Owner of Record and Re-Sale Data To Preclude Predatory Lending Practices (Property Flipping) on FHA Insured Mortgages, 28814 [2010-12449]

Agencies

• DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Federal Register Volume 75, Number 99 (Monday, May 24, 2010)]
[Notices]
[Page 28814]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-12449]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5376-N-43]


Owner of Record and Re-Sale Data To Preclude Predatory Lending 
Practices (Property Flipping) on FHA Insured Mortgages

AGENCY: Office of the Chief Information Officer, HUD.

ACTION: Notice.

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SUMMARY: The proposed information collection requirement described 
below has been 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.
    For all loans for purchase money mortgages, lenders must obtain and 
submit to HUD documentation that the seller is the owner of record and 
that the transaction does not involve any sale or assignment of the 
sales contract. For properties resold within one year of acquisition by 
the seller (with limited exceptions), or if the sales price exceeds 
HUD's threshold for an area, additional appraisal requirements may 
apply. HUD uses the information to ensure that purchasers are not 
victims of predatory sales or lending practices.

DATES: Comments Due Date: June 23, 2010.

ADDRESSES: Interested persons are invited to submit comments regarding 
this proposal. Comments should refer to the proposal by name and/or OMB 
approval Number (2502-0547) and should be sent to: HUD Desk Officer, 
Office of Management and Budget, New Executive Office Building, 
Washington, DC 20503; fax: 202-395-5806.

FOR FURTHER INFORMATION CONTACT: Leroy McKinney, Jr., Reports 
Management Officer, QDAM, Department of Housing and Urban Development, 
451 Seventh Street, SW., Washington, DC 20410; e-mail Leroy McKinney, 
Jr. at Leroy.McKinneyJr@hud.gov or telephone (202) 402-5564. This is 
not a toll-free number. Copies of available documents submitted to OMB 
may be obtained from Mr. McKinney.

SUPPLEMENTARY INFORMATION: This notice informs the public that the 
Department of Housing and Urban Development has submitted to OMB a 
request for approval of the Information collection described below. 
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 of information 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 through 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: Owner of Record and Re-sale Data To Preclude 
Predatory Lending Practices (Property Flipping) on FHA Insured 
Mortgages.
    OMB Approval Number: 2502-0547.
    Form Numbers: None.
    Description of the Need for the Information and Its Proposed Use: 
For all loans for purchase money mortgages, lenders must obtain and 
submit to HUD documentation that the seller is the owner of record and 
that the transaction does not involve any sale or assignment of the 
sales contract. For properties resold within one year of acquisition by 
the seller (with limited exceptions), or if the sales price exceeds 
HUD's threshold for an area, additional appraisal requirements may 
apply. HUD uses the information to ensure that purchasers are not 
victims of predatory sales or lending practices.
    Frequency of Submission: On occasion.

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                                                       Number of          Annual                          Hours per
                                                      respondents       responses            x             response            =           Burden hours
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Reporting Burden..................................          13,000           88.461   ...............          0.0378   ...............          43,500
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    Total Estimated Burden Hours: 43,500.
    Status: Revision of a currently approved collection.

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

    Dated: May 18, 2010.
Leroy McKinney, Jr.,
Departmental Reports Management Officer, Office of the Chief 
Information Officer.
[FR Doc. 2010-12449 Filed 5-21-10; 8:45 am]
BILLING CODE 4210-67-P