Informed Consumer Choice Notice and Application for FHA Insured Mortgage

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
30 day FRN.pdf	Supplementary Document	Uploaded 2016-03-14	Available
PRA 60-Day Notice 5-11-2015.docx	Supplementary Document	Uploaded 2015-07-31	Available
FINAL 2-25-2016 UPDATED Draft Supporting Statement - 92900-A FINAL 3 10 16 (3).docx	Supporting Statement A	Uploaded 2016-03-11	Available
30 Day FR 2502-0059.pdf	Supplementary Document	Uploaded 2014-02-24	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
27010	Application for FHA-Insured Mortgage	Other-Important Notice to Homebuyers	Modified

ICR Details

OMB Control No: 2502-0059	ICR Reference No: 201507-2502-003
Status: Historical Active	Previous ICR Reference No: 201411-2502-011
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 with change	Conclusion Date: 03/14/2016
	Date Received in OIRA: 09/03/2015
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2019	36 Months From Approved	06/30/2017
Responses	4,923,550	0	4,743,185
Time Burden (Hours)	551,344	0	534,931
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:
	80 FR 27998	05/15/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 52783	09/01/2015
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Application for FHA-Insured Mortgage	HUD 92900-LT, HUD-92561, HUD-92544, Consumer Choice Note, HUD 92900-A	Mortgagor's Contract ,   Warranty of Completion of Construciton ,   Consumer Choice Note ,   FHA Loan and Underwriting and Summary Transmittal ,   HUD/VA Addendum to URLA

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ICR Summary of Burden

table that charts list 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	4,923,550	4,743,185	0	180,365	0	0
Annual Time Burden (Hours)	551,344	534,931	0	16,413	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: Minor changes were made to HUD 92900-A, HUD/VA Addendum to Uniform Residential Loan Application to provided clarity to the certifications made by the lender/mortgagee.

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Annual Cost to Federal Government: $2,183,292

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: 09/03/2015

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