[Federal Register Volume 60, Number 229 (Wednesday, November 29, 1995)]
[Notices]
[Pages 61268-61269]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-29093]



=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Office of Administration
[Docket No. FR-3950-N-02]


Notice of Submission of Proposed Information Collection to OMB

AGENCY: Office of Administration, HUD.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: The proposed information collection requirement described 
below has been submitted to the Office of Management and Budget (OMB) 
for emergency review and approval by November 20, 1995, as required by 
the Paperwork Reduction Act. The Department is soliciting public 
comments on the subject proposal.

DATES: The due date for comments is: December 6, 1995.

ADDRESSES: Interested persons are invited to submit comments regarding 
this proposal. Comments must be received within seven (7) days from the 
date of this Notice. Comments should refer to the proposal by name and 
should be sent to: Joseph F. Lackey, Jr., HUD Desk Officer, Office of 
Management and Budget, New Executive Office Building, Washington, DC 
20503.

FOR FURTHER INFORMATION CONTACT: Kay F. Weaver, Reports Management 
Officer, Department of Housing and Urban Development, 451 Seventh 
Street, SW, Washington, DC 20410, telephone (202) 708-0050. This is not 
a toll-free number. Copies of available documents submitted to OMB may 
be obtained from Ms. Weaver.

SUPPLEMENTARY INFORMATION: This Notice informs the public that the 
Department of Housing and Urban Development (HUD) has submitted to OMB, 
for emergency processing, an information collection package with 
respect to a proposed ``Notice of Application--foreclosure 
commissioners,'' [Docket No. FR-3950-N-01]. HUD seeks to implement the 
requirement of Section 3754 of the Single Family Mortgage Foreclosure 
Act of 1994 (the Act), 12 USC 3751 et seq., which requires that single 
family foreclosure commissioners designated by HUD be ``responsible, 
financially sound, and competent to conduct a foreclosure.
    The Act creates for the Secretary of HUD a non-judicial power of 
sale with respect to HUD-held mortgages and loans originated under 
Titles I and II of the National Housing Act, and with respect to loans 
originated under Section 312 of the Housing Act of 1964. The Act will 
thus allow HUD to complete foreclosures of such mortgages in about two 
months, rather than the longer periods--up to two years--obtaining 
under the laws of the various States, particularly those using a 
judicial process to foreclose. The longer periods result in substantial 
unnecessary costs (for management, vandalism, taxes, etc.) to the FHA 
mortgage insurance funds and, by extension, to the taxpayers. Thus, 
implementation of the Act, including designation of foreclosure 
commissioners, will lead to substantial savings to the Department.
    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):
    (1) Title of the information collection proposal:
    Notice of Application for Designation as Single Family Foreclosure 
Commissioner
    (2) Summary of the collection of information:
    Each party seeking designation as a foreclosure commissioner would 
be 

[[Page 61269]]
required to submit current information, as listed below:
    1. Name
    2. Business Address
    3. Geographic area in which the applicant wishes to conduct 
foreclosures. (List only States or areas in States in which the 
applicant is a resident or is duly authorized to transact business.)
    4. If the applicant is not a natural person, the names and business 
addresses of the people who would actually perform the commissioner's 
duties.
    5. Description of the applicant's experience in conducting mortgage 
foreclosures or in related activities which would qualify the applicant 
to serve as a foreclosure commissioner.
    6. Evidence of the applicant's financial responsibility.
    In place of the above information, any party that has been 
designated as a foreclosure commissioner for HUD-held multifamily 
mortgages would be permitted to submit a letter requesting designation 
as a foreclosure commissioner for single family mortgages.
    (3) description of the need for the information and its proposed 
use:
    The requested information is needed for HUD's selection of 
foreclosure commissioners who will satisfy the statutory requirements 
to be ``responsible, financially sound, and competent to conduct a 
foreclosure.'' The Department is not providing any assurances of 
confidentiality.
    Under the Act, HUD will be able to foreclose on HUD-held Single 
Family mortgages in about two months instead of the much longer 
periods--ranging up to two years--currently required under many State 
laws. The current long periods lead to increased holding costs and 
vandalism on the properties securing the loans. HUD holds thousands of 
loans that are ripe for foreclosure.
    In view of the substantial economies to be provided by the Act, 
emergency approval is requested in order to appoint commissioners as 
soon as the Rule is in effect rather than waiting until the routine 
clearance process could be completed.
    (4) description of the likely respondents, including the estimated 
number of likely respondents, and proposed frequency of response to the 
collection of information:
    Respondents will be entities with experience in real estate 
foreclosure procedures. Over a three year period, the estimated number 
of respondents is approximately 250 in the first year and 50 each year 
thereafter. The estimated frequency of responses over a three year 
period is once per HUD region, with very few respondents expected to 
apply to more than one HUD region.
    (5) estimate of the total reporting and recordkeeping burden that 
will result from the collection of information:

------------------------------------------------------------------------
                                                                 Each   
             Reporting burden                 First year      following 
                                                                 year   
------------------------------------------------------------------------
Number of respondents....................               250           50
Total burden hours (@ 0.5 hour per                                      
 response)...............................               125           25
    Total Estimated Burden Hours.........     175 (3 years)             
------------------------------------------------------------------------

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

    Dated: November 7, 1995.
David S. Cristy,
Director, IRM Policy and Management Division.
[FR Doc. 95-29093 Filed 11-28-95; 8:45 am]
BILLING CODE 4210-01-M