Performing Loan Servicing for the Home Equity Conversion Mortgage (HECM)

Forms and Documents

Document Name	Status
Form 50002 Performing Loan Servicing for the Home Equity Conversion Maortgage (HECH) Form	Modified
30-Day Federal Register.pdf Supplementary Document	2017-12-19
60 day notice.pdf Supplementary Document	2017-11-20
2502-0611 IPA 20171011.docx Supplementary Document	2017-11-20
2502-0611 Supporting Statement A3.docx Supporting Statement A	2017-11-20

IC Document Collections

IC ID	Document Title	Status
212290	Performing Loan Servicing for the Home Equity Conversion Maortgage (HECH) Form	Modified

ICR Details

OMB Control No: 2502-0611	ICR Reference No: 201706-2502-010
Status: Active	Previous ICR Reference No: 201403-2502-001
Agency/Subagency: HUD/OH	Agency Tracking No:
Title: Performing Loan Servicing for the Home Equity Conversion Mortgage (HECM)
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: 04/11/2018
	Date Received in OIRA: 12/22/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2021	36 Months From Approved	04/30/2018
Responses	213,452,820	0	33,241,100
Time Burden (Hours)	1,446,574	0	3,060,683
Cost Burden (Dollars)	0	0	0

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Abstract: This information collection request for OMB review seeks to combine the requirements of several existing OMB collections under this comprehensive collection for mortgagees that service Home Equity Conversion Mortgages (HECM) and for mortgagors who are HECM program participants.

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Authorizing Statute(s): PL: Pub.L. 100 - 242 255 Name of Law: Housing and Community Development Act 1987
  

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
60-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 43037	09/13/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 60032	12/18/2017
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
Performing Loan Servicing for the Home Equity Conversion Maortgage (HECH)	27011, 20012, 9519-a, 9519-a, 50002, 50002, 50012, 27011	Mortgagees Request to Exceed cost and Protection Limits for Preservation ,   Single Family Application for insurance Benefits ,   Mortgagee's Request for Extension of time ,   Property Inspection ,   Property Inspection report ,   Application for insurance benefit ,   Mortgagee's Request for entension of Time ,   Request to Exceed Cost

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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	213,452,820	33,241,100	0	180,211,720	0	0
Annual Time Burden (Hours)	1,446,574	3,060,683	0	1,430,942	-3,045,051	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: Where the previously approved collection of information included the line item, Information Exchange With HERMIT for the above activities listed in the chart reflected the information exchange between the servicers system and HUD’s Home Equity Reverse Mortgage Information Technology (HERMIT) system. This is the electronic transfer of the data collected from the servicing tasks included in the chart. With this OMB/PRA collection, the submission time is reflected in the completion time for each item listed in the chart; therefor the line item is removed. Where the decrease in HECM loan portfolio activity yielded a decrease in the estimated annual responses and annual burden hours coupled with the expectation that the use of HERMIT will reduce the burden of mortgagees over time; it is a possibility that the removal of the line item eliminated double counting, which may also have added to the decrease in estimates from around 3 million to 1.5 million burden hours. Specifically 21,345,282 is the estimated number of responses and 1,446,574 is the estimated annual burden hours.

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Annual Cost to Federal Government: $597,143

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 12/22/2017

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