OMB 83-C PRA Change Worksheet

PAPERWORK REDUCTION ACT

CHANGE WORKSHEET

Agency/Subagency U.S. Department of Housing and Urban Development Office of Housing, Office of Single family Housing							OMB Control Number 2502-0059
Enter only items that change Current record New record
Agency form number(s) HUD-92900-A, HUD-92900-B, HUD-92900-LOT, HUD 92900-WS, HUD-92900-PUR, HUD-92561, HUD-9254, Addendum to HUD-1, Model Choice for Informed Consumer Choice Disclosure, Model Pre-Insurance Review
Annual reporting and recordkeeping hour burden
	Number of respondents
	Total annual responses				2,377,000		4,619,800
			Percent of these responses collected electronically
	Total annual hours				225,050		394,950
	Difference						169,900
	Explanation of difference
				Program change
	**			Adjustment
Annual reporting and recordkeeping cost burden (in thousands of dollars)
		Total annualized Capital/Startup costs
		Total annual costs (O&M)
		Total annualized cost requested
		Difference
		Explanation of difference
				Program change
				Adjustment
Other changes** 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. It is difficult to estimate FHASecure volume for the 90% LTV option. It will be larger if investors in sub-prime mortgages determine that they can reduce their losses by modifying and even writing-down mortgages that are otherwise destined for foreclosure. It will be smaller if the industry is unable to overcome technical impediments resulting from mortgage-backed security, tax and accounting rules. What FHA proposes to do, is simply to make market participants aware that if they choose to work with borrowers to avert foreclosure, FHA is willing to provide mortgage insurance on new first mortgages that meet its underwriting criteria. It is possible that FHA could insure an additional 100,000 borrowers by the end of CY 2008 as a result of the 90% LTV option. Also, the initial annual projections of FHA-insured loans of 650,000 have increased 250,000 to 900,000 loans for CY 2008. The projected increase in total annual burden hours is 394,950 due to a total projected increase of 690,000 FHA-insured loans.
Signature of Senior Official or designee:						Date:	For OIRA Use _______________ ______________

**This form cannot be used to extend an expiration date.

OMB FORM 83-C 10/95