30-Day Notice of Proposed Information Collection: HUD Conditional Commitment/Direct Endorsement Statement of Appraised Value; OMB Control No.: 2502-0494, 85901-85902 [2023-27061]

Agencies

• DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Federal Register Volume 88, Number 236 (Monday, December 11, 2023)]
[Notices]
[Pages 85901-85902]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-27061]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. 7070-N-94]


30-Day Notice of Proposed Information Collection: HUD Conditional 
Commitment/Direct Endorsement Statement of Appraised Value; OMB Control 
No.: 2502-0494

AGENCY: Office of Policy Development and Research, Chief Data Officer, 
HUD.

ACTION: Notice.

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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

[[Page 85902]]

is to allow for an additional 30 days of public comment.

DATES: Comments Due Date: January 10, 2024.

ADDRESSES: Interested persons are invited to submit comments regarding 
this proposal. Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function. Interested 
persons are also invited to submit comments regarding this proposal and 
comments should refer to the proposal by name and/or OMB Control Number 
and should be sent to: Colette Pollard, Clearance Officer, REE, 
Department of Housing and Urban Development, 451 7th Street SW, Room 
8210, Washington, DC 20410-5000; email 
[email protected].

FOR FURTHER INFORMATION CONTACT: Colette Pollard, Reports Management 
Officer, REE, Department of Housing and Urban Development, 451 7th 
Street SW, Washington, DC 20410; email [email protected] or 
telephone 202-402-3400. 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. The Federal Register notice that solicited public comment on 
the information collection for a period of 60 days was published on 
September 5, 2023, at 88 FR 60705.

A. Overview of Information Collection

    Title of Information Collection: HUD Conditional Commitment/Direct 
Endorsement Statement of Appraised Value.
    OMB Control Number, if applicable: 2502-0494.
    Type of Request: Extension of currently approved collection.
    Form Number: HUD 92800.5B.
    Description of the need for the information and proposed use: 
Lenders must provide loan applicants a completed copy of Form HUD-
92800.5B at or before loan closing. Form HUD-92800.5B serves as the 
mortgagee's conditional commitment/direct endorsement statement of 
appraised value of Federal Housing Administration (FHA) mortgage 
insurance on the property. The form provides a section for the 
statement of the property's appraised value and other required FHA 
disclosures to the borrower, including specific conditions that must be 
met before HUD can endorse a mortgage for FHA insurance. HUD uses the 
information to determine the eligibility of a property for mortgage 
insurance.
    Respondents: Mortgagees.
    Estimated Number of Respondents: 1,407.
    Estimated Number of Responses: 562,800.
    Frequency of Response: 400.
    Average Hours per Response: 0.12.
    Total Estimated Burdens: 67,536.

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.
    (5) ways to minimize the burden of the collection of information on 
those who are to respond, including the use of automated collection 
techniques or other forms of information technology.
    HUD encourages interested parties to submit comments in response to 
these questions.

C. Authority

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

D. Summary of Form 92800.5B Comments and HUD Responses

    Comment: A commenter shared their understanding that FHA requires 
lenders to utilize the 92800.5B to comply with the Consumer Financial 
Protection Bureau's (CFPB) requirement for lenders to provide borrows a 
copy of the appraisal report promptly upon completion or at least three 
days prior to the closing of the loan. The commenter recommends that 
FHA remove its requirement for lenders to utilize the HUD Form 
92800.5B, Conditional Commitment/Direct Endorsement Statement of 
Appraised Value. The commenter felt the 92800.5B is obsolete and 
duplicative due to borrower's receiving a copy of the appraisal report 
with the HUD Form 92900-LT, FHA Loan Underwriting and Transmittal 
Summary.
    HUD Response: HUD appreciates this comment. Although the HUD Form 
92800.5B and the 92900-LT state the Appraised Value, neither form is 
tied to CFPB's requirements for providing the Borrower a copy of the 
appraisal report or the Borrower's receipt of the appraisal report. 
Form 92800.5B provides other required FHA disclosures to the borrower, 
including specific conditions that must be met before HUD can endorse a 
mortgage for FHA insurance. Consideration may be given to necessary 
updates at a future date.

Colette Pollard,
Department Reports Management Officer, Office of Policy Development and 
Research, Chief Data Officer.
[FR Doc. 2023-27061 Filed 12-8-23; 8:45 am]
BILLING CODE P