[Federal Register Volume 69, Number 60 (Monday, March 29, 2004)]
[Notices]
[Page 16280]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-6870]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No.FR-4903-N-20]


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.
    This is a request for renewal of approval for the ARMs information 
collection requirement. The terms of all ARMS insured by HUD-FHA must 
be fully disclosed as part of the loan approval process. Additionally, 
an annual disclosure is required to reflect any adjustment to the 
interest rate and monthly mortgage amount.

DATES: Comments Due Date: April 28, 2004.

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) should be sent to: HUD 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 page 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 contact information of 
an agency official familiar with the proposal and the OMB Desk Officer 
for the Department.
    This notice also lists the following information:
    Title of Proposal: Adjustable Rate Mortgages (ARMs).
    OMB Approval Number: 2502-0322.
    Form Numbers: None.
    Description of the Need for the Information and Its Proposed Use: 
The terms of all ARMS insured by HUD-FHA must be fully disclosed as 
part of the loan approval process. Additionally, an annual disclosure 
is required to reflect any adjustment to the interest rate and monthly 
mortgage amount.
    Respondents: Individuals or household, business or other for-
profit.
    Frequency of Submission: On occasion and annually.

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                                         Number of          Annual             Hours per
                                        respondents       responses      x      response      =   Burden  hours
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Reporting Burden....................          20,000              9.8   ..           0.058   ..          11,520
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    Total Estimated Burden Hours: 11,520.
    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: March 22, 2004.
Wayne Eddins,
Departmental Reports Management Officer, Office of the Chief 
Information Officer.
[FR Doc. 04-6870 Filed 3-26-04; 8:45 am]
BILLING CODE 4210-72-P