[Federal Register Volume 75, Number 244 (Tuesday, December 21, 2010)]
[Notices]
[Page 80066]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-32015]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5380-N-50]


Quality Control Requirements for Direct Endorsement Lenders; 
Notice of Proposed Information Collection: Comment Request

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

ACTION: Notice.

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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: February 22, 2011.

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: Reports Liaison Officer, 
Department of Housing and Urban Development, 451 7th Street, SW., 
Washington, DC 20410, Room 9120 or the number for the Federal 
Information Relay Service (1-800-877-8339).

FOR FURTHER INFORMATION CONTACT: Tom Cook, Housing Program Policy 
Specialist, Single Family Housing, Office of Lender Activities and 
Program Compliance, Department of Housing and Urban Development, 451 
7th Street, SW., Washington, DC 20410, telephone (202) 708-2830 (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: Quality Control Requirements for Direct 
Endorsement Lenders.
    OMB Control Number, if applicable: 2502--NEW.
    Description of the need for the information and proposed use: As of 
January 1, 2011, mortgagees that were previously approved as loan 
correspondents will be able to participate as Third Party Originators 
(TPOs) in FHA-insured mortgage transactions only if the conditions 
outlined in 24 CFR 202.8 are met. Per 24 CFR 202.8 (3) DE lenders which 
sponsor TPOs are responsible to the Secretary for the actions of third 
party originators or mortgagees in originating loans or mortgages, 
unless applicable law or regulation requires specific knowledge on the 
part of the party to be held responsible. As a result, DE lenders will 
be responsible for conducting quality control on TPO originations of 
FHA-insured mortgage loans, and ensuring that their QC plan is expanded 
to contain this oversight provision. This will create an additional 
information collection burden on DE lenders, since these institutions 
must also conduct quality control on all loans they originate and 
underwrite.
    Agency form numbers, if applicable: Not applicable.
    Estimation of the total numbers of hours needed to prepare the 
information collection including number of respondents, frequency of 
response, and hours of response: The number of burden hours is 91,515. 
The number of respondents is 1,853, the number of responses is 169,158, 
the frequency of response is annually, and the burden hour per response 
is 1.5.
    Status of the proposed information collection: This is a new 
collection.

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

    Dated: December 16, 2010.
Ronald Y. Spraker,
Associate General Deputy Assistant Secretary for Housing.
[FR Doc. 2010-32015 Filed 12-20-10; 8:45 am]
BILLING CODE 4210-67-P