Notice2024-25485
60-Day Notice of Proposed Information Collection: Performing Loans Servicing for the Home Equity Conversion Mortgage (HECM); OMB Control No.: 2502-0611
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
November 1, 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 60 days of public comment.
Full Text
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<title>Federal Register, Volume 89 Issue 212 (Friday, November 1, 2024)</title>
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[Federal Register Volume 89, Number 212 (Friday, November 1, 2024)]
[Notices]
[Pages 87394-87395]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-25485]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-7086-N-29]
60-Day Notice of Proposed Information Collection: Performing
Loans Servicing for the Home Equity Conversion Mortgage (HECM); OMB
Control No.: 2502-0611
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: December 31, 2024.
ADDRESSES: Interested persons are invited to submit comments regarding
this proposal.
Written comments and recommendations for the proposed information
collection can be sent within 60 days of publication of this notice to
<a href="http://www.regulations.gov">www.regulations.gov</a>.
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; telephone (202) 402-3400. (this is not a toll-free number)
or email at <a href="/cdn-cgi/l/email-protection#f6b5999a93828293d8a6999a9a978492b69e8392d8919980"><span class="__cf_email__" data-cfemail="bcffd3d0d9c8c8d992ecd3d0d0ddced8fcd4c9d892dbd3ca">[email protected]</span></a> for a copy of the proposed forms or
other available information.
FOR FURTHER INFORMATION CONTACT: Colette Pollard Department of Housing
and Urban Development, 451 7th Street SW, Room 4186, Washington, DC
20410; telephone (202) 402-3577, (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: Performing Loans Servicing for the
Home Equity Conversion Mortgage (HECM).
OMB Approval Number: 2502-0611.
Type of Request: Revision of currently approved collection.
Form Number: HUD-50002, HUD-50012.
[[Page 87395]]
Description of the need for the information and proposed use: This
information request is a comprehensive collection of requirements for
mortgagees that service HECMs and HECM borrowers, who are involved with
servicing-related activities that includes collection and payment of
mortgage insurance premiums, escrow account administration, providing
loan information and customer service.
Estimated Number of Respondents: 185.
Frequency of Response: Monthly.
Estimated Number of Responses: 8,843,450.
Average Hours per Response: 0.14.
Total Estimated Burdens: 1,205,638.75.
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Number of Frequency of Responses per Burden hour per Annual burden Hourly cost per
Information collection respondents response annum response hours response Annual cost
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Performing Loan Servicing for 185 Monthly.......... 8,843,450 0.14 1,205,638.75 $34.16 $41,184,620
the Home Equity Conversion
Mortgage (HECM).
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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.
chapter 35.
Jeffrey D. Little,
General Deputy Assistant Secretary for Housing.
[FR Doc. 2024-25485 Filed 10-31-24; 8:45 am]
BILLING CODE 4210-67-P
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