Informed Consumer Choice Notice and Application for FHA Insured Mortgage

Forms and Documents

Document Name	Status
Form HUD-92900-A Application for FHA-Insured Mortgage Form	Modified
83C-2502-0059.doc Justification for No Material/Nonsubstantive Change	2008-04-15

IC Document Collections

IC ID	Document Title	Status
27010	Application for FHA-Insured Mortgage Form	Modified

ICR Details

OMB Control No: 2502-0059	ICR Reference No: 200804-2502-005
Status: Historical Active	Previous ICR Reference No: 200708-2502-004
Agency/Subagency: HUD/OH	Agency Tracking No:
Title: Informed Consumer Choice Notice and Application for FHA Insured Mortgage
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 06/25/2008
	Date Received in OIRA: 04/15/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2010	11/30/2010	11/30/2010
Responses	4,619,800	0	2,377,000
Time Burden (Hours)	394,950	0	225,050
Cost Burden (Dollars)	0	0	0

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Abstract: The addendum to the URLA and related documents are needed to determine the eligibility of the borrower and proposed mortgage transaction for FHA's insurance endorsement. Lenders seeking FHA's insurance prepare these forms.

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Authorizing Statute(s): US Code: 12 USC 1709 Name of Law: National Housing Act
  

Citations for New Statutory Requirements: PL: Pub.L. 110 - 185 H.R.5140 Name of Law: Economic Stimulus Act of 2008

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 120	06/22/2007
30-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 176	09/12/2007
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
Application for FHA-Insured Mortgage	HUD 92900-LT, HUD-92900-A, HUD-92561, HUD-92544, Consumer Choice Note	Addendum to URLA ,   Mortgagor's Contract ,   Warranty of Completion of Construciton ,   Consumer Choice Note ,   FHA Loan and Underwriting and Summary Transmittal

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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	4,619,800	2,377,000	2,242,800	0	0	0
Annual Time Burden (Hours)	394,950	225,050	169,900	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement: HUD requests a change to this information collection. The recently approved Economic Stimulus Act will affect endorsements of FHA-loans for 2 quarters of FY 2008 and one quarter of FY 2009. The new stimulus package includes housing provisions designed to help borrowers and stabilize the housing and mortgage markets. The Economic Stimulus Act permits loan limits to temporarily increase to a ceiling of $729,750 (175% of the conforming limit). HUD projects an increase of 340,000 in loans that are over the current conforming limits of $417,000.

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Annual Cost to Federal Government: $897,653

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: 04/15/2008

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