[Federal Register Volume 67, Number 57 (Monday, March 25, 2002)]
[Notices]
[Page 13644]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-7126]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4739-N-08]


Notice of Proposed Information Collection: Comment Request; Home 
Equity Conversion Mortgages (HECM): Consumer Protection Measures 
Against Excessive Fees

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: May 24, 2002.

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: Wayne Eddins, Reports Management 
Officer, Department of Housing and Urban Development, 451 7th Street, 
SW., L'Enfant Plaza Building, Room 8001, Washington, DC 20410.

FOR FURTHER INFORMATION CONTACT: Vance T. Morris, Director, Office of 
Single Family Program Development, Department of Housing and Urban 
Development, 451 7th Street SW., Washington, DC 20410, telephone (202) 
708-2121 (this is not a toll free number) for copies of the proposed 
forms and other available information.

SUPPLEMENTARY INFORMATION: The Department is submitting 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).
    This Notice is soliciting comments from members of the public and 
affected agencies concerning the proposed collection of information to: 
(1) Evaluate whether the proposed collection 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 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: Home Equity Conversion Mortgages (HECM): 
Consumer Protection Measures Against Excessive Fees.
    OMB Control Number, if applicable: 2502-0534.
    Description of the need for the information and proposed use: 
Events in the marketplace have given rise to vendors who prey on the 
elderly to use the HECM program as a vehicle for earning excessive fees 
for services which are of little or no value, or which can be obtained 
free of charge (or at minimal cost) from other sources--including HUD-
approved Housing Counseling Agencies. The information is needed to 
assure that the homeowner is not obtaining a HECM mortgage under an 
obligation to pay excessive fees for services.
    Agency form numbers, if applicable: None.
    Estimation of the total numbers of hours needed to prepare the 
information collection including number of respondents, frequency of 
response, and hours of response: An estimation of the total numbers of 
hours needed to prepare the information collection is 6,800, the number 
of respondents is 8,000 generating 32,000 responses annually, the 
frequency of response is once per mortgagor, and the hours per response 
is .25 hours.
    Status of the proposed information collection: Extension of a 
currently approved collection.

    Authority: Section 3506 of the Paperwork Reduction Act of 1995, 
44 U.S.C. Chapter 35, as amended.

    Dated: March 17, 2002.
John Weicher,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 02-7126 Filed 3-22-02; 8:45 am]
BILLING CODE 4210-27-M