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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
2502-0059
ICR Reference No:
200804-2502-005
Status:
Historical Active
Previous ICR Reference No:
200708-2502-004
Agency/Subagency:
HUD/OH
Agency Tracking No:
Title:
Informed Consumer Choice Notice and Application for FHA Insured Mortgage
Type of Information Collection:
No material or nonsubstantive change to a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
06/25/2008
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/15/2008
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2010
11/30/2010
11/30/2010
Responses
4,619,800
0
2,377,000
Time Burden (Hours)
394,950
0
225,050
Cost Burden (Dollars)
0
0
0
Abstract:
The addendum to the URLA and related documents are needed to determine the eligibility of the borrower and proposed mortgage transaction for FHA's insurance endorsement. Lenders seeking FHA's insurance prepare these forms.
Authorizing Statute(s):
US Code:
12 USC 1709
Name of Law: National Housing Act
Citations for New Statutory Requirements:
PL: Pub.L. 110 - 185 H.R.5140 Name of Law: Economic Stimulus Act of 2008
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
72 FR 120
06/22/2007
30-day Notice:
Federal Register Citation:
Citation Date:
72 FR 176
09/12/2007
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Application for FHA-Insured Mortgage
HUD 92900-LT, HUD-92900-A, HUD-92561, HUD-92544, Consumer Choice Note
Addendum to URLA
,
Mortgagor's Contract
,
Warranty of Completion of Construciton
,
Consumer Choice Note
,
FHA Loan and Underwriting and Summary Transmittal
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
4,619,800
2,377,000
2,242,800
0
0
0
Annual Time Burden (Hours)
394,950
225,050
169,900
0
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
HUD requests a change to this information collection. The recently approved Economic Stimulus Act will affect endorsements of FHA-loans for 2 quarters of FY 2008 and one quarter of FY 2009. The new stimulus package includes housing provisions designed to help borrowers and stabilize the housing and mortgage markets. The Economic Stimulus Act permits loan limits to temporarily increase to a ceiling of $729,750 (175% of the conforming limit). HUD projects an increase of 340,000 in loans that are over the current conforming limits of $417,000.
Annual Cost to Federal Government:
$897,653
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Uncollected
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
James Beavers 202 708-2121 ext. 2205
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
04/15/2008
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