[Federal Register Volume 60, Number 229 (Wednesday, November 29, 1995)]
[Notices]
[Pages 61268-61269]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-29093]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Office of Administration
[Docket No. FR-3950-N-02]
Notice of Submission of Proposed Information Collection to OMB
AGENCY: Office of Administration, HUD.
ACTION: Notice.
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SUMMARY: The proposed information collection requirement described
below has been submitted to the Office of Management and Budget (OMB)
for emergency review and approval by November 20, 1995, as required by
the Paperwork Reduction Act. The Department is soliciting public
comments on the subject proposal.
DATES: The due date for comments is: December 6, 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., HUD 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 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 (HUD) has submitted to OMB,
for emergency processing, an information collection package with
respect to a proposed ``Notice of Application--foreclosure
commissioners,'' [Docket No. FR-3950-N-01]. HUD seeks to implement the
requirement of Section 3754 of the Single Family Mortgage Foreclosure
Act of 1994 (the Act), 12 USC 3751 et seq., which requires that single
family foreclosure commissioners designated by HUD be ``responsible,
financially sound, and competent to conduct a foreclosure.
The Act creates for the Secretary of HUD a non-judicial power of
sale with respect to HUD-held mortgages and loans originated under
Titles I and II of the National Housing Act, and with respect to loans
originated under Section 312 of the Housing Act of 1964. The Act will
thus allow HUD to complete foreclosures of such mortgages in about two
months, rather than the longer periods--up to two years--obtaining
under the laws of the various States, particularly those using a
judicial process to foreclose. The longer periods result in substantial
unnecessary costs (for management, vandalism, taxes, etc.) to the FHA
mortgage insurance funds and, by extension, to the taxpayers. Thus,
implementation of the Act, including designation of foreclosure
commissioners, will lead to substantial savings to the Department.
The Department has submitted the proposal for the collection of
information, as described below, to OMB for review, as required by the
Paperwork Reduction Act (44 U.S.C. Chapter 35):
(1) Title of the information collection proposal:
Notice of Application for Designation as Single Family Foreclosure
Commissioner
(2) Summary of the collection of information:
Each party seeking designation as a foreclosure commissioner would
be
[[Page 61269]]
required to submit current information, as listed below:
1. Name
2. Business Address
3. Geographic area in which the applicant wishes to conduct
foreclosures. (List only States or areas in States in which the
applicant is a resident or is duly authorized to transact business.)
4. If the applicant is not a natural person, the names and business
addresses of the people who would actually perform the commissioner's
duties.
5. Description of the applicant's experience in conducting mortgage
foreclosures or in related activities which would qualify the applicant
to serve as a foreclosure commissioner.
6. Evidence of the applicant's financial responsibility.
In place of the above information, any party that has been
designated as a foreclosure commissioner for HUD-held multifamily
mortgages would be permitted to submit a letter requesting designation
as a foreclosure commissioner for single family mortgages.
(3) description of the need for the information and its proposed
use:
The requested information is needed for HUD's selection of
foreclosure commissioners who will satisfy the statutory requirements
to be ``responsible, financially sound, and competent to conduct a
foreclosure.'' The Department is not providing any assurances of
confidentiality.
Under the Act, HUD will be able to foreclose on HUD-held Single
Family mortgages in about two months instead of the much longer
periods--ranging up to two years--currently required under many State
laws. The current long periods lead to increased holding costs and
vandalism on the properties securing the loans. HUD holds thousands of
loans that are ripe for foreclosure.
In view of the substantial economies to be provided by the Act,
emergency approval is requested in order to appoint commissioners as
soon as the Rule is in effect rather than waiting until the routine
clearance process could be completed.
(4) description of the likely respondents, including the estimated
number of likely respondents, and proposed frequency of response to the
collection of information:
Respondents will be entities with experience in real estate
foreclosure procedures. Over a three year period, the estimated number
of respondents is approximately 250 in the first year and 50 each year
thereafter. The estimated frequency of responses over a three year
period is once per HUD region, with very few respondents expected to
apply to more than one HUD region.
(5) estimate of the total reporting and recordkeeping burden that
will result from the collection of information:
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Each
Reporting burden First year following
year
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Number of respondents.................... 250 50
Total burden hours (@ 0.5 hour per
response)............................... 125 25
Total Estimated Burden Hours......... 175 (3 years)
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Authority: Section 3507 of the Paperwork Reduction Act of 1995,
44 U.S.C. Chapter 35, as amended.
Dated: November 7, 1995.
David S. Cristy,
Director, IRM Policy and Management Division.
[FR Doc. 95-29093 Filed 11-28-95; 8:45 am]
BILLING CODE 4210-01-M
