97-30232. Notice of Request for Extension of a Currently Approved Information Collection

[Federal Register Volume 62, Number 222 (Tuesday, November 18, 1997)]
[Notices]
[Page 61485]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-30232]


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Notices
                                                Federal Register
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Federal Register / Vol. 62, No. 222 / Tuesday, November 18, 1997 / 
Notices

[[Page 61485]]


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DEPARTMENT OF AGRICULTURE

Rural Housing Service
Farm Service Agency


Notice of Request for Extension of a Currently Approved 
Information Collection

AGENCY: Rural Housing Service (RHS) and Farm Service Agency (FSA), 
USDA.

ACTION: Proposed collection; comments request.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, this 
notice announces the Agencies' intention to request an extension for a 
currently approved information collection in support of the Form RD 
1940-59, ``Settlement Statement.''

DATES: Comments on this notice must be received by January 20, 1998 to 
be assured of consideration.

FOR FURTHER INFORMATION CONTACT: Betsy Fletcher, Loan Specialist, 
Single Family Housing Processing Division, RHS, U.S. Department of 
Agriculture, STOP 0783, 1400 Independence Ave. SW., Washington, DC 
20250, telephone [phone].

SUPPLEMENTARY INFORMATION:

    Title: Form RD 1940-59, ``Settlement Statement.''
    OMB Number: 0575-0088.
    Expiration Date of Approval: March 31, 1998.
    Type of Request: Extension of currently approved information 
collection.
    Abstract: The Agencies are requesting an extension of the OMB 
clearance for Form RD 1940-59, ``Settlement Statement.'' The Real 
Estate Settlement Procedures Act (RESPA), as amended, requires the 
disclosure of real estate settlement costs to home buyers and sellers. 
The Secretary of the Department of Housing and Urban Development (HUD) 
was instructed by the RESPA to develop a standard form for the 
statement of settlement costs to be used for all federally related 
transactions. Form RD 1940-59 is similar to the HUD-1 Settlement 
Statement used by HUD, the Veterans Administration, and the private 
mortgage industry, with some minor adaptations acceptable under RESPA.
    Form RD 1940-59 is completed by Settlement Agents, closing 
attorneys, and title insurance companies performing the closing of RHS 
loans and credit sales used to purchase or refinance Section 502 
Housing, Rural Rental Housing and Farm Labor Housing. It is also 
completed by the same parties performing the closing FSA Farm Ownership 
loans and credit sales. The information is collected to provide the 
buyer and seller with a statement detailing the actual costs of the 
settlement services involved in certain Agency financed real estate 
transactions.
    Estimate of Burden: Public reporting burden for this collection of 
information is estimated to average 30 minutes per response.
    Respondents: Settlement Agents, Closing Attorneys, and Title 
Insurance Companies performing the closing of Agency loans and credit 
sales.
    Estimated Number of Respondents: 17,000.
    Estimated Number of Responses per Respondent: 2.41.
    Estimated Total Annual Burden on Respondents: 20,500 hours.
    Copies of this information collection can be obtained from Tracy 
Gillin, egulations and Paperwork Management Branch, at [phone].

Comments

    Comments are invited on: (a) Whether the proposed collection of 
information is necessary for the proper performance of the functions of 
the Agencies, including whether the information will have practical 
utility; (b) the accuracy of Agencies' estimate of the burden of the 
proposed collection of information including the validity of the 
methodology and assumptions used; (c) ways to enhance the quality, 
utility and clarity of the information to be collected; and (d) ways to 
minimize the burden of the collection of information on those who are 
to respond, including through the use of appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology. Comments may be sent to Tracy 
Gillin, Regulations and Paperwork Management Branch, U.S. Department of 
Agriculture, Rural Development, Ag Box 0743, Washington, DC 20250. All 
responses to this notice will be summarized and included in the request 
for OMB approval. All comments will also become a matter of public 
record.

    Dated: November 12, 1997.
Jan Shadburn,
Administrator, Rural Housing Service.
    Dated: November 19, 1997.
Keith Kelly,
Administrator, Farm Service Agency.
[FR Doc. 97-30232 Filed 11-17-97; 8:45 am]
BILLING CODE 3410-XV-U