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View ICR - OIRA Conclusion

OMB Control No: 2502-0322	ICR Reference No: 201305-2502-007
Status: Historical Active	Previous ICR Reference No: 201006-2502-007
Agency/Subagency: HUD/OH	Agency Tracking No:
Title: Disclosure of Adjustable Rate Mortgages (ARMs) Rates
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 12/31/2013
	Date Received in OIRA: 08/29/2013
Terms of Clearance: HUD shall continue to accurately account for the cost to the Federal government.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2016	36 Months From Approved	12/31/2013
Responses	215,306	0	161,314
Time Burden (Hours)	10,765	0	8,065
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	215,306	161,314	53,992
Annual Time Burden (Hours)	10,765	8,065	2,700
Annual Cost Burden (Dollars)	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The previous submission requested approval of the initial disclosure made at loan application, but that was unnecessary because the initial disclosure is approved under 2502-0059. Annual responses were previously estimated at 220,000; however, there are currently 215,306 active ARM loans, which is a decrease of 4,694 loans requiring annual disclosure. The decrease in respondents results from fewer FHA-approved lenders now that FHA no longer recognizes loan correspondents as FHA-approved lenders. The increase in annual responses and burden hours results from the more FHA-insured ARM loans since the previous submission.

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