Street, SW, Washington, DC 20410,
telephone (202) 708-0050. This is not a toll-free number. Copies of the
proposed forms and other available documents submitted to OMB may be
obtained from Ms. Weaver.
SUPPLEMENTARY INFORMATION: This Notice informs the public that the
Department of Housing and Urban Development has submitted to OMB, for
emergency processing, an information collection package with respect to
regulations in Subpart H of 24 CFR 235.1200, et seq. [FR-3927]. HUD
seeks to enhance the program by providing for the payment by HUD,
rather than by the mortgagee, of the incentive to the mortgagors and of
specific refinancing costs, and by limiting the origination of these
loans to the number of approved mortgagees that would make the program
most attractive.
Congress added section 235 to the National Housing Act (12 U.S.C.
1715z) (the Act) in 1968. This provision authorized the Secretary to
insure mortgages so that lower income families
[[Page 51806]]
could acquire housing. Section 235 also authorized the Secretary to
assist the mortgagor by contracting with the mortgagee to make a
portion of the mortgage payments on behalf of the mortgagor. Many of
the mortgages insured under section 235, which are still outstanding,
were made during the high interest rate years of 1980, 1981, and 1982.
HUD would be able to save substantial amounts of assistance payments if
the mortgages were refinanced at current lower interest rates. Congress
enacted section 235(r) of the Act in 1988, so that mortgages insured
and assisted under section 235 of the National Housing Act could be
refinanced at a reduced interest rate.
(1) The title of the information collection proposal;
(2) The office of the agency to collect the information;
(3) The description of the need for the information and its
proposed use;
(4) The agency form number, if applicable;
(5) What members of the public will be affected by this proposal;
(6) How frequently information submission will be required;
(7) An estimate of the total number of hours needed to prepare the
information submission including the number of respondents, frequency
of response, and hours of response;
(8) Whether the proposal is new or an extension, reinstatement, or
revision of an information collection requirement; and
(9) The names and telephone numbers of an agency official familiar
with the proposal and of the OMB Desk Officer for the Department.
Authority: Section 3507 of the Paperwork Reduction Act of 1995,
44 U.S.C. 3507, as Amendment.
Dated: September 25, 1995.
Nicolas P. Retsinas,
Assistant Secretary for Housing--Federal Housing Commissioner.
Notice of Submission of Proposed Information Collection to OMB
Proposal: Revision to the Section 235(r) Refinancing Procedures (FR-
3927)
Office: Office of Insured Single Family
Description of the need for the information and its proposed use:
The information is collected by the originating lender from the
mortgage application and is used by the originating lender to process
the applications for Section 235(r) mortgage insurance and assistance.
The applications are underwritten certified by the originating lender.
The information is needed for the evaluation of the applications,
the Department's financial management and accounting system(s) and the
Department's monitoring of the origination and servicing activities of
the lender.
If the information is not collected the originating lender cannot
make the proper underwriting decision and the Department's data base
would be incomplete for its financial management and accounting
system(s). Furthermore, the Department's efforts to monitor the
originating and servicing activities of the lender would be
debilitated.
Form Numbers: HUD-92900 and HUD-93114
Respondents: Approximately 23,000 (each potential mortgage refinance
transaction is an equivalent respondent)
Frequency of Submission: One time only
Reporting Burden:
Tabulation of Annual Reporting Burden
----------------------------------------------------------------------------------------------------------------
Total annual Hours Total
Description Respondents Responses responses per hrs
----------------------------------------------------------------------------------------------------------------
Appendix 8(C) of 4330.1....................... 23,000 1 23,000 .08 1840
Appendix 33 of 4330.1......................... 23,000 1 23,000 .08 1840
Appendix 25 of Notice 94-66................... 13,340 1 13,340 .02 267
Appendix 27 of Notice 94-66................... 12,000 1 12,000 .02 240
Attachment 4 of Mortg Letter.................. 13,340 1 13,340 .02 267
Attachment 5 of Mortg Letter.................. 13,340 1 13,340 .02 267
Attachment 6 of Mortg Letter.................. 2,500 1 2,500 .01 25
Attachments 7-a and 7-b of Mortg letter....... 20,000 1 20,000 .05 1000
Attachment 8 of Mortg Letter.................. 25 1 25 .01 1
Payoff Statement required by the Mortg Letter. 23,000 1 23,000 .03 690
-----------------------------------------------------------------
Totals.................................. .34 6437
----------------------------------------------------------------------------------------------------------------
23,000 respondents is the maximum (estimated) universe. Each potential mortgage refinance transaction is an
equivalent respondent; wherein, each refinance will use a different variation of the above forms in the
transaction. For example, all respondents will have a payoff statement while a smaller number of respondents
will have their recapture mortgage subordinated. All numbers are rounded up to the next whole number.
Total estimated burden hours: 6,437
Status: Reinstatement, with changes of a previously approved collection
for which approval has expired.
Contact: Robert E. Falkenstein, Jr., (202) 708-0614, Extension 2214.
Dated: September 25, 1995.
[FR Doc. 95-24469 Filed 10-2-95; 8:45 am]
BILLING CODE 4210-27-M
