View Information Collection Request (ICR) Package
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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:
2502-0524
ICR Reference No:
201309-2502-005
Status:
Historical Inactive
Previous ICR Reference No:
201010-2502-013
Agency/Subagency:
HUD/OH
Agency Tracking No:
Title:
Home Equity Conversion Mortgage (HECM) Insurance Application for Reverse Mortgages and Related Documents
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Withdrawn and continue
Conclusion Date:
01/02/2014
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/12/2013
Terms of Clearance:
HUD shall fully account for the burden of any future financial assessment component, which is currently delayed.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2014
36 Months From Approved
05/31/2014
Responses
129,000
0
129,000
Time Burden (Hours)
450,235
0
450,235
Cost Burden (Dollars)
0
0
0
Abstract:
The HECM reverse mortgage application and related documents are used to determine the eligibility of the borrower and proposed mortgage transaction for FHA insurance endorsement. This submission is a consolidation of additional consumer notification requirements formerly approved under 2502-0534 and 2502-0546.
Authorizing Statute(s):
US Code:
12 USC 1715z-20
Name of Law: National Housing Act
Citations for New Statutory Requirements:
None
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:
77 FR 53209
08/31/2012
30-day Notice:
Federal Register Citation:
Citation Date:
78 FR 36562
06/18/2013
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
Home Equity Conversion Mortgage (HECM) Insurance Application for Reverse Mortgages and Related Documents
HUD-92800-5b, HUD-92051, HUD-92900-A, FANNIE-MAE-1009, HUD-92901, HUD-92902, Fannie Mae 1073, fnma-1004, fnma-1025, HUD-92561, HUD-1a, fnma-1003, fnma-1004c, HUD-1
Certificate of HECM Counseling
,
HECM Anti Churning Disclosure
,
Residential Loan Application for Reverse Mortgages
,
HUD-VA Addendum to Uniform Residential Loan Application
,
Uniform Residential Loan Application
,
Uniform Residential Appraisal Report
,
Manufactured Home Appraisal Report
,
Small Residential Income Property Appraisal Report
,
Compliance Inspection Report
,
Borrows Contract with Respect to Hotel and Transient Use of Property
,
Conditional Commitment Direct Endorsement Statement of Appraised Value
,
Settlement Statement
,
Settlement Statement Optional for Transactions Without Sellers
,
Fannie Mae 1073
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:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
Changes to the HECM program, as outlined in Mortgagee Letters 2013-27 and 2013-28, will result in decreased loan volume. That is, in the short term, fewer HECM borrowers may be eligible because of lower principal limits and increased credit underwriting. As a result, this revised submission reduces the total annual responses from 129,000 to 100,000. The previous information collection "Lender describes HECM Standard and HECM Saver MIP and factors" is no longer required as the two programs were eliminated, as outlined in Mortgagee Letter 2013-27.
Annual Cost to Federal Government:
$0
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]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Kathleen Hardy 202 708-2121 kathleen.hardy@hud.gov
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:
11/12/2013
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