[Federal Register Volume 81, Number 169 (Wednesday, August 31, 2016)]
[Notices]
[Pages 60016-60017]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-20954]


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

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5913-N-21]


60-Day Notice of Proposed Information Collection: FHA Adjustable 
Rate Mortgages (ARMS)

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

ACTION: Notice.

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

SUMMARY: HUD is seeking approval from the Office of Management and 
Budget (OMB) for the information collection described below. In 
accordance with the Paperwork Reduction Act, HUD is requesting comment 
from all interested parties on the proposed collection of information. 
The purpose of this notice is to allow for 60 days of public comment.

DATES: Comments Due Date: October 31, 2016.

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: Colette Pollard, Reports 
Management Officer, QDAM, Department of Housing and Urban Development, 
451 7th Street SW., Room 4176, Washington, DC 20410-5000; telephone 
202-402-3400 (this is not a toll-free number) or email at 
[email protected] for a copy of the proposed forms or other 
available information. Persons with hearing or speech impairments may 
access this number through TTY by calling the toll-free Federal Relay 
Service at (800) 877-8339.

FOR FURTHER INFORMATION CONTACT: Kevin Stevens, 451 7th Street SW., 
Washington, DC 20410; email Kevin L. [email protected]; or telephone 202-
402-2673. This is not a toll-free number. Persons with hearing or 
speech impairments may access this number through TTY by calling the 
toll-free Federal Relay Service at (800) 877-8339.

SUPPLEMENTARY INFORMATION: This notice informs the public that HUD is 
seeking approval from OMB for the information collection described in 
Section A.

A. Overview of Information Collection

    Title of Information Collection: FHA Adjustable Rate Mortgages.
    OMB Approval Number: 2502-0322.
    Type of Request: Extension of a currently approved collection.
    Form Number: N/A.
    Description of the need for the information and proposed use: The 
Housing and Urban-Rural Recovery Act of 1983 amended the National 
Housing Act to permit FHA to insure adjustable rate mortgages (ARMS). 
The term of all ARMS insured by HUD-FHA is required to be fully 
disclosed as part of the loan approval process. Additionally, an annual 
disclosure is required to reflect the adjustment to the interest rate 
and monthly mortgage amount. Lenders must electronically indicate that 
the mortgage to be insured is an ARM and the term or type of the ARM.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 2,535.
    Estimated Number of Responses: 164,447.
    Frequency of Response: On Occasion.
    Average Hours per Response: .05.
    Total Estimated Burdens: 822 hours.

[[Page 60017]]

B. Solicitation of Public Comment

    This notice is soliciting comments from members of the public and 
affected parties concerning the collection of information described in 
Section A on the following:
    (1) 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) The accuracy of the agency's estimate of the burden of the 
proposed collection of information;
    (3) Ways to enhance the quality, utility, and clarity of the 
information to be collected; and
    (4) Ways to 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.
    HUD encourages interested parties to submit comment in response to 
these questions.

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

    Date: August 19, 2016.
 Janet M. Golrick,
Associate General Deputy Assistant Secretary for Housing Associate 
Deputy Federal Housing Commissioner.
[FR Doc. 2016-20954 Filed 8-30-16; 8:45 am]
 BILLING CODE 4210-67-P