Mortgage Insurance Termination; Application for Premium Refund or Distributive Share Payment

Forms and Documents

Document Name	Status
Form HUD-27050-B Mortgage Insurance Termination; Application for Premium Refund or Distributive Share Payment Form	Modified
2502-0414 30day.pdf Supplementary Document	2020-01-29
24 cfr Various.doc Supplementary Document	2020-01-09
12 usc Various.doc Supplementary Document	2020-01-09
Supporting Statement - A.docx Supporting Statement A	2020-01-09

IC Document Collections

IC ID	Document Title	Status
27165	Mortgage Insurance Termination; Application for Premium Refund or Distributive Share Payment Form	Modified
180267	Mortgage Insurance Termination	Unchanged

ICR Details

OMB Control No: 2502-0414	ICR Reference No: 202001-2502-003
Status: Active	Previous ICR Reference No: 201608-2502-009
Agency/Subagency: HUD/OH	Agency Tracking No:
Title: Mortgage Insurance Termination; Application for Premium Refund or Distributive Share Payment
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: 12/11/2020
	Date Received in OIRA: 01/29/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2023	36 Months From Approved	12/31/2020
Responses	695,000	0	725,000
Time Burden (Hours)	59,000	0	66,500
Cost Burden (Dollars)	0	0	0

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Abstract: The Mortgage Insurance Termination information is used by FHA-approved lenders to terminate FHA insurance to comply with HUD requirements. The Application for Premium Refund or Distributive Share Payment is used by homeowners to apply for the unearned portion of the mortgage insurance premium or a distributive share payment.

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Authorizing Statute(s): US Code: 12 USC 1709 Name of Law: National Housing Act
  

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:
	84 FR 211	10/31/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 5224	01/29/2020
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Mortgage Insurance Termination; Application for Premium Refund or Distributive Share Payment	HUD-27050-B	Premium Refund or Distributive Share Payment
Mortgage Insurance Termination

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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	695,000	725,000	0	-675,000	645,000	0
Annual Time Burden (Hours)	59,000	66,500	0	-54,000	46,500	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The decrease in the estimated numbers of respondents, responses, burden hours, and costs reflects the decrease in FHA loan activity in recent years. Previously, the decrease in interest rates cause larger numbers of homeowners to refinance their existing loans to reduce their monthly mortgage payments. With the recent stabilization of interest rates, fewer homeowners are refinancing.

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Annual Cost to Federal Government: $875,967

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? No

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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: 01/29/2020

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