81 FR 87580 - 30-Day Notice of Proposed Information Collection: FHA Adjustable Rate Mortgages (ARMS)

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Federal Register Volume 81, Issue 233 (December 5, 2016)

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 81, Number 233 (Monday, December 5, 2016)]
[Notices]
[Pages 87580-87581]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-29121]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5909-N-88]


30-Day Notice of Proposed Information Collection: FHA Adjustable 
Rate Mortgages (ARMS)

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: January 4, 2017.

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.

[[Page 87581]]

    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 August 
31, 2016 at 81 FR 60016.

A. Overview of Information Collection

    Title of Information Collection: FHA Adjustable Rate Mortgages 
(ARMS).
    OMB Approval Number: 2502-0322.
    Type of Request: Extension of a currently approved collection.
    Form Number: None.
    Description of the need for the information and proposed use: The 
Housing and Urban-Rural Recovery Act of 1983 amended the National 
Housing Act to permit FHA to insure adjustable rate mortgages (ARMS). 
The term of all ARMS insured by HUD-FHA is required to be fully 
disclosed as part of the loan approval process. Additionally, an annual 
disclosure is required to reflect the adjustment to the interest rate 
and monthly mortgage amount. Lenders must electronically indicate that 
the mortgage to be insured is an ARM and the term or type of the ARM.
    Respondents: (i.e., affected public): Business or other for-profit.
    Estimated Number of Respondents: 2,535.
    Estimated Number of Responses: 164,447.
    Frequency of Response: On Occasion.
    Average Hours per Response: .05.
    Total Estimated Burden: 8,222.35.

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.

    Authority: Section 3507 of the Paperwork Reduction Act of 1995, 
44 U.S.C. Chapter 35.

    Dated: November 21, 2016.
Colette Pollard,
Department Reports Management Officer, Office of the Chief Information 
Officer.
[FR Doc. 2016-29121 Filed 12-2-16; 8:45 am]
 BILLING CODE 4210-67-P