[Federal Register Volume 85, Number 12 (Friday, January 17, 2020)]
[Notices]
[Pages 3069-3070]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-00753]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-7014-N-32]
60-Day Notice of Proposed Information Collection: Disclosure of
Adjustable Rate Mortgage (ARM) Rates
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: March 17, 2020.
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: Barbara Leslie, Director (Acting),
Home Mortgage Insurance Division, Office of Single Family Program
Development, Department of Housing and Urban Development, 451 7th
Street SW, Washington, DC 20410, telephone (202) 708-2121 (this is not
a toll free number) for copies of the proposed forms and other
available information.
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.
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: 0.05 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 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.
[[Page 3070]]
Authority: Section 3507 of the Paperwork Reduction Act of 1995,
44 U.S.C. Chapter 35.
Dated: December 23, 2019.
John L. Garvin,
General Deputy Assistant Secretary for Housing.
[FR Doc. 2020-00753 Filed 1-16-20; 8:45 am]
BILLING CODE 4210-67-P