Notice2023-20829
30-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
September 26, 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 an additional 30 days of public comment.
Full Text
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<title>Federal Register, Volume 88 Issue 185 (Tuesday, September 26, 2023)</title>
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[Federal Register Volume 88, Number 185 (Tuesday, September 26, 2023)]
[Notices]
[Pages 66041-66042]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-20829]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-7070-N-58]
30-Day Notice of Proposed Information Collection: Disclosure of
Adjustable-Rate Mortgage (ARM) Rates OMB Control No.: 2502-0322
AGENCY: Office of Policy Development and Research, Chief Data Officer,
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 an additional 30 days of
public comment.
DATES: Comments Due Date: October 26, 2023.
ADDRESSES: Interested persons are invited to submit comments regarding
this proposal. Written comments and recommendations for the proposed
information collection should be sent within 30 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 30-day Review--
Open for Public Comments'' or by using the search function. Interested
persons are also invited to submit comments regarding this proposal and
comments should refer to the proposal by name and/or OMB Control Number
and should be sent to: Colette Pollard, Clearance Officer, REE,
Department of Housing and Urban Development, 451
[[Page 66042]]
7th Street SW, Room 8210, Washington, DC 20410-5000; email
<a href="/cdn-cgi/l/email-protection#015160716473766e736a536465746275686e6f4062754e6767686264416974652f666e77"><span class="__cf_email__" data-cfemail="95c5f4e5f0e7e2fae7fec7f0f1e0f6e1fcfafbd4f6e1daf3f3fcf6f0d5fde0f1bbf2fae3">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: Colette Pollard, Reports Management
Officer, REE, Department of Housing and Urban Development, 7th Street
SW, Room 8210, Washington, DC 20410; email <a href="/cdn-cgi/l/email-protection#e6a5898a83929283c8b6898a8a879482a68e9382c8818990"><span class="__cf_email__" data-cfemail="20634f4c455454450e704f4c4c415244604855440e474f56">[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.
The Federal Register notice that solicited public comment on the
information collection for a period of 60 days was published on July 6,
2023 at 88 FR 43136.
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: 2250.
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.
(5) Ways to minimize the burden of the collection of information on
those who are to respond, including the use of automated collection
techniques or other forms of information technology.
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.
Colette Pollard,
Department Reports Management Officer, Office of Policy Development and
Research, Chief Data Officer.
[FR Doc. 2023-20829 Filed 9-25-23; 8:45 am]
BILLING CODE 4210-67-P
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