[Federal Register Volume 66, Number 35 (Wednesday, February 21, 2001)]
[Notices]
[Page 11039]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-4186]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4650-N-14]


Notice of Submission of Proposed Information Collection to OMB; 
Adjustable Rate Mortgages (ARMS)

AGENCY: Office of the Chief Information Officer, HUD.

ACTION: Notice.

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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.

DATES: Comments Due Date: March 23, 2001.

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: Joseph F. Lackey, 
Jr., OMB Desk Officer, Office of Management and Budget, Room 10235, New 
Executive Office Building, Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Wayne Eddins, Reports Management 
Officer, Q, Department of Housing and Urban Development, 451 Seventh 
Street, SW., Washington, DC 20410; e-mail [email protected]; 
telephone (202) 708-2374. This is not a toll-free number. Copies of the 
proposed forms and other available documents submitted to OMB may be 
obtained from Mr. Eddins.

SUPPLEMENTARY INFORMATION: 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). The Notice lists the following information: (1) The title of the 
information collection proposal; (2) the office of the agency to 
collect the information; (3) the OMB approval number, if applicable; 
(4) the description of the need for the information and its proposed 
use; (5) the agency form number, if applicable; (6) what members of the 
public will be affected by the proposal; (7) how frequently information 
submissions will be required; (8) an estimate of the total number of 
hours needed to prepare the information submission including number of 
respondents, frequency of response, and hours of response; (9) whether 
the proposal is new, an extension, reinstatement, or revision of an 
information collection requirement; and (10) the name and telephone 
number of an agency official familiar with the proposal and of the OMB 
Desk Officer for the Department.
    This Notice also lists the following information:
    Title of Proposal: Adjustable Rate Mortgage (ARMS).
    OMB Approval Number: 2502-0322.
    Form Numbers: None.
    Description of the Need for the Information and Its Proposed Use: 
The Housing and Urban-Rural Recovery Act of 1983 amended the National 
Housing Act to permit FHA to insure adjustable rate mortgages (ARMS). 
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 the adjustment to the interest rate 
and monthly mortgage amount.
    Respondents: Business or other for-profit, Federal Government.
    Frequency of Submission: On occasion.

Reporting Burden

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                                                                       Hours per
Number of respondents      x      Frequency of response      x          response         =        Burden hours
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           20,000                                 5                           .07                       7,000
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    Total Estimated Burden Hours: 7,000.
    Status: Extension of a currently approved collection.

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

    Dated: February 12, 2001.
Wayne Eddins,
Departmental Reports Management Officer, Office of the Chief 
Information Officer.
[FR Doc. 01-4186 Filed 2-20-01; 8:45 am]
BILLING CODE 4210-01-M