01-9046. 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 requested.

SUMMARY:

In accordance with the Paperwork Reduction Act of 1995, this notice announces the Rural Housing Service's intention to request an extension for a currently approved information collection in support of the program for Form RD 1940-59, “Settlement Statement”.

DATES:

Comments on this notice must be received by June 11, 2001 to be assured of consideration.

FOR FURTHER INFORMATION CONTACT:

Teresa Sumpter, Loan Specialist, Single Family Housing Direct Loan Division, RHS, U.S. Department of Agriculture, STOP 0783, 1400 Independence Avenue, SW., Washington, DC 20250, telephone [phone].

SUPPLEMENTARY INFORMATION:

Title: Form RD 1940-59, “Settlement Statement”.

OMB Number: 0575-0088.

Expiration Date of Approval: July 31, 2001.

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. The same parties performing the closing of FSA Farm Ownership loans and credit sales also complete the form. 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: 3.4.

Estimated Total Annual Burden on Respondents: 29,000.

Copies of this information collection can be obtained from Jean Mosley, Regulations 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 the 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 Jean Mosley, Regulations and Paperwork Management Branch, U.S. Department of Agriculture, Rural Development, STOP 0742, 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: March 26, 2001.

James C. Alsop

Acting Administrator, Rural Housing Service.

Dated: April 2, 2001.

James R. Little,

Acting Administrator, Farm Service Agency.