[Federal Register Volume 72, Number 125 (Friday, June 29, 2007)]
[Notices]
[Pages 35714-35715]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 07-3214]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5121-N-23]


Notice of Proposed Information Collection: Comment Request; Home 
Equity Conversion Mortgage (HECM) Insurance Application for the 
Origination of Reverse Mortgages and Related Documents OMB Control 
Number 2502-0524

AGENCY: Office of the Assistant Secretary for Housing--Federal Housing 
Commissioner, HUD.

ACTION: Notice.

-----------------------------------------------------------------------

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: August 28, 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, Reports 
Management Officer, Department of Housing and Urban Development, 451 
7th Street, SW., Room 4178, Washington, DC 20410 or [email protected].

FOR FURTHER INFORMATION CONTACT: James Beavers, Acting Director, Office 
of Single Family Program Development, Single Family Housing, 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: Home Equity Conversion Mortgage (HECM) Insurance 
Application for the Origination of Reverse Mortgages and Related 
Documents.
    OMB Control Number, if applicable: 2502-0524.

[[Page 35715]]

    Description of the need for the information and proposed use: The 
documents requested are used to determine the eligibility of a reverse 
mortgage loan application and property requirements for FHA's mortgage 
insurance. This collection also ocntains disclosure requirements that 
will provide the prospective borrower with statutory and regulatory 
information needed to explain the financial implications of and 
alternatives to a HECM; the costs associated with obtaining a reverse 
mortgage; due and payable conditions and other relevant information 
necessary to determine if this type of mortgage transaction is for the 
sole benefit of the borrower. Without these documents, HUD would have 
difficulty in determining the eligibility of a loan application and 
property, thus, jeopardize the insurance fund.
    Agency form numbers, if applicable: FNMA 1009 and 1003, HUD-92900-
A, HUD-92901, HUD-92902, HUD-1, HUD-92051, HUD-92800.5B, HUD-92561, 
FANNIE MAE 1004, FANNIE MAE 1004C, FANNIE MAE 1073, and FANNIE MAE 
1025.
    Estimation of the total numbers of hours needed to prepare the 
information collection including number of respondents, frequency of 
response, and hours of response: This OMB Information Collection has an 
estimated total burden hours of 132,894.40, with an estimated 2,020 
respondents and a total of 90,020 responses.
    Status of the proposed information collection: Reinstatement of a 
currently approved collection OMB Control No. (2502-0524).

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

    Dated: June 20, 2007.
Frank L. Davis,
General Deputy Assistant Secretary for Housing--Deputy Federal Housing 
Commissioner.
[FR Doc. 07-3214 Filed 6-28-07; 8:45 am]
BILLING CODE 4210-67-M