80 FR 71822 - 30-Day Notice of Proposed Information Collection: Legal Instructions Concerning Applications for Full Insurance Benefits-Assignment of Multifamily Mortgages to the Secretary

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Federal Register Volume 80, Issue 221 (November 17, 2015)

HUD has submitted the proposed information collection requirement described below to the Office of Management and Budget (OMB) for review, in accordance with the Paperwork Reduction Act. The purpose of this notice is to allow for an additional 30 days of public comment.

[Federal Register Volume 80, Number 221 (Tuesday, November 17, 2015)]
[Notices]
[Pages 71822-71823]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-29332]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5831-N-56]


30-Day Notice of Proposed Information Collection: Legal 
Instructions Concerning Applications for Full Insurance Benefits--
Assignment of Multifamily Mortgages to the Secretary

AGENCY: Office of the Chief Information Officer, HUD.

ACTION: Notice.

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SUMMARY: HUD has submitted the proposed information collection 
requirement described below to the Office of Management and Budget 
(OMB) for review, in accordance with the Paperwork Reduction Act. The 
purpose of this notice is to allow for an additional 30 days of public 
comment.

DATES: Comments Due Date: December 17, 2015

ADDRESSES: Interested persons are invited to submit comments regarding 
this proposal. Comments should refer to the proposal by name and/or OMB 
Control Number and should be sent to: HUD Desk Officer, Office of 
Management and Budget, New Executive Office Building, Washington, DC 
20503; fax: 202-395-5806. Email: [email protected].

FOR FURTHER INFORMATION CONTACT: Colette Pollard, Reports Management 
Officer, QMAC, Department of Housing and Urban Development, 451 7th 
Street SW., Washington, DC 20410; email Colette Pollard at 
[email protected] or telephone 202-402-3400. This is not a toll-
free number. Persons with hearing or speech impairments may access this 
number through TTY by calling the toll-free Federal Relay Service at 
(800) 877-8339. 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.

[[Page 71823]]

    The Federal Register notice that solicited public comment on the 
information collection for a period of 60 days was published on 
September 10, 2015 at 80 FR 54587.

A. Overview of Information Collection

    Title of Information Collection: Legal Instructions Concerning 
Applications for Full Insurance Benefits--Assignment of Multifamily 
Mortgage to the Secretary.
    OMB Approval Number: 2510-0006.
    Type of Request: Extension of a currently approved collection.
    Form Number: N/A.
    Description of the need for the information and proposed use: 
Mortgagees of HUD-insured mortgages may receive mortgage insurance 
benefits upon assignment of mortgages to HUD. In connection with the 
assignment, legal documents (e.g., mortgage, mortgage note, security 
agreement, title insurance policiy) must be submitted to the 
Department. The instructions contained in the Legal Instructions 
Concerning Applications for Full Insurance Benefits--Assigment of 
Multifamily Mortgage describe the documents to be submitted and the 
procedures for submission.
    The Legal Instructions Concerning Applications for Full Insurance 
Benefits--Assigment of Multifamily Mortgage, in its current form and 
structure, can be found at http://intraportal.hud.gov/hudportal/documents/huddoc?id=leginstrfullinsben.pdf.
    HUD proposes to make the following revisions to this document:
    Under Part B, Submissions of Legal Documents after Recordation of 
Assignment, HUD proposes to add a new paragraphs 12 and 13 to read as 
follows:

    12. Flood Insurance. If all or part of the building(s) included 
within the project are in a Special Flood Hazard Area (SFHA), 
acceptable proof of flood insurance coverage. This can be either the 
original flood insurance policy covering the building(s), a copy of 
the Flood Insurance Application and premium payment, a copy of the 
declarations page, or evidence of flood insurance, comprising flood 
insurance coverage equal to the lesser of the insurable value of the 
building(s) or the maximum amount of coverage available for that 
type of property under the National Flood Insurance Program 
(``NFIP'') (see www.fema.gov/business/nfip/manual.shtm). The flood 
insurance should name the mortgagee and the Secretary of Housing and 
Urban Development of Washington, DC, his/her successors and assigns 
as mortgagee and loss payee respectively. The flood insurance must 
be in effect at least through 11:59 p.m. on the date on which the 
assignment of mortgage is recorded. In addition, if the mortgagee 
submits evidence of flood insurance, the mortgagee must submit an 
affidavit that contains the following language and is otherwise 
acceptable to HUD:
    [Insert name of the mortgagee] affirms under penalty of law that 
the [describe flood insurance policy by name of insurance company or 
producer and policy number] described in the [Evidence of Insurance 
or other document name, as applicable] is in full force and effect 
and names the Secretary of Housing and Urban Development, of 
Washington, DC, his/her successors and assigns, 451 Seventh Street 
SW., Room 9230, Washington, DC 20410-0500 as loss payee as of 
[insert the date of assignment].
    The effective date of this endorsement and mortgagee's 
affidavit, if applicable, should be the date the assignment of 
mortgage to the Secretary is filed for record. The evidence of flood 
insurance is acceptable if it contains language to the effect that 
it is for informational purposes only and does not confer rights 
upon the holder of the policy only if accompanied by the mortgagee's 
affidavit. A Certificate of Insurance is not acceptable.
    13. An assignment of the mortgagee's interest in the flood 
insurance policy should state the following:
    The interest of ____, as the Mortgagee under Policy No. ____ 
issued by ____ is hereby assigned to the Secretary of Housing and 
Urban Development of Washington, DC, his/her successors and assigns. 
Date: ___

    Existing paragraphs 12 through 16 would be unchanged except for 
being redesignated paragraaphs 14 through 18.
    Agency form numbers, if applicable: N/A.
    Members of affected public: Mortgagees when applying for insurance 
benefits from HUD.
    Estimation of the total numbers of hours needed to prepare the 
information collection including number of respondents, frequency of 
response, and hours of response:

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                                                                                 Frequency  of     Total burden
                    Number of respondents                        Burden hours       response          hours
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359..........................................................              26                1            9,334
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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: 12 U.S.C. 1701z-1 Research and Demonstrations.

    Dated: November 10, 2015.
Colette Pollard,
Department Reports Management Officer, Office of the Chief Information 
Officer.
[FR Doc. 2015-29332 Filed 11-16-15; 8:45 am]
BILLING CODE 4210-67-P