[Federal Register Volume 68, Number 247 (Wednesday, December 24, 2003)]
[Notices]
[Page 74633]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-31756]


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

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4815-N-106]


Notice of Submission of Proposed Information Collection to OMB: 
Owner of Record and Re-sale Data To Preclude Predatory Lending 
Practices (Property Flipping) on FHA Insured Mortgages

AGENCY: Office of the Chief Information Officer, HUD.

ACTION: Notice.

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

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.
    To prevent predatory sales practices, HUD will not insure mortgages 
on properties re-sold within 90 days, and only the owner-of-record is 
permitted to sell the property if FHA is to insure the subsequent 
mortgage. Lenders are required to provide evidence of the date of the 
last resale and the date it occurred.

DATES: Comments Due Date: January 23, 2004.

ADDRESSES: Interested persons are invited to submit comments regarding 
this proposal. Comments should refer to the proposal by name and OMB 
approval number (2502-0547) and should be sent to: Lauren Wittenberg, 
OMB Desk Officer, Office of Management and Budget, Room 10235, New 
Executive Office Building, Washington, DC 20503; Fax number (202) 395-
6974; E-mail [email protected].

FOR FURTHER INFORMATION CONTACT: Wayne Eddins, Reports Management 
Officer, AYO, Department of Housing and Urban Development, 451 Seventh 
Street, Southwest, 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 or on HUD's Web site at http://www5.hud.gov:63001/po/i/icbts/collectionsearch.cfm.

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: Owner of Record and Re-sale Data to Preclude 
Predatory Lending Practices (Property Flipping) on FHA Insured 
Mortgages.
    OMB Approval Number: 2502-0547.
    Form Numbers: None.
    Description of the Need for the Information and its Proposed Use: 
To prevent predatory sales practices, HUD will not insure mortgages on 
properties re-sold within 90 days, and only the owner-of-record is 
permitted to sell the property if FHA is to insure the subsequent 
mortgage. Lenders are required to provide evidence of the date of the 
last resale and the date it occurred.
    Respondents: Individuals or households, Business or other for-
profit, Not-for-profit institutions.
    Frequency of Submission: On occasion.

----------------------------------------------------------------------------------------------------------------
                                         Number of          Annual             Hours per
                                        respondents       responses      x      response      =    Burden hours
----------------------------------------------------------------------------------------------------------------
Reporting Burden:                            750,000          750,000   ..           0.036   ..          27,500
----------------------------------------------------------------------------------------------------------------

    Total Estimated Burden Hours: 7,500.
    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: December 17, 2003.
Wayne Eddins,
Departmental Reports Management Officer, Office of the Chief 
Information Officer.
[FR Doc. 03-31756 Filed 12-23-03; 8:45 am]
BILLING CODE 4210-72-P