89 FR 212 pgs. 87394-87395 - 60-Day Notice of Proposed Information Collection: Performing Loans Servicing for the Home Equity Conversion Mortgage (HECM); OMB Control No.: 2502-0611
Type: NOTICEVolume: 89Number: 212Pages: 87394 - 87395
Pages: 87394, 87395Docket number: [Docket No. FR-7086-N-29]
FR document: [FR Doc. 2024-25485 Filed 10-31-24; 8:45 am]
Agency: Housing and Urban Development Department
Official PDF Version: PDF Version
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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.
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 www.regulations.gov.
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 Colette.Pollard@hud.gov 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 https://www.fcc.gov/consumers/guides/telecommunications-relay-service-trs.
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.
[top] Form Number: HUD-50002, HUD-50012.
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.
| Information collection | Number of respondents | Frequency of response | Responses per annum | Burden hour per response | Annual burden hours | Hourly cost per response | Annual cost |
|---|---|---|---|---|---|---|---|
| Performing Loan Servicing for the Home Equity Conversion Mortgage (HECM) | 185 | Monthly | 8,843,450 | 0.14 | 1,205,638.75 | $34.16 | $41,184,620 |
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