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
30 Day FR 2502-0059.pdf Supplementary Document	2014-02-24
PRA 60-Day Notice Revised 12-19-13 final.docx Supplementary Document	2014-02-20
Supporting Statement - A.docx Supporting Statement A	2014-02-20

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: 201310-2502-011
Status: Historical Active	Previous ICR Reference No: 201207-2502-006
Agency/Subagency: HUD/OH	Agency Tracking No: 2502-0059
Title: Informed Consumer Choice Notice and Application for FHA Insured Mortgage
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/26/2014
	Date Received in OIRA: 02/24/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2017	36 Months From Approved	06/30/2014
Responses	4,743,185	0	5,749,160
Time Burden (Hours)	534,931	0	479,008
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:
	78 FR 75365	12/11/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 10178	02/24/2014
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	4,743,185	5,749,160	0	-1,005,975	0	0
Annual Time Burden (Hours)	534,931	479,008	0	55,923	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: HUD has made the following non-material changes to its employment/unemployment documentation requirements, and non-material changes to credit documentation and credit analysis. There are no current program changes. Rather, further analysis of employment/unemployment documentation will be performed to assess a borrower's current and prior credit performance as it relates to their employment history, as well as their ability to repay mortgage and other recurring debt. Due to the instability of the market, lenders are promoting FHA-insured mortgages. While borrowers must meet certain requirements established by FHA to qualify for the insurance, lenders bear less risk because FHA will pay the lender if a homeowner defaults on his or her loan. This may account for the decrease in respondents and responses.

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Annual Cost to Federal Government: $2,118,312

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: 02/24/2014

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