[Federal Register Volume 67, Number 61 (Friday, March 29, 2002)]
[Notices]
[Page 15220]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-7546]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4739-N-09]


Notice of Proposed Information Collection: Comment Request; 
Informed Consumer Choice Disclosure Notice

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 Date: May 28, 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: Informed Consumer Choice Disclosure Notice.
    OMB Control Number, if applicable: 2502-0537.
    Description of the need for the information and proposed rule: 
Under section 225(a) of the Departments of Veterans Affairs and Housing 
and Urban Development, and the Independent Agencies Appropriations Act 
of 1999, amended section 203(b)(2) to the National Housing Act states 
that lenders are required to disclose certain information to a 
prospective borrower who seeks a FHA-insured home mortgage. The lender 
is required to provide the borrower with a comparison of costs--the 
costs for the FHA-insured mortgage compared to the costs for other 
similar conventional mortgage products the lender provides and for 
which the borrower is qualified. The disclosure notice should also 
provide information about when the borrower's requirements to pay FHA 
mortgage insurance premiums would terminate.
    Agency form number, 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: The estimated number of hours needed 
to prepare the information collection is 4,500, the number of 
respondents is estimated to be 9,000 generating approximately 9,000 
responses annually, the response is on occasion, and the amount of time 
needed per response is approximately 30 minutes.
    Status of the proposed information collection: Extension of 
currently approved collection.

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

    Dated: March 21, 2002.
John C. Weicher,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 02-7546 Filed 3-28-02; 8:45 am]
BILLING CODE 4210-27-M