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

ICR 200701-2502-003

OMB: 2502-0547

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2007-01-09
Supporting Statement A
2007-01-09
ICR Details
2502-0547 200701-2502-003
Historical Active 200312-2502-005
HUD/OH
Owner of Record and Re-sale Data to Preclude Predatory Lending Practices (Property Flipping) on FHA Insured Mortgages
Extension without change of a currently approved collection   No
Regular
Approved without change 05/07/2007
Retrieve Notice of Action (NOA) 01/23/2007
  Inventory as of this Action Requested Previously Approved
05/31/2010 36 Months From Approved 05/31/2007
514,000 0 750,000
19,000 0 27,500
0 0 0

To prevent predatory sales practices, HUD will not insure mortgages on properties re-sold within 90 days, and only the owner-of-record is permitted to sell the property if FHA is to insure the subsequent mortgage. Lenders are required to provide evidence of the date of the last resale and the date it occurred.

None
None

Not associated with rulemaking

  71 FR 188 09/28/2006
72 FR 10 01/17/2007
No

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

  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 514,000 750,000 0 0 -236,000 0
Annual Time Burden (Hours) 19,000 27,500 0 0 -8,500 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The number of respondents has decreased to show the actual lenders rather than the number of mortgages made. The number of responses and the resulting burden hours have decreased as FHA's market share has declined.

$2,100,000
No
No
Uncollected
Uncollected
Uncollected
Uncollected
James Beavers 202 708-2121 ext. 2205

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
01/23/2007


© 2024 OMB.report | Privacy Policy