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

Forms and Documents

Document Name	Status

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Document Title	Status
27333	Owner of Record and Re-Sale Data to Preclude Predatory Lending Practices (Property Flipping) on FHA Insured Mortgages	Migrated

ICR Details

OMB Control No: 2502-0547	ICR Reference No: 200212-2502-003
Status: Historical Active	Previous ICR Reference No: 200107-2502-001
Agency/Subagency: HUD/OH	Agency Tracking No:
Title: Owner of Record and Re-Sale Data to Preclude Predatory Lending Practices (Property Flipping) on FHA Insured Mortgages
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 12/30/2002
	Date Received in OIRA: 12/30/2002
Terms of Clearance: Approved consistent with burden changes that account for the recordkeeping and reporting requirements for properties that fall into the 3-6 month range and the 3-12 month range. Cleared for 1 year to allow HUD and OMB to revisit the policy set forth in the final rule and make adjustments, if necessary, to "triggers" for reporting and also to make adjustments of burden estimates.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2004	01/31/2004	10/31/2004
Responses	750,000	0	500
Time Burden (Hours)	27,500	0	250
Cost Burden (Dollars)	0	0	0

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Abstract: HUD is committed to preventing predatory sales practices. To do so, it will not insure mortgages of properties re-sold within 90 days and will require that only the owner-of-record be permitted to sell the property if FHA will insure the subsequent mortgage. Lenders will be required to provide evidence of the date of the last resale and the date it occured.

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Authorizing Statute(s): None

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Owner of Record and Re-Sale Data to Preclude Predatory Lending Practices (Property Flipping) on FHA Insured Mortgages

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	750,000	500	0	749,500	0	0
Annual Time Burden (Hours)	27,500	250	0	27,250	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 12/30/2002

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