[Federal Register Volume 75, Number 39 (Monday, March 1, 2010)]
[Notices]
[Pages 9246-9247]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-4155]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5376-N-14]


Cooperative Share Loan Insurance

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.
    New guidance for cooperative housing loan insurance will be 
published to update existing policies, and better enable mortgagees to 
submit cooperative share loans for FHA insurance. This new publication 
will provide instructions to lenders to ensure compliance with project 
requirements, origination, servicing, and claims. The guidance includes 
matters concerning forward and reverse (HECM) mortgages, as well as 
compatible insurance programs. Mortgagees must collect documents and 
information about the cooperative corporation and housing project, 
which are needed to evaluate the share loans' eligibility, and ensure 
compliance with security and project, requirements. Additionally, the 
new instructions require a Cooperative Project Questionnaire, which 
will be used by lenders and FHA to document critical information 
relevant to the structure of the cooperative corporation and its 
eligibility for FHA insurance. Also required is a form Mortgagee 
Certification of Cooperative Eligibility, which is to be signed by the 
Mortgagee/Lender.

DATES: Comments Due Date: March 31, 2010.

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-NEW) and should be sent to: HUD Desk Officer, 
Office of Management and Budget, New Executive Office Building, 
Washington, DC 20503; fax: 202-395-5806.

FOR FURTHER INFORMATION CONTACT: Leroy McKinney Jr., Reports Management 
Officer, QDAM, Department of Housing and Urban Development, 451 Seventh 
Street, SW., Washington, DC 20410; e-mail Leroy McKinney Jr. at 
[email protected] or telephone (202) 402-5564. This is not a 
toll-free number. Copies of available documents submitted to OMB may be 
obtained from Mr. McKinney.

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: Cooperative Share Loan Insurance.
    OMB Approval Number: 2502-NEW.
    Form Numbers: HUD-92270, HUD-92271, HUD-92270-G.
    Description of the Need for the Information and Its Proposed Use:
    New guidance for cooperative housing loan insurance will be 
published to update existing policies, and better enable mortgagees to 
submit cooperative share loans for FHA insurance. This new publication 
will provide instructions to lenders to ensure compliance with project 
requirements, origination, servicing, and claims. The guidance includes 
matters concerning forward and reverse (HECM) mortgages, as well as 
compatible insurance programs. Mortgagees must collect documents and 
information about the cooperative corporation and housing project, 
which are needed to evaluate the share loans' eligibility, and ensure 
compliance with security and project, requirements. Additionally, the 
new instructions require a Cooperative Project Questionnaire, which 
will be used by lenders and FHA to document critical information 
relevant to the structure of the cooperative corporation and its 
eligibility for FHA insurance. Also required is a form Mortgagee 
Certification of Cooperative Eligibility, which is to be signed by the 
Mortgagee/Lender.
    Frequency of Submission: On occasion.

[[Page 9247]]



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                                         Number of          Annual             Hours per
                                        respondents       responses      x      response      =    Burden hours
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Reporting Burden:...................          12,670           12.670   ..               2   ..           2,000
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    Total Estimated Burden Hours: 2,000.
    Status: New Collection.

    Authority:  Section 3507 of the Paperwork Reduction Act of 1995, 
44 U.S.C. 35, as amended.

    Dated: February 23, 2010.
Leroy McKinney, Jr.,
Departmental Reports Management Officer, Office of the Chief 
Information Officer.
[FR Doc. 2010-4155 Filed 2-26-10; 8:45 am]
BILLING CODE 4210-67-P