[Federal Register Volume 72, Number 60 (Thursday, March 29, 2007)]
[Notices]
[Pages 14827-14828]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-5731]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5121-N-11]


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

[[Page 14828]]

Reduction Act. The Department is soliciting public comments on the 
subject proposal.

DATES: Comments Due Date: May 29, 2007.

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: Lillian Deitzer, Departmental 
Reports Management Officer, Department of Housing and Urban 
Development, 451 7th Street, SW., Room 4781, Washington, DC 20410.

FOR FURTHER INFORMATION CONTACT: James A. Beavers, Acting 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: Disclosure of Adjustable Rate Mortgages (ARMS) 
Rates.
    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). 
On March 10, 2004, the Department of Housing and Urban Development 
published a final rule in the Federal Register amending the mortgage 
insurance regulations to implement additional product offerings known 
as ``hybrid'' adjustable rate mortgages. The Federal Housing 
Administration (FHA) has insured ARMS since 1984; however, these were 
limited to 1-year ARMS. FHA is now offering mortgage insurance on 3-
year, 5-year, 7-year and 10-year ARMS. The terms of all ARMS insured by 
HUD-FHA are 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 response is annually, the total annual responses 
are 220,000, time per response is estimated at three minutes and the 
estimated annual burden hours requested is 11,000.
    Status of the proposed information collection: Extension of a 
currently approved collection.
    Authority: The Paperwork Reduction Act of 1995, 44 U.S.C., Chapter 
35, as amended.

    Dated: March 23, 2007.
Frank L. Davis,
General Deputy Assistant Secretary for Housing-Deputy Federal Housing 
Commissioner.
[FR Doc. E7-5731 Filed 3-28-07; 8:45 am]
BILLING CODE 4210-67-P