[Federal Register Volume 88, Number 128 (Thursday, July 6, 2023)]
[Notices]
[Pages 43136-43137]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-14232]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-7071-N-12]


60-Day Notice of Proposed Information Collection: Disclosure of 
Adjustable Rate Mortgage (ARM) Rates; OMB Control No.: 2502-0322

AGENCY: Office of the Assistant Secretary for Housing--Federal Housing 
Commissioner, 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 60 days of public comment.

DATES: Comments Due Date: September 5, 2023.

[[Page 43137]]


ADDRESSES: Interested persons are invited to submit comments regarding 
this proposal. Written comments and recommendations for the proposed 
information collection can be submitted within 60 days of publication 
of this notice to www.reginfo.gov/public/do/PRAMain. Find this 
particular information collection by selecting ``Currently under 60-day 
Review--Open for Public Comments'' or by using the search function. 
Interested persons are also invited to submit comments regarding this 
proposal by name and/or OMB Control Number and can be sent to: Colette 
Pollard, Reports Management Officer, REE, Department of Housing and 
Urban Development, 451 7th Street SW, Room 8210, Washington, DC 20410-
5000 or email at [email protected].

FOR FURTHER INFORMATION CONTACT: Colette Pollard, Reports Management 
Officer, REE, 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. HUD welcomes and is prepared to receive calls from 
individuals who are deaf or hard of hearing, as well as individuals 
with speech or communication disabilities. To learn more about how to 
make an accessible telephone call, please visit: https://www.fcc.gov/consumers/guides/telecommunications-relay-service-trs. 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.

A. Overview of Information Collection

    Title of Information Collection: Disclosure of Adjustable Rate 
Mortgage (ARM) Rates.
    OMB Approval Number: 2502-0322.
    OMB Expiration Date: 8-31-2023.
    Type of Request: Extension.
    Form Number: None.
    Description of the need for the information and proposed use: 
Mortgage lenders must provide loan applicants wishing to obtain an FHA-
insured Adjustable Rate Mortgage (ARM) with a pre-loan disclosure that 
includes a written explanation of the ARM loan features. Loan servicers 
must also 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, advising the borrower of the new 
interest rate, the new monthly payment, index value and how the 
adjustment was calculated. Lenders generate the ARM Disclosures 
electronically and generally provide these disclosures on paper to 
their borrowers or in electronic formats. HUD collects the pre-loan ARM 
disclosure as part of the origination case binder. HUD may collect 
post-closing ARM disclosures as part of HUD's program monitoring and 
enforcement activities, e.g., when a loan is selected for HUD's post-
endorsement quality review, or the lender sends the file to HUD for 
claim. HUD may review collected disclosures to ensure compliance with 
the ARM disclosure requirements.
    Respondents: Lenders.
    Estimated Number of Respondents: 2,250.
    Estimated Number of Responses: 60,401.
    Frequency of Response: One per FHA-insured adjustable rate loan.
    Average Hours per Response: .05.
    Total Estimated Burden: 3,020.

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.

C. Authority

    Section 3507 of the Paperwork Reduction Act of 1995, 44 U.S.C. 
3507.

Jeffrey D. Little,
General Deputy Assistant Secretary for Housing.
[FR Doc. 2023-14232 Filed 7-5-23; 8:45 am]
BILLING CODE 4210-67-P