Notice2023-14232
60-Day Notice of Proposed Information Collection: Disclosure of Adjustable Rate Mortgage (ARM) Rates; OMB Control No.: 2502-0322
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 6, 2023
Issuing agencies
Housing and Urban Development Department
Abstract
HUD is seeking approval from the Office of Management and Budget (OMB) for the information collection described below. In accordance with the Paperwork Reduction Act, HUD is requesting comment from all interested parties on the proposed collection of information. The purpose of this notice is to allow for 60 days of public comment.
Full Text
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<title>Federal Register, Volume 88 Issue 128 (Thursday, July 6, 2023)</title>
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<body><pre>[Federal Register Volume 88, Number 128 (Thursday, July 6, 2023)]
[Notices]
[Pages 43136-43137]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-14232]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-7071-N-12]
60-Day Notice of Proposed Information Collection: Disclosure of
Adjustable Rate Mortgage (ARM) Rates; OMB Control No.: 2502-0322
AGENCY: Office of the Assistant Secretary for Housing--Federal Housing
Commissioner, HUD.
ACTION: Notice.
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SUMMARY: HUD is seeking approval from the Office of Management and
Budget (OMB) for the information collection described below. In
accordance with the Paperwork Reduction Act, HUD is requesting comment
from all interested parties on the proposed collection of information.
The purpose of this notice is to allow for 60 days of public comment.
DATES: Comments Due Date: September 5, 2023.
[[Page 43137]]
ADDRESSES: Interested persons are invited to submit comments regarding
this proposal. Written comments and recommendations for the proposed
information collection can be submitted within 60 days of publication
of this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this
particular information collection by selecting ``Currently under 60-day
Review--Open for Public Comments'' or by using the search function.
Interested persons are also invited to submit comments regarding this
proposal by name and/or OMB Control Number and can be sent to: Colette
Pollard, Reports Management Officer, REE, Department of Housing and
Urban Development, 451 7th Street SW, Room 8210, Washington, DC 20410-
5000 or email at <a href="/cdn-cgi/l/email-protection#cf9faebfaabdb8a0bda49daaabbaacbba6a0a18eacbb80a9a9a6acaa8fa7baabe1a8a0b9"><span class="__cf_email__" data-cfemail="7e2e1f0e1b0c09110c152c1b1a0b1d0a1711103f1d0a311818171d1b3e160b1a50191108">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: Colette Pollard, Reports Management
Officer, REE, Department of Housing and Urban Development, 451 7th
Street SW, Washington, DC 20410; email Colette Pollard at
<a href="/cdn-cgi/l/email-protection#8bc8e4e7eeffffeea5dbe4e7e7eaf9efcbe3feefa5ece4fd"><span class="__cf_email__" data-cfemail="aeedc1c2cbdadacb80fec1c2c2cfdccaeec6dbca80c9c1d8">[email protected]</span></a> or telephone 202-402-3400. This is not a toll-
free number. HUD welcomes and is prepared to receive calls from
individuals who are deaf or hard of hearing, as well as individuals
with speech or communication disabilities. To learn more about how to
make an accessible telephone call, please visit: <a href="https://www.fcc.gov/consumers/guides/telecommunications-relay-service-trs">https://www.fcc.gov/consumers/guides/telecommunications-relay-service-trs</a>. Copies of
available documents submitted to OMB may be obtained from Ms. Pollard.
SUPPLEMENTARY INFORMATION: This notice informs the public that HUD is
seeking approval from OMB for the information collection described in
Section A.
A. Overview of Information Collection
Title of Information Collection: Disclosure of Adjustable Rate
Mortgage (ARM) Rates.
OMB Approval Number: 2502-0322.
OMB Expiration Date: 8-31-2023.
Type of Request: Extension.
Form Number: None.
Description of the need for the information and proposed use:
Mortgage lenders must provide loan applicants wishing to obtain an FHA-
insured Adjustable Rate Mortgage (ARM) with a pre-loan disclosure that
includes a written explanation of the ARM loan features. Loan servicers
must also provide mortgagors with adjustable rate mortgages an annual
ARM Disclosure Notice at least 25 days before any adjustment to a
mortgagor's monthly payment may occur, advising the borrower of the new
interest rate, the new monthly payment, index value and how the
adjustment was calculated. Lenders generate the ARM Disclosures
electronically and generally provide these disclosures on paper to
their borrowers or in electronic formats. HUD collects the pre-loan ARM
disclosure as part of the origination case binder. HUD may collect
post-closing ARM disclosures as part of HUD's program monitoring and
enforcement activities, e.g., when a loan is selected for HUD's post-
endorsement quality review, or the lender sends the file to HUD for
claim. HUD may review collected disclosures to ensure compliance with
the ARM disclosure requirements.
Respondents: Lenders.
Estimated Number of Respondents: 2,250.
Estimated Number of Responses: 60,401.
Frequency of Response: One per FHA-insured adjustable rate loan.
Average Hours per Response: .05.
Total Estimated Burden: 3,020.
B. Solicitation of Public Comment
This notice is soliciting comments from members of the public and
affected parties concerning the collection of information described in
Section A on the following:
(1) Whether the proposed collection of information is necessary for
the proper performance of the functions of the agency, including
whether the information will have practical utility;
(2) The accuracy of the agency's estimate of the burden of the
proposed collection of information;
(3) Ways to enhance the quality, utility, and clarity of the
information to be collected; and
(4) Ways to minimize the burden of the collection of information on
those who are to respond; including through the use of appropriate
automated collection techniques or other forms of information
technology, e.g., permitting electronic submission of responses.
HUD encourages interested parties to submit comment in response to
these questions.
C. Authority
Section 3507 of the Paperwork Reduction Act of 1995, 44 U.S.C.
3507.
Jeffrey D. Little,
General Deputy Assistant Secretary for Housing.
[FR Doc. 2023-14232 Filed 7-5-23; 8:45 am]
BILLING CODE 4210-67-P
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