Notice2024-06506
30-Day Notice of Proposed Information Collection: Home Equity Conversion Mortgage (HECM) Insurance Application for the Origination of Reverse Mortgages and Related Documents, OMB Control No.: 2502-0524
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
March 27, 2024
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 30 days of public comment.
Full Text
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<title>Federal Register, Volume 89 Issue 60 (Wednesday, March 27, 2024)</title>
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[Federal Register Volume 89, Number 60 (Wednesday, March 27, 2024)]
[Notices]
[Pages 21262-21263]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-06506]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-7080-N-17]
30-Day Notice of Proposed Information Collection: Home Equity
Conversion Mortgage (HECM) Insurance Application for the Origination of
Reverse Mortgages and Related Documents, OMB Control No.: 2502-0524
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 30 days of public comment.
DATES: Comments Due Date: April 26, 2024.
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 7th Street SW, Room
8210, Washington, DC 20410; email <a href="/cdn-cgi/l/email-protection#c393a2b3a6b1b4acb1a891a6a7b6a0b7aaacad82a0b78ca5a5aaa0a683abb6a7eda4acb5"><span class="__cf_email__" data-cfemail="da8abbaabfa8adb5a8b188bfbeafb9aeb3b5b49bb9ae95bcbcb3b9bf9ab2afbef4bdb5ac">[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 Colette Pollard at
<a href="/cdn-cgi/l/email-protection#03406c6f667777662d536c6f6f627167436b76672d646c75"><span class="__cf_email__" data-cfemail="0744686b627373622957686b6b667563476f726329606871">[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 October
31, 2023 at 88 74505.
A. Overview of Information Collection
Title of Information Collection: Home Equity Conversion Mortgage
(HECM) Insurance Application for the Origination of Reverse Mortgages
and Related Documents.
OMB Approval Number: 2502-0524.
Type of Request: Revision of currently approved collection.
Form Number: HUD-92901, HUD-92902, HUD-92051, HUD-92541, HUD-92544,
HUD-92561, HUD-92564-CN, HUD-92800.5b, HUD-92900-A, HUD 92900-C, HUD-1,
HUD-1a, HUD-9991, HUD-9992, FNMA-1003, FNMA-1004, FNMA-1004C, FNMA-
1004D, FNMA-1007, FNMA-1009, FNMA-1025,
[[Page 21263]]
FNMA-1073, FNMA-1103, NPMA-99A, NPMA-99B.
Description of the need for the information and proposed use: The
Home Equity Conversion Mortgage (HECM) program is the Federal Housing
Administration's (FHA) reverse mortgage program that enables seniors
who have equity in their homes to withdraw a portion of the accumulated
equity. The intent of the HECM Program is to ease the financial burden
on elderly homeowners facing increased health, housing, and subsistence
costs at a time of reduced income. The currently approved information
collection is necessary to screen mortgage insurance applications in
order to protect the FHA insurance fund and the interests of consumers
and potential borrowers.
Form HUD-92901, Home Equity Conversion Mortgage (HECM) Anti-
Churning Disclosure has been revised to: (1) update the Privacy Act
notice and Notice the Borrower; (2) include the purpose of the
disclosure and Public Reporting Burden Statement; (3) wholly revise the
table for the mortgagee's best estimate of the total cost of the
refinancing to the borrower and increase in the borrower's principal
limit; (4) added a mortgagee's certification and revised the borrower's
acknowledgement; (5) included a warning of the actions that may be
taken against anyone who knowingly submits a false claim or makes a
false statement.
HUD also seeks to transition from the discontinued Fannie Mae form
1009, Residential Loan Application for Reverse Mortgages to Fannie Mae
form 1003, Uniform Residential Loan Application that is also used in
the mortgage industry by Government Sponsored Enterprises to originate
conventional mortgages. HUD plans to replace its use of form HUD 92900-
A, HUD/VA Addendum to Uniform Residential Loan Application with form
HUD 92900-C, HUD Addendum to Uniform Residential Loan Application for
Reverse Mortgages. The purpose of form HUD 92900-C is to collect loan-
level data that is needed for insuring purposes and not found on Fannie
Mae form 1003. The standard loan application to originate a HECM will
comprise Fannie Mae form 1003, form HUD-92900-C, and Fannie Mae form
1103, Supplemental Consumer Information Form, which has been adopted by
the mortgage industry and is being added to this information
collection.
This collection is being revised to also to add the model Home
Equity Conversion Mortgage (HECM) Program Disclosure to serve as a
compliance aid for mortgagees to satisfy the regulatory requirements at
24 CFR 206.13 by providing borrowers with a disclosure the explains all
products, features, and options of the HECM program that HUD will
insure.
Respondents: Mortgagees.
Estimated Number of Respondents: 224.
Estimated Number of Responses: 444,408.
Frequency of Response: Varies.
Average Hours per Response: 0.05 to 2.00.
Total Estimated Burdens: $20,425,126.14.
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.
chapter 35.
Colette Pollard,
Department Reports Management Officer, Office of Policy Development and
Research, Chief Data Officer.
[FR Doc. 2024-06506 Filed 3-26-24; 8:45 am]
BILLING CODE 4210-67-P
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