[Federal Register Volume 75, Number 137 (Monday, July 19, 2010)]
[Notices]
[Pages 41876-41877]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-17577]


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

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5376-N-63]


Disclosure of Adjustable Rate Mortgages (ARMs) Rates

AGENCY: Office of the Chief Information Officer, HUD.

ACTION: Notice.

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

[[Page 41877]]

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.
    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 any adjustment to the interest rate 
and monthly mortgage amount.

DATES: Comments Due Date: August 18, 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 (2502-0322) 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: 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: 
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 any adjustment to the interest rate 
and monthly mortgage amount.
    Frequency of Submission: On occasion.

----------------------------------------------------------------------------------------------------------------
                                         Number of          Annual             Hours per
                                        respondents       responses      x      response      =    Burden hours
----------------------------------------------------------------------------------------------------------------
Reporting Burden....................          12,670           12.731   ..          0.0499   ..           8,065
----------------------------------------------------------------------------------------------------------------

    Total Estimated Burden Hours: 8,065.
    Status: Revision of a currently approved collection.

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

    Dated: July 13, 2010.
Leroy McKinney, Jr.,
Departmental Reports Management Officer, Office of the Chief 
Information Officer.
[FR Doc. 2010-17577 Filed 7-16-10; 8:45 am]
BILLING CODE 4210-67-P