Informed Consumer Choice Notice and Application for FHA Insured Mortgage

Forms and Documents

Document Name	Status
Form HUD 92900-LT Application for FHA-Insured Mortgage Form and Instruction	Modified
.Documentation Requirements for Mortgage Credit Access.docx Justification for No Material/Nonsubstantive Change	2012-07-19
83C - Mortgage Credit Access2.docx Supporting Statement A	2012-10-23

IC Document Collections

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

ICR Details

OMB Control No: 2502-0059	ICR Reference No: 201207-2502-006
Status: Historical Active	Previous ICR Reference No: 201010-2502-006
Agency/Subagency: HUD/OH	Agency Tracking No: 2502-0059
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: 10/26/2012
	Date Received in OIRA: 07/23/2012
Terms of Clearance: As shown by the changes made to this collection, HUD shall not monetize the time burden for Q13.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2014	02/28/2014	02/28/2014
Responses	5,749,160	0	5,749,160
Time Burden (Hours)	479,008	0	478,758
Cost Burden (Dollars)	0	0	0

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Abstract: The forms 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:
	75 FR 28632	05/21/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 67754	11/03/2010
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	FHA Loan and Underwriting and Summary Transmittal ,   Mortgagor's Contract ,   Warranty of Completion of Construciton ,   Consumer Choice Note ,   Addendum to URLA

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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	5,749,160	5,749,160	0	0	0	0
Annual Time Burden (Hours)	479,008	478,758	0	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: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The increase in data collection is due to the increase in FHA business. Also, there were minor changes made to HUD -92900-A. The form was revised to include three boxes for the identification of the loan origination company. The name of the loan origination company and tax identification is required. The NMLS ID of loan origination company may not be applicable to all originating companies.

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Annual Cost to Federal Government: $1,895,890

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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

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: 07/23/2012

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