[Federal Register Volume 85, Number 61 (Monday, March 30, 2020)]
[Notices]
[Pages 17595-17596]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-06493]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-7024-N-17]


30-Day Notice of Proposed Information Collection: Disclosure of 
Adjustable Rate Mortgage (ARM) Rates

AGENCY: Office of the Chief Information Office, HUD.

ACTION: Notice.

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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 an additional 30 days of 
public comment.

DATES: Comments Due Date: April 29, 2020.

ADDRESSES: Interested persons are invited to submit comments regarding 
this proposal. Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/Start Printed Page 
15501PRAMain. Find this particular information collection by selecting 
``Currently under 30-day Review--Open for Public Comments'' or by using 
the search function.

FOR FURTHER INFORMATION CONTACT: Colette Pollard, Reports Management 
Officer, QDAM, Department of Housing and Urban Development, 451 7th 
Street SW, Washington, DC 20410; email Colette Pollard at 
[email protected] or telephone 202-402-3400. 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. Copies of available documents submitted to OMB may be 
obtained from Ms. Pollard.

SUPPLEMENTARY INFORMATION: This notice informs the public that HUD is 
seeking approval from OMB for the information collection described in 
Section A. The Federal Register notice for the 60 days was published 
January 17, 2020 at 85 FR 3069.

A. Overview of Information Collection

    Title of Information Collection: Disclosure of Adjustable Rate 
Mortgage (ARM) Rates.
    OMB Approval Number: 2502-0322.
    Type of Request: Extension.
    Form Number: None.
    Description of the need for the information and proposed use: 
Lenders must provide mortgagors with adjustable rate mortgages an 
annual ARM Disclosure Notice at least 25 days before any adjustment to 
a mortgagor's monthly payment may occur, and the mortgagee must inform 
the borrower of the changed interest rate, monthly mortgage amount, the 
current index interest rate value, and how the payment adjustment was 
calculated. HUD may review lender loan files to ensure lenders are in 
compliance.
    Respondents: Business or other for-profit (lenders).
    Estimated Number of Respondents: 2,440.
    Estimated Number of Responses: 108,556.
    Frequency of Response: One per FHA-insured adjustable rate loan.
    Average Hours per Response: 0.050084 hour.
    Total Estimated Burdens: 5,437.

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 collection of information is necessary for the 
proper performance of the functions of the Department, including 
whether the information will have practical utility.
    (2) if the information will be processed and used in a timely 
manner.
    (3) the accuracy of the agency's estimates of the burden and cost 
of the collection of information, including the validity of the 
methodology and assumptions used.
    (4) ways to enhance the quality, utility and clarity of the 
information collection; and
    (5) ways to minimize the burden of the collection of information on 
those who are to respond, including the use of automated collection 
techniques or other forms of information technology.
    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.


[[Page 17596]]


    Dated: March 24, 2020.
 Colette Pollard,
Department Reports Management Officer, Office of the Chief Information 
Officer.
[FR Doc. 2020-06493 Filed 3-27-20; 8:45 am]
 BILLING CODE 4210-67-P