[Federal Register Volume 72, Number 99 (Wednesday, May 23, 2007)]
[Notices]
[Page 28988]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-9959]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5117-N-41]


Notice of Submission of Proposed Information Collection to OMB; 
Disclosure of Adjustable Rate Mortgages (ARMs) Rates

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.
    Lenders must provide mortgagors with adjustable rate mortgages an 
annual ARM Disclosure Notice at least 25 days before any adjustment to 
a mortgagor's monthly payment may occur, and the mortgagee must inform 
the borrower of the changed interest rate, monthly mortgage amount, the 
current index interest rate value, and how the payment adjustment was 
calculated. HUD reviews lenders loan files to ensure lenders are in 
compliance.

DATES: Comments Due Date: June 22, 2007.

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) and should be sent to: HUD Desk Officer, 
Office of Management and Budget, New Executive Office Building, 
Washington, DC 20503; fax: 202-395-6974.

FOR FURTHER INFORMATION CONTACT: Lillian Deitzer, Departmental Reports 
Management Officer, QDAM, Department of Housing and Urban Development, 
451 Seventh Street, SW., Washington, DC 20410; e-mail [email protected] or telephone (202) 708-2374. This is not a toll-free 
number. Copies of available documents submitted to OMB may be obtained 
from Ms. Deitzer or from HUD's Web site at http://www5.hud.gov:63001/po/i/icbts/collectionsearch.cfm.

SUPPLEMENTARY INFORMATION: This notice informs the public that the 
Department of Housing and Urban Development has submitted to OMB a 
request for approval of the information collection described below. 
This notice is soliciting comments from members of the public and 
affecting agencies concerning the proposed collection of information 
to: (1) Evaluate whether the proposed collection of information 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 through 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 Approval Number: 2502-0322.
    Form Numbers: None.
    Description of the Need for the Information and Its Proposed Use: 
Lenders must provide mortgagors with adjustable rate mortgages an 
annual ARM Disclosure Notice at least 25 days before any adjustment to 
a mortgagor's monthly payment may occur, and the mortgagee must inform 
the borrower of the changed interest rate, monthly mortgage amount, the 
current index interest rate value, and how the payment adjustment was 
calculated. HUD reviews lenders loan files to ensure lenders are in 
compliance.
    Frequency of Submission: Annually.

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                                         Number of          Annual             Hours per
                                        respondents       responses      x      response      =    Burden hours
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Reporting Burden....................          20,000               11   ..            0.05   ..          11,000
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    Total Estimated Burden Hours: 11,000.
    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: May 18, 2007.
Lillian L. Deitzer,
Departmental Paperwork Reduction Act Officer, Office of the Chief 
Information Officer.
[FR Doc. E7-9959 Filed 5-22-07; 8:45 am]
BILLING CODE 4210-67-P