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:
2502-0611
ICR Reference No:
201706-2502-010
Status:
Historical Active
Previous ICR Reference No:
201403-2502-001
Agency/Subagency:
HUD/OH
Agency Tracking No:
Title:
Performing Loan Servicing for the Home Equity Conversion Mortgage (HECM)
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
04/11/2018
Retrieve Notice of Action (NOA)
Date Received in OIRA:
12/22/2017
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2021
36 Months From Approved
04/30/2018
Responses
213,452,820
0
33,241,100
Time Burden (Hours)
1,446,574
0
3,060,683
Cost Burden (Dollars)
0
0
0
Abstract:
This information collection request for OMB review seeks to combine the requirements of several existing OMB collections under this comprehensive collection for mortgagees that service Home Equity Conversion Mortgages (HECM) and for mortgagors who are HECM program participants.
Authorizing Statute(s):
PL:
Pub.L. 100 - 242 255
Name of Law: Housing and Community Development Act 1987
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:
82 FR 43037
09/13/2017
30-day Notice:
Federal Register Citation:
Citation Date:
82 FR 60032
12/18/2017
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
Performing Loan Servicing for the Home Equity Conversion Maortgage (HECH)
27011, 20012, 9519-a, 9519-a, 50002, 50002, 50012, 27011
Mortgagees Request to Exceed cost and Protection Limits for Preservation
,
Single Family Application for insurance Benefits
,
Mortgagee's Request for Extension of time
,
Property Inspection
,
Property Inspection report
,
Application for insurance benefit
,
Mortgagee's Request for entension of Time
,
Request to Exceed Cost
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
213,452,820
33,241,100
0
180,211,720
0
0
Annual Time Burden (Hours)
1,446,574
3,060,683
0
1,430,942
-3,045,051
0
Annual Cost Burden (Dollars)
0
0
0
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:
Where the previously approved collection of information included the line item, Information Exchange With HERMIT for the above activities listed in the chart reflected the information exchange between the servicers system and HUD’s Home Equity Reverse Mortgage Information Technology (HERMIT) system. This is the electronic transfer of the data collected from the servicing tasks included in the chart. With this OMB/PRA collection, the submission time is reflected in the completion time for each item listed in the chart; therefor the line item is removed. Where the decrease in HECM loan portfolio activity yielded a decrease in the estimated annual responses and annual burden hours coupled with the expectation that the use of HERMIT will reduce the burden of mortgagees over time; it is a possibility that the removal of the line item eliminated double counting, which may also have added to the decrease in estimates from around 3 million to 1.5 million burden hours. Specifically 21,345,282 is the estimated number of responses and 1,446,574 is the estimated annual burden hours.
Annual Cost to Federal Government:
$597,143
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
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:
Angela Graham 202 402-3745
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:
12/22/2017
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