[Federal Register Volume 69, Number 7 (Monday, January 12, 2004)]
[Notices]
[Page 1753]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-511]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT


Notice of Proposed Information Collection: Comment Request; 
Insurance of Adjustable Rate Mortgages (ARMS)

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: March 12, 2004.

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 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: Adjustable Rate Mortgages (ARMS).
    OMB Control Number, if applicable: 2502-0322.
    Description of the need for the information and 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 term of all ARMS insured by HUD-FHA is 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. Lenders must electronically indicate that 
the mortgage to be insured is an ARM and the term or type of the ARM.
    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: The estimated number of respondents is 
20,000 frequency of responses is 5, the total annual responses are 
100,000, and the estimated annual burden hours requested is 7,000.
    Status of the proposed information collection: The extension of 
currently approved collection.

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

    Dated: January 6, 2004.
John C. Weicher,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 04-511 Filed 1-9-04; 8:45 am]
BILLING CODE 4210-27-M