[Federal Register Volume 75, Number 124 (Tuesday, June 29, 2010)]
[Notices]
[Pages 37455-37456]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-15712]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5376-N-56]


Mortgage Insurance Termination; Application for Premium Refund or 
Distributive Share Payment

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.
    Mortgage Insurance Termination is used by servicing mortgagees to 
comply with HUD requirements for reporting termination of FHA mortgage 
insurance. This information is used whenever FHA mortgage insurance is 
terminated and no claim for insurance benefits will be filed. This 
information is submitted via the Internet or EDI and is used to 
directly pay eligible homeowners. This condition occurs when the form 
passes the criteria of certain system edits. As the result the system 
generates a disbursement to the eligible homeowner for the refund 
consisting of the unused portion of the paid premium. The collection 
information required is used to update HUD's Single Family Insurance 
System. The billing of mortgage insurance premiums are discontinued as 
a result of the transaction. Without this information the premium 
collection/monitoring function would be severely impeded and program 
data would be unreliable. Under streamline III when the form is 
processed but does not pass the series of edits, the system generates 
in these cases the Application for Premium Refund or Distributive Share 
Payment to the homeowner to be completed and returned to HUD for 
further processing for the refund. In general a Premium Refund is the 
difference between the amount of prepaid premium and the amount of the 
premium that has been earned by HUD up to the time the mortgage is 
terminated.

DATES: Comments Due Date: July 29, 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 (2502-0414) 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: Application for Premium Refund or Distributive 
Share Payment.
    OMB Approval Number: 2502-0414.
    Form Numbers: HUD-27050-A and HUD-27050-B. HUD forms available at 
http://HUD/program/offices/administration/hudclips/forms.
    Description of the Need for the Information and its Proposed Use: 
Mortgage Insurance Termination is used by servicing mortgagees to 
comply with HUD requirements for reporting termination of FHA mortgage 
insurance. This information is used whenever FHA mortgage insurance is 
terminated and no claim for insurance benefits will be filed. This 
information is submitted via the Internet or EDI and is used to 
directly pay eligible homeowners. This condition occurs when the form 
passes the criteria of certain system edits. As a result the system 
generates a disbursement to the eligible homeowner for the refund 
consisting of the unused portion of the paid premium. The collection 
information required is used to update HUD's Single Family Insurance 
System. The billing of mortgage insurance premiums are discontinued as 
a result of the transaction. Without this information the premium 
collection/monitoring function would be severely impeded and program 
data would be unreliable. Under streamline III when the form is 
processed but does not pass the series of edits, the system generates 
in these cases the Application for Premium Refund or Distributive Share 
Payment to the homeowner to be completed and returned to HUD for 
further processing for the refund. In general a Premium Refund is the 
difference between the amount of prepaid premium and the amount of the 
premium that has been earned by HUD up to the time the mortgage is 
terminated.
    Frequency of Submission: On occasion.

[[Page 37456]]



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                                         Number of          Annual             Hours per
                                        respondents       responses      x      response      =    Burden hours
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Reporting Burden....................          56,000           12.946   ..          0.0917   ..          66,500
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    Total Estimated Burden Hours: 66,500.
    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: June 23, 2010.
Leroy McKinney, Jr.,
Departmental Reports Management Officer, Office of the Chief 
Information Officer.
[FR Doc. 2010-15712 Filed 6-28-10; 8:45 am]
BILLING CODE 4210-67-P