HUD will
re-submit to account for recent changes to the program.
Inventory as of this Action
Requested
Previously Approved
04/30/2014
36 Months From Approved
05/31/2014
129,000
0
129,000
450,235
0
450,235
0
0
0
The HECM reverse mortgage application
and related documents are used to determine the eligibility of the
borrower and proposed mortgage transaction for FHA insurance
endorsement. This submission is a consolidation of additional
consumer notification requirements formerly approved under
2502-0534 and 2502-0546.
Reduction in burden hours is
due to development of a new HECM system and because HUD projects
significant lower loan origination volumes caused by (1) large
lenders who exited the HECM business and (2) lower home values
nation-wide which reduced consumer demand and eligibility for the
program.
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.