View Information Collection Request (ICR) Package

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View ICR - OIRA Conclusion

OMB Control No: 2502-0322	ICR Reference No: 202001-2502-009
Status: Historical Active	Previous ICR Reference No: 201608-2502-011
Agency/Subagency: HUD/OH	Agency Tracking No:
Title: Disclosure of Adjustable Rate Mortgages (ARMs) Rates
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 without change	Conclusion Date: 08/05/2020
	Date Received in OIRA: 03/30/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2023	36 Months From Approved	08/31/2020
Responses	108,556	0	164,447
Time Burden (Hours)	5,428	0	8,222
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	108,556	164,447	-55,891
Annual Time Burden (Hours)	5,428	8,222	-2,794
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 decrease in the number of ARM loans is reasonably expected since interest rates are low and borrowers can lock a low rate for the life of their mortgage. Borrowers have steered away from a temporary adjustable interest rate that can increase and lead to higher monthly payments in the future.

Annual Cost to Federal Government: $21,720

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? No

Agency Contact: Trish McBarron 202 402-5389

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