[Federal Register Volume 89, Number 60 (Wednesday, March 27, 2024)]
[Notices]
[Pages 21262-21263]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-06506]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-7080-N-17]


30-Day Notice of Proposed Information Collection: Home Equity 
Conversion Mortgage (HECM) Insurance Application for the Origination of 
Reverse Mortgages and Related Documents, OMB Control No.: 2502-0524

AGENCY: Office of Policy Development and Research, Chief Data Officer, 
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 30 days of public comment.

DATES: Comments Due Date: April 26, 2024.

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/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function. Interested 
persons are also invited to submit comments regarding this proposal and 
comments should refer to the proposal by name and/or OMB Control Number 
and should be sent to: Colette Pollard, Clearance Officer, REE, 
Department of Housing and Urban Development, 451 7th Street SW, Room 
8210, Washington, DC 20410; email [email protected].

FOR FURTHER INFORMATION CONTACT: Colette Pollard, Reports Management 
Officer, REE, Department of Housing and Urban Development, 7th Street 
SW, Room 8210, 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.
    The Federal Register notice that solicited public comment on the 
information collection for a period of 60 days was published on October 
31, 2023 at 88 74505.

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-92541, HUD-92544, 
HUD-92561, HUD-92564-CN, HUD-92800.5b, HUD-92900-A, HUD 92900-C, HUD-1, 
HUD-1a, HUD-9991, HUD-9992, FNMA-1003, FNMA-1004, FNMA-1004C, FNMA-
1004D, FNMA-1007, FNMA-1009, FNMA-1025,

[[Page 21263]]

FNMA-1073, FNMA-1103, 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 in 
order to protect the FHA insurance fund and the interests of consumers 
and potential borrowers.
    Form HUD-92901, Home Equity Conversion Mortgage (HECM) Anti-
Churning Disclosure has been revised to: (1) update the Privacy Act 
notice and Notice the Borrower; (2) include the purpose of the 
disclosure and Public Reporting Burden Statement; (3) wholly revise the 
table for the mortgagee's best estimate of the total cost of the 
refinancing to the borrower and increase in the borrower's principal 
limit; (4) added a mortgagee's certification and revised the borrower's 
acknowledgement; (5) included a warning of the actions that may be 
taken against anyone who knowingly submits a false claim or makes a 
false statement.
    HUD also seeks to transition from the discontinued Fannie Mae form 
1009, Residential Loan Application for Reverse Mortgages to Fannie Mae 
form 1003, Uniform Residential Loan Application that is also used in 
the mortgage industry by Government Sponsored Enterprises to originate 
conventional mortgages. HUD plans to replace its use of form HUD 92900-
A, HUD/VA Addendum to Uniform Residential Loan Application with form 
HUD 92900-C, HUD Addendum to Uniform Residential Loan Application for 
Reverse Mortgages. The purpose of form HUD 92900-C is to collect loan-
level data that is needed for insuring purposes and not found on Fannie 
Mae form 1003. The standard loan application to originate a HECM will 
comprise Fannie Mae form 1003, form HUD-92900-C, and Fannie Mae form 
1103, Supplemental Consumer Information Form, which has been adopted by 
the mortgage industry and is being added to this information 
collection.
    This collection is being revised to also to add the model Home 
Equity Conversion Mortgage (HECM) Program Disclosure to serve as a 
compliance aid for mortgagees to satisfy the regulatory requirements at 
24 CFR 206.13 by providing borrowers with a disclosure the explains all 
products, features, and options of the HECM program that HUD will 
insure.
    Respondents: Mortgagees.
    Estimated Number of Respondents: 224.
    Estimated Number of Responses: 444,408.
    Frequency of Response: Varies.
    Average Hours per Response: 0.05 to 2.00.
    Total Estimated Burdens: $20,425,126.14.

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 comment in response to 
these questions.

C. Authority

    Section 3507 of the Paperwork Reduction Act of 1995, 44 U.S.C. 
chapter 35.

Colette Pollard,
Department Reports Management Officer, Office of Policy Development and 
Research, Chief Data Officer.
[FR Doc. 2024-06506 Filed 3-26-24; 8:45 am]
BILLING CODE 4210-67-P