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Daily Rules, Proposed Rules, and Notices of the Federal Government

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5607-N-28]

Notice of Proposed Information Collection: Comment Request; Home Equity Conversion Mortgage (HECM) Insurance Application for the Origination of Reverse Mortgages and Related Documents

AGENCY: Office of the Assistant Secretary for Housing, HUD.
ACTION: Notice.
SUMMARY: The proposed information collection requirement described below will be submitted to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act. The Department is soliciting public comments on the subject proposal.
DATES: Comments Due Date:October 30, 2012.
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: Reports Liaison Officer, Department of Housing and Urban Development, 451 7th Street SW., Washington, DC 20410, Room 9120 or the number for the Federal Information Relay Service (1-800-877-8339).
FOR FURTHER INFORMATION CONTACT: Karin Hill, Director, Office of Single Family Program Development, Department of Housing and Urban Development, 451 7th Street SW., Washington, DC 20410, telephone (202) 708-4308 (this is not a toll free number) for copies of the proposed forms and other available information.
SUPPLEMENTARY INFORMATION:

The Department is submitting the proposed information collection to OMB for review, as required by the Paperwork Reduction Act of 1995 (44 U.S.C. Chapter 35, as amended).

This Notice is soliciting comments from members of the public and affected agencies concerning the proposed collection of information to: (1) Evaluate whether the proposed collection is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (2) Evaluate the accuracy of the agency's estimate of the burden of the proposed collection of information; (3) Enhance the quality, utility, and clarity of the information to be collected; and (4) Minimize the burden of the collection of information on those who are to respond; including the use of appropriate automated collection techniques or other forms of information technology, e.g., permitting electronic submission of responses.

This Notice also lists the following information:

Title of Proposal:Home Equity Conversion Mortgage (HECM) Insurance Application for the Origination of Reverse Mortgages (and Related Documents) and the Home Equity Reverse Mortgage Information Technology System (HERMIT).

OMB Control Number, if applicable:2502-0524.

Description of the need for the information and proposed use:The Residential Loan Application for Reverse Mortgages and related documents are used to determine borrower eligibility, property analysis, underwriting analysis, and collection of mortgage insurance premiums for loans that meet statutory, regulatory, state and FHA requirements. HUD's Home Equity Reverse Mortgage Information Technology (HERMIT) System is HUD's system of record for the HECM program and it interfaces with other HUD systems.

Agency form numbers, if applicable:HUD-92900-A, Fannie Mae 1009, HUD-92901, HUD-1, HUD-1 Addendum, HUD-92051, HUD-92561, HUD 92800.5B, Fannie Mae 1004, Fannie Mae 1004C, Fannie Mae 1025, Fannie Mae 1073,

Estimation of the total numbers of hours needed to prepare the information collection including number ofrespondents, frequency of response, and hours of response:The number of burden hours is 284,728. The number of respondents is 6,010, the number of responses is 997,050, the frequency of response is on occasion, and the burden hour per response is 3.753.

Status of the proposed information collection:This is a revision of a currently approved collection.

Authority:

The Paperwork Reduction Act of 1995, 44 U.S.C., Chapter 35, as amended.

Dated: August 27, 2012. Laura M. Marin, Acting General Deputy Assistant Secretary for Housing-Acting General Deputy Federal Housing Commissioner.