03-4944. Notice of Submission of Proposed Information Collection to OMB: Insurance for Home Equity Conversion Mortgages (HECM), Residential Loan Application for Reverse Mortgage

AGENCY:

Office of the Chief Information Officer, HUD.

ACTION:

Notice.

SUMMARY:

The proposed information collection requirement described below has been 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.

DATES:

Comments Due Date: April 3, 2003.

ADDRESSES:

Interested persons are invited to submit comments regarding this proposal. Comments should refer to the proposal by name and/or OMB approval number (2502-0524) and should be sent to: Lauren Wittenberg, OMB Desk Officer, Office of Management and Budget, Room 10235, New Executive Office Building, Washington, DC 20503; Fax number [phone]; E-mail [e-mail].

FOR FURTHER INFORMATION CONTACT:

Wayne Eddins, Reports Management Officer, AYO, Department of Housing and Urban Development, 451 Seventh Street, Southwest, Washington, DC 20410; e-mail [e-mail]; telephone [phone]. This is not a toll-free number. Copies of the proposed forms and other available documents submitted to OMB may be obtained from Mr. Eddins.

SUPPLEMENTARY INFORMATION:

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). The Notice lists the following information: (1) The title of the information collection proposal; (2) the office of the agency to collect the information; (3) the OMB approval number, if applicable; (4) the description of the need for the information and its proposed use; (5) the agency form number, if applicable; (6) what members of the public will be affected by the proposal; (7) how frequently information submissions will be required; (8) an estimate of the total number of hours needed to prepare the information submission including number of respondents, frequency of response, and hours of response; (9) whether the proposal is new, an extension, reinstatement, or revision of an information collection requirement; and (10) the name and telephone number of an agency official familiar with the proposal and of the OMB Desk Officer for the Department.

This Notice also lists the following information:

Title of Proposal: Insurance for Home Equity Conversion Mortgages (HECM), Residential Loan Application for Reverse Mortgage.

OMB Approval Number: 2502-0524.

Form Numbers: HUD-92900-A, HUD-92900-B, Fannie Mae Form 1003, Fannie Mae Form 1009None.

Description of the Need for the Information and its Proposed Use: Lenders will use this streamlined application to gather borrower data to determine eligibility for the HECM Program. The Department will gather the data for reports to Congress regarding the Program.

Respondents: Individuals or households, Business or other for-profit.

Frequency of Submission: On occasion, Annually.

Reporting Burden:

Number of respondents	Annual response	×	Hours per response	=	Burden hours
5,000	1		1		5,000

Total Estimated Burden Hours: 5,000.

Status: Reinstatement, without change, of previously approved.

Authority: Section 3507 of the Paperwork Reduction Act of 1995, 44 U.S.C. 35, as amended.

Dated: February 25, 2003.

Wayne Eddins,

Departmental Reports Management Officer, Office of the Chief Information Officer.