[Federal Register Volume 61, Number 131 (Monday, July 8, 1996)]
[Notices]
[Page 35777]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-17176]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Office of the Assistant Secretary for Housing--Federal Housing
Commissioner
[Docket No. FR-4032-N-02]
Notice of Proposed Information Collection: Comment Request
AGENCY: Office of the Assistant Secretary for Housing, 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: September 6, 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, Office of Housing, Department of Housing & Urban Development,
451 7th Street, SW, Room 9116, Washington, DC 20410.
FOR FURTHER INFORMATION CONTACT:
Oliver Walker, Room 9116, Department of Housing and Urban Development,
451 7th Street, SW, Washington, DC 20410, (202) 708-1694, or, TTY for
hearing and speech impaired, (202) 708-4594 (these are not toll-free
numbers) for copies of the proposed collection of information.
SUPPLEMENTARY INFORMATION: The Department will submit the proposed
information collection to OMB for review, as required by the
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 collection 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: Single Family Mortgage Insurance--Loss
Mitigation Procedures
OMB Control Number, if applicable: [N/A--none yet assigned]
Description of the need for the information and proposed use: New
section 24 CFR 203.605, ``Loss Mitigation Evaluation,'' requires
mortgagees to perform an evaluation of each defaulting mortgagor's
circumstances to determine which if any of the available loss
mitigation techniques are appropriate in order to assist the mortgagor
to:
(a) Reinstate the mortgage and retain ownership of the affected
property, or
(b) Avoid foreclosure, and mitigate the losses to the Department by
encouraging the mortgagor to sell the property or, if the mortgagor has
no equity in the property, to pursue a buyer under the pre-foreclosure
(''short'') sale procedure or to voluntarily convey the deed in lieu of
what would otherwise be the imminent foreclosure of the mortgage.
This evaluation must be performed no later than when three monthly
mortgage installments are due and unpaid, and must be performed monthly
thereafter while the account is in default and such foreclosure
avoidance and loss mitigation options remain under consideration.
This information is needed to ascertain whether adequate and
prudent loan servicing was performed by the mortgagee. If a mortgagee
submits a claim for FHA insurance benefits, this information will be
subject to post-claim review under the Department's lender monitoring
activities.
Agency form numbers, if applicable: Documentation simply added to
lender's servicing files on HUD-27011 insurance claim form.
Members of affected public: Mortgagees, loan servicing entities.
Estimation of the total numbers of hours needed to prepare the
information collection, including:
(a) Number of respondents: Each FHA approved lender will be
required to respond as part of standard procedures for servicing
defaulted loans.
(b) Frequency of response: 625,000 (based on 250,000 90-day
defaults; 50% self-cure; 125,000 90+ day defaults averaging 3-
additional months).
(c) Hours of response: 625,000 @ 0.25 hrs = 156,250 hours.
Status of the proposed information collection: Pending approval.
Authority: Section 3506 of the Paperwork Reduction Act of 1995,
44 U.S.C. chapter 35, as amended.
Dated: June 27, 1996.
Nicolas P. Retsinas,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 96-17176 Filed 7-5-96; 8:45 am]
BILLING CODE 4210-27-M
