60-Day Notice of Proposed Information Collection: Disclosure of Adjustable Rate Mortgage (ARM) Rates, 3069-3070 [2020-00753]

Agencies

• DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Federal Register Volume 85, Number 12 (Friday, January 17, 2020)]
[Notices]
[Pages 3069-3070]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-00753]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-7014-N-32]


60-Day Notice of Proposed Information Collection: Disclosure of 
Adjustable Rate Mortgage (ARM) Rates

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: March 17, 2020.

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: Colette Pollard, Reports 
Management Officer, QDAM, Department of Housing and Urban Development, 
451 7th Street SW, Room 4176, Washington, DC 20410-5000; telephone 202-
402-3400 (this is not a toll-free number) or email at 
[email protected] for a copy of the proposed forms or other 
available information. Persons with hearing or speech impairments may 
access this number through TTY by calling the toll-free Federal Relay 
Service at (800) 877-8339.

FOR FURTHER INFORMATION CONTACT: Barbara Leslie, Director (Acting), 
Home Mortgage Insurance Division, Office of Single Family Program 
Development, Department of Housing and Urban Development, 451 7th 
Street SW, Washington, DC 20410, telephone (202) 708-2121 (this is not 
a toll free number) for copies of the proposed forms and other 
available information.
    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: Disclosure of Adjustable Rate 
Mortgage (ARM) Rates.
    OMB Approval Number: 2502-0322.
    Type of Request: Extension.
    Form Number: None.
    Description of the need for the information and proposed use: 
Lenders must provide mortgagors with adjustable rate mortgages an 
annual ARM Disclosure Notice at least 25 days before any adjustment to 
a mortgagor's monthly payment may occur, and the mortgagee must inform 
the borrower of the changed interest rate, monthly mortgage amount, the 
current index interest rate value, and how the payment adjustment was 
calculated. HUD may review lender loan files to ensure lenders are in 
compliance.
    Respondents: Business or other for-profit (lenders).
    Estimated Number of Respondents: 2,440.
    Estimated Number of Responses: 108,556.
    Frequency of Response: One per FHA-insured adjustable rate loan.
    Average Hours per Response: 0.05 hour.
    Total Estimated Burdens: 5,437.

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.


[[Page 3070]]


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

    Dated: December 23, 2019.
John L. Garvin,
General Deputy Assistant Secretary for Housing.
[FR Doc. 2020-00753 Filed 1-16-20; 8:45 am]
BILLING CODE 4210-67-P