[Federal Register Volume 86, Number 14 (Monday, January 25, 2021)]
[Notices]
[Pages 6915-6916]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-01515]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-7034-N-05; OMB Control No.: 2502-0524]
30-Day Notice of Proposed Information Collection: Home Equity
Conversion Mortgage (HECM) Insurance Application for the Origination of
Reverse Mortgages and Related Documents
AGENCY: Office of the Chief Information Officer, HUD.
ACTION: Notice.
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SUMMARY: HUD has submitted the proposed information collection
requirement described below to the Office of Management and Budget
(OMB) for review, in accordance with the Paperwork Reduction Act. The
purpose of this notice is to allow for an additional 30 days of public
comment.
DATES: Comments Due Date: February 24, 2021.
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. Persons with hearing
or speech impairments may access this number through TTY by calling the
toll-free Federal Relay Service at (800) 877-8339. This is not a toll-
free number. Copies of available documents submitted to OMB may be
obtained from Ms. Pollard.
SUPPLEMENTARY INFORMATION: This notice informs the public that HUD has
submitted to OMB a request for approval of the information collection
described in Section A. The Federal Register notice that solicited
public comment on the information collection for a period of 60 days
was published on September 17, 2020 at 85 FR 58068.
A. Overview of Information Collection
Title of Information Collection: Home Equity Conversion Mortgage
(HECM) Insurance Application for the Origination of Reverse Mortgages
and Related Documents.
OMB Approval Number: 2502-0524.
Type of Request: Revision of currently approved collection.
Form Number: HUD-92901, HUD-92902, HUD-92051, HUD-92561, HUD-
92800.5b, HUD-92900-A, HUD-92300, HUD-1, HUD-1a, Fannie Mae (FNMA)-
1009, FNMA-1025, FNMA-1003, FNMA-1004, FNMA-1004c, FNMA-1073, HUD-
92541, HUD-92544, NPMA-99A, NPMA-99B
Description of the need for the information and proposed use: The
Home Equity Conversion Mortgage (HECM) program is the Federal Housing
Administration's (FHA) reverse mortgage program that enables seniors
who have equity in their homes to withdraw a portion of the accumulated
equity. The intent of the HECM Program is to ease the financial burden
on elderly homeowners facing increased health, housing, and subsistence
costs at a time of reduced income. The currently approved information
collection is necessary to screen mortgage insurance applications to
protect the FHA insurance fund and the interests of consumers and
potential borrowers. Specific forms and related documents are needed to
determine the eligibility of the borrower and proposed mortgage
transaction for FHA's insurance endorsement. The model HECM Adjustable
Rate Note has been revised to align with FHA's transition from the
London InterBank Offered Rate (LIBOR) index to the Secured Overnight
Financing Rate (SOFR) index, which includes, but is not limited to, new
definitions and replacement index language for future adjustable
interest rate index transition events.
HUD also proposes to strengthen the HECM for Purchase property
eligibility requirements by requiring inspection documentation for
newly built properties that will serve as collateral for HECM
financing. Currently, the HECM for Purchase program requires mortgagees
to submit a Certificate of Occupancy, or its equivalent, as evidence
that the property is complete and habitable as a condition of FHA
insurance. In the near future, mortgagees may be required to complete
and submit the following forms to FHA: (1) Form HUD-92541, Builder's
[[Page 6916]]
Certification of Plans, Specifications, and Site; (2) Form HUD-92544,
Warranty of Completion of Construction; (3) Form HUD-NPMA-99-A,
Subterranean Termite Protection Builder's Guarantee; and (4) Form HUD-
NPMA-99-B, New Construction Subterranean Termite Service Record. These
forms are currently required by FHA for maximum financing for FHA's
Title II Single Family forward mortgage programs and will align both
the reverse and forward mortgage programs to ensure the property meet's
FHA's minimum property standards while ensuring the home is safe,
sound, and secure for the HECM borrower.
Respondents (i.e., affected public): Business or other for profit.
Estimated Number of Respondents: 2,375.
Estimated Number of Responses: 59,375.
Frequency of Response: Occasionally.
Average Hours per Response: 2.54 hours.
Total Estimated Burdens: 116,398.75.
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.
(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 comments in response to
the proposed changes.
Authority: Section 3507 of the Paperwork Reduction Act of 1995,
44 U.S.C. Chapter 35.
Colette Pollard,
Department Reports Management Officer, Office of the Chief Information
Officer.
[FR Doc. 2021-01515 Filed 1-22-21; 8:45 am]
BILLING CODE 4210-67-P