2010-17577. Disclosure of Adjustable Rate Mortgages (ARMs) Rates

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.

The terms of all ARMS insured by HUD-FHA are required to be fully disclosed as part of the loan approval process. Additionally, an annual disclosure is required to reflect any adjustment to the interest rate and monthly mortgage amount.

DATES:

Comments Due Date: August 18, 2010.

ADDRESSES:

Interested persons are invited to submit comments regarding this proposal. Comments should refer to the proposal by name and/or OMB approval Number (2502-0322) and should be sent to: HUD Desk Officer, Office of Management and Budget, New Executive Office Building, Washington, DC 20503; fax: [phone].

FOR FURTHER INFORMATION CONTACT:

Leroy McKinney, Jr., Reports Management Officer, QDAM, Department of Housing and Urban Development, 451 Seventh Street, SW., Washington, DC 20410; e-mail Leroy McKinney, Jr. at [e-mail] or telephone [phone]. This is not a toll-free number. Copies of available documents submitted to OMB may be obtained from Mr. McKinney.

SUPPLEMENTARY INFORMATION:

This notice informs the public that the Department of Housing and Urban Development has submitted to OMB a request for approval of the Information collection described below. This 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: Disclosure of Adjustable Rate Mortgages (ARMs) Rates.

OMB Approval Number: 2502-0322.

Form Numbers: None.

Description of the Need for the Information and its Proposed Use: The terms of all ARMS insured by HUD-FHA are required to be fully disclosed as part of the loan approval process. Additionally, an annual disclosure is required to reflect any adjustment to the interest rate and monthly mortgage amount.

Frequency of Submission: On occasion.

	Number of respondents	Annual responses	×	Hours per response	=	Burden hours
Reporting Burden	12,670	12.731		0.0499		8,065

Total Estimated Burden Hours: 8,065.

Status: Revision of a currently approved collection.

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

Dated: July 13, 2010.

Leroy McKinney, Jr.,

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