[Federal Register Volume 62, Number 102 (Wednesday, May 28, 1997)]
[Notices]
[Page 28885]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-13939]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4200-N-65]


Notice of Proposed Information Collection for Public Comment

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: July 28, 1997.

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, Housing, Department 
of Housing and Urban Development, 451--7th Street, SW, Room 9116, 
Washington, DC 20410.

FOR FURTHER INFORMATION CONTACT: Leslie Bromer, Insured Servicing 
Branch (HSISI), Telephone number (202) 708-1719 ext. 2309 (this is not 
a toll-free number) for copies of the proposed form and other available 
documents.

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 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: N/A.
    Description of the need for the information and the 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 mortgage 
to:
    (a) Reinstate the mortgage and retain ownership of the affected 
property, or
    (b) Avoid foreclosure, 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 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: Documentation simply added to lender's 
servicing files on HUD-27011 insurance claim form.
    Members of affected public: Mortgages, 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: May 20, 1997.
Nicolas P. Retsinas,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 97-13939 Filed 5-27-97; 8:45 am]
BILLING CODE 4210-27-M