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View ICR - OIRA Conclusion

OMB Control No: 2502-0527	ICR Reference No: 202405-2502-009
Status: Active	Previous ICR Reference No: 202101-2502-004
Agency/Subagency: HUD/OH	Agency Tracking No:
Title: Rehabilitation Mortgage Insurance Underwriting Program Section 203(K)
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: 09/10/2024
	Date Received in OIRA: 08/07/2024
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2027	36 Months From Approved	09/30/2024
Responses	103,317	0	211,667
Time Burden (Hours)	92,269	0	188,516
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	103,317	211,667	-108,350
Annual Time Burden (Hours)	92,269	188,516	-96,247
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: In recent years, the total number of respondents for Section 203(k) has decreased. This represents a lower usage by Lenders for this government program, as they increased access to credit through conventional markets. Keeping with its purpose, FHA mortgage insurance helps to stabilize housing markets during periods of economic distress. When housing markets weaken, private Lenders seek a greater share of loans with FHA insurance. As the economy improves, Lenders shift from Federal insurance support, towards conventional lending models.

Annual Cost to Federal Government: $573,219

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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