[Federal Register Volume 61, Number 76 (Thursday, April 18, 1996)]
[Notices]
[Pages 16930-16931]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-9550]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-3917-N-62]
Office of the Assistant Secretary for Housing--Federal Housing
Commissioner; Notice of Proposed Information Collection for Public
Comment; Quality Control Plan for Approved Mortgagees
AGENCY: Office of the Assistant Secretary for Housing--Federal Housing
Commissioner, HUD.
ACTION: Notice.
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SUMMARY: The proposed information collection requirement described
below will be 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 June 17, 1996.
ADDRESSES: Interested persons are invited to submit comments regarding
this proposal. Comments should refer to the proposal by name and/or OMB
Control Number and should be sent to: Oliver Walker, Reports Liaison
Officer, Department of Housing & Urban Development, 451--7th Street,
SW., Room 9116, Washington, DC 20410.
FOR FURTHER INFORMATION CONTACT:
Jack Kinkaid, Office of Lender Activities and Land Sales Registration,
Department of Housing and Urban Development, Room 9278, 451--7th
Street, SW., Washington, DC 20410; Telephone number (202) 708-0614,
extension 2057; TDD (202) 708-4594 (this is not a toll-free number) for
copies of the proposed forms and other available documents contact
Oliver Walker, Chief Directives, Reports and Forms Branch on 708-1694
extension 2144.
SUPPLEMENTARY INFORMATION: The Department will submit the proposed
information collection to OMB for review, as required by the Paperwork
Reduction Act of 1995 (44 U.S.C. Chapter 35, as amended).
The Notice is soliciting comments from members of the public and
affecting agencies concerning the proposed collected of information to:
(1) Evaluate whether the proposed collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility; (2)
Evaluate the accuracy of the agency's estimate of the burden of the
proposed collection of information; (3) Enhance the quality, utility,
and clarity of the information to be collected; and (4) Minimize the
burden of the collection of information on those who are to respond;
including through the use of appropriate automated collection
techniques or other forms of information technology, e.g., permitting
electronic submission of responses.
This Notice also lists the following information:
Title of Proposal: Quality Control Plan for Approved Mortgagees.
OMB Control Number, if applicable: OMB# 2502-0432.
Description of the need for the information and proposed use:
The Mortgagee Letter establishes minimum requirements for an
acceptable Quality Control Plan for HUD/FHA approved mortgagees in the
origination and servicing of HUD/FHA insured mortgages. The purpose of
these requirements is to improve the quality of loan origination and
servicing by approved mortgagees and to reduce risk and losses to HUD's
insurance funds. The Department's regulations at 24 CFR 202.12(j)
presently require all approved
[[Page 16931]]
mortgagees to maintain a Quality Control Plan. The Department set forth
guidelines in 1980 for mortgagee quality control procedures. These
guidelines are now insufficient to provide adequate assurance to the
Department that approved mortgagees have adequate quality control
procedures to assure quality loan origination and servicing. The new
requirements are used by a large segment of the mortgage lending
industry and should not impose any undue burden on mortgagees
participating in the HUD/FHA mortgage insurance programs.
The Quality Control Plan requirements will be used by all HUD/FHA
approved mortgagees that participate in the Department's mortgage
insurance programs. They will also be used by HUD's Office of Lender
Activities and Program Compliance to monitor and evaluate the
performance of HUD/FHA approved mortgagees. The Quality Control Plan is
intended to help prevent losses to the HUD/FHA insurance funds through
improving the quality of loan origination and servicing by HUD/FHA
approved mortgagees.
Agency form numbers, if applicable: Not Applicable.
Members of affected public: State, Local Government & Business,
Institutions & Non-profit Institutions & Small Business &
Organizations.
The estimation of the total numbers of hours needed to prepare the
information collection 93,600, the total number of respondents is
1,800, the frequency of response is on occasion, and the hours of
response is 0.25 an hour.
Status of the proposed information collection: Revision of a
currently approved collection that has expired.
Authority: Section 3506 of the Paperwork Reduction Act of 1995,
44 U.S.C. Chapter 35, as amended.
Dated: April 5, 1996.
Nicolas P. Retsinas,
A/S Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 96-9550 Filed 4-17-96; 8:45 am]
BILLING CODE 4210-27-M
