[Federal Register Volume 69, Number 84 (Friday, April 30, 2004)]
[Notices]
[Pages 23800-23801]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-9777]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4907-15]


Notice of Proposed Information Collection: Comment Request; 
Application for FHA Insured Mortgage

AGENCY: Office of the Assistant Secretary for Housing, 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 comment on the subject proposal.

DATES: Comments Due Date: June 29, 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 8202, 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 Noticing 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: Application for FHA Insured Mortgage.
    OMB Control Number, if applicable: 2502-0059.
    Description of the need for the information and proposed use: The 
documents requested are used to determine the eligibility of a loan 
application for FHA's mortgage insurance. Without these documents, HUD 
would have difficulty in determining the eligibility of a loan 
application and, thus, put in jeopardy the insurance fund. For the 
Informed Consumer Choice Notice, OMB control number 2502-0537, which is 
being incorporated into this PRA package, please see the following:
    Section 225(a) of the Department of Veterans Affairs and Housing 
and Urban Development, and Independent Agencies Appropriations Act, 
1999 (HUD FY 1999 Appropriations Act) (Pub. L. No. 105-76; 112 Sat. 
2461, approved October 21, 1998) amended section 203(b)(2) to the 
National Housing Act to add at the end of this section the following 
language: ``In conjunction with any loan insured under this section, an 
original lender shall provide to each prospective borrower a disclosure 
notice that provides a one page analysis of mortgage products offered 
by that lender and for which the borrower would qualify. This notice 
shall include: (i) a generic analysis comparing note rate (and 
associated interest payments), insurance premiums, and other costs and 
fees that would be due over the life of the loan insured by the 
Secretary under this subsection with note rates, insurance premiums (if 
applicable), and other costs and fees that would be expected to be due 
if the mortgagor obtained instead other mortgage products offered by 
the lender and for which the borrower would qualify with similar loan-
to-value ratio in connection with a conventional mortgage * * * 
assuming prevailing interest rates; and (ii) a statement regarding when 
the mortgagor's requirement to pay mortgage insurance premiums for a 
mortgage insured under this section would terminate or a statement that 
the requirement will terminate only if the mortgage is refinanced, paid 
off, or otherwise terminated.''.
    Agency form numbers, if applicable: HUD-92900-A, HUD 92900-B, HUD-
92900-WS, HUD-92900-PUR, HUD-92561, HUD-92544.
    Estimation of the total numbers of hours needed to prepare the 
information collection including number of respondents, frequency of 
response, and hours of response: Number of respondents is 1,000,000. 
Some of the 1,000,000 will have to complete additional responses 
determined by their unique circumstances, so that each respondent will 
provide from one to four different responses. The frequency of 
responses is on occasion. Total responses will be 1,034,000. The 
various responses require from .005 hours to as much as .50 hours each, 
and respondents who complete all four will average .99 hours. Total 
burden hours are 244,550.

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                                                                                                          Total
                                                       Number of    Responses     Total     Hours per    annual
           Type of information collection             respondents      per       annual      response    burden
                                                                   respondent   responses                 hours
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HUD forms and Credit Report.........................    1,000,000           1   1,000,000        .0235   235,025
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Computations for buydowns...........................   \1\ 20,000           1      20,000         .250     5,000
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Mortgagor Notice of Intent to Satisfy Occupancy         \1\ 5,000           1       5,000         .005        25
 Requirements.......................................
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Informed Consumer Choice Notice.....................    \1\ 9,000           1       9,000          .50     4,500
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[[Page 23801]]

 
      Total burden..................................    1,000,000   From 1 to   1,034,000   From .2350  244,550
                                                                            4                 to .9900
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\1\ Included in 1,000,000 above.

    Status of the proposed information collection: Revision of a 
currently approved collection 2502-0059 that will expire July 31, 2004, 
and termination of OMB control no. 2502-0537.

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

    Dated: April 26, 2004.
John C. Weicher,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 04-9777 Filed 4-29-04; 8:45 am]
BILLING CODE 4210-27-M