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View ICR - OIRA Conclusion

OMB Control No: 2502-0589	ICR Reference No: 201209-2502-002
Status: Historical Active	Previous ICR Reference No: 200912-2502-001
Agency/Subagency: HUD/OH	Agency Tracking No:
Title: FHA Insured Mortgage Loan Servicing Involving the Loss Mitigation Programs
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 05/07/2013
	Date Received in OIRA: 03/07/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2016	36 Months From Approved	05/31/2013
Responses	1,169,033	0	508,883
Time Burden (Hours)	1,520,216	0	777,494
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	1,169,033	508,883	660,150
Annual Time Burden (Hours)	1,520,216	777,494	742,722
Annual Cost Burden (Dollars)	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: The economic conditions over the past few years has caused re-default rates on FHA-insured loans to increase, which also caused an increase in loss mitigation cases. Since the private sector has tightened their lending requirements on conventional loans, the FHA-insured mortgage loan portfolio has grown from 5.2 million in 2009 to 7.7 in 2012, approximately a 68 percent increase. The FHA market is still increasing thus causing an increased participation in FHA's Loss Mitigation Program. This has resulted in the increase in respondents, responses and burden hours.

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