Study of Making Home Affordable (MHA) Program Performance

Forms and Documents

Document Name	Status
Combined Part B_Clean_04 02 14.docx Supporting Statement B	2014-04-02
Combined Part A_Clean_04 02 14.docx Supporting Statement A	2014-04-02

IC Document Collections

IC ID	Document Title	Status
208390	MHA Rate Reset Survey Other-Cover Letter	Modified

ICR Details

OMB Control No: 1505-0249	ICR Reference No: 201403-1505-001
Status: Historical Active	Previous ICR Reference No: 201308-1505-001
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: Study of Making Home Affordable (MHA) Program Performance
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 03/24/2014
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/02/2014
	Date Received in OIRA: 03/21/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2014	6 Months From Approved	04/30/2014
Responses	2,400	0	2,400
Time Burden (Hours)	600	0	600
Cost Burden (Dollars)	0	0	0

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Abstract: Authorized under the Emergency Economic Stabilization Act (EESA) of 2008 (Pub. L. 110-343), the Department of the Treasury established the Making Home Affordable Program (MHA), a voluntary foreclosure prevention program, to help stabilize the housing market. Under MHA, the Department pays financial incentives to homeowners, servicers and investors to facilitate loan modifications and other foreclosure alternatives. MHA includes, among other things, the Home Affordable Modification Program (HAMP). HAMP is designed to reduce qualifying homeowner's first lien mortgage payments to an affordable level. The Department, through its financial agent, plans to conduct a survey of homeowners who have received mortgage modifications under HAMP in order to collect information about the homeowner's experience during the HAMP modification process.

Emergency Justfication: Treasury’s Making Home Affordable Program (MHA) was established in 2009, to prevent avoidable foreclosure and help stabilize the housing market. To date, nearly 2 million mortgage assistance actions have been taken under MHA, including more than 1.3 million permanent mortgage modifications under the Home Affordable Modification Program (HAMP). Approximately 746,000 homeowners that received HAMP modifications will begin to experience a scheduled increase in their mortgage payment, some as early as August/September of 2014. That increase is a result of a scheduled “interest rate reset” which may result in a median monthly payment increase of approximately $100. This survey is aimed at assessing the homeowner’s awareness of, and readiness for, those increases. Given that the recent economic recovery has been uneven, some homeowners may not be able to accommodate a payment increase. For example, their financial situation may not have not improved, or may have in fact declined, since the time of their original modification. Information that is gathered in this survey will be used to identify ways in which Treasury can help these homeowners continue to stay current on their modified mortgages. Accordingly, it is critical that we complete the survey process and collect final results with sufficient time to act prior to the scheduled increases taking effect. We believe it is important to begin the survey (which includes a test run, followed by a principal mailing) as soon as possible.

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Authorizing Statute(s): US Code: 12 USC 5012 Name of Law: Emergency Economic Stabilization Act of 2009
  

Citations for New Statutory Requirements: None

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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
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 4231	01/24/2014
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
MHA Rate Reset Survey

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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	2,400	2,400	0	0	0	0
Annual Time Burden (Hours)	600	600	0	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:

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? Yes Part B of Supporting Statement

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: 03/21/2014

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