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View ICR - OIRA Conclusion

OMB Control No: 2502-0322	ICR Reference No: 202309-2502-003
Status: Active	Previous ICR Reference No: 202001-2502-009
Agency/Subagency: HUD/OH	Agency Tracking No:
Title: Disclosure of Adjustable Rate Mortgages (ARMs) Rates
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/28/2024
	Date Received in OIRA: 10/03/2023
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2027	36 Months From Approved
Responses	60,401	0	0
Time Burden (Hours)	3,020	0	0
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	60,401	-48,155	108,556
Annual Time Burden (Hours)	3,020	-2,408	5,428
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: There are currently 60,401 active ARM loans as of March 2023, which require periodic ARM Disclosures. This is a decrease of 48,155 loans from the number of ARM loans described in the prior PRA. The decrease in the number of ARM loans was reasonably expected since interest rates were low, and borrowers could 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: $12,781

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: Carmen Mead 202 402-6651 carmen.c.mead@hud.gov

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