[Federal Register Volume 75, Number 124 (Tuesday, June 29, 2010)]
[Notices]
[Pages 37455-37456]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-15712]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5376-N-56]
Mortgage Insurance Termination; Application for Premium Refund or
Distributive Share Payment
AGENCY: Office of the Chief Information Officer, HUD.
ACTION: Notice.
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SUMMARY: The proposed information collection requirement described
below has been submitted to the Office of Management and Budget (OMB)
for review, as required by the Paperwork Reduction Act. The Department
is soliciting public comments on the subject proposal.
Mortgage Insurance Termination is used by servicing mortgagees to
comply with HUD requirements for reporting termination of FHA mortgage
insurance. This information is used whenever FHA mortgage insurance is
terminated and no claim for insurance benefits will be filed. This
information is submitted via the Internet or EDI and is used to
directly pay eligible homeowners. This condition occurs when the form
passes the criteria of certain system edits. As the result the system
generates a disbursement to the eligible homeowner for the refund
consisting of the unused portion of the paid premium. The collection
information required is used to update HUD's Single Family Insurance
System. The billing of mortgage insurance premiums are discontinued as
a result of the transaction. Without this information the premium
collection/monitoring function would be severely impeded and program
data would be unreliable. Under streamline III when the form is
processed but does not pass the series of edits, the system generates
in these cases the Application for Premium Refund or Distributive Share
Payment to the homeowner to be completed and returned to HUD for
further processing for the refund. In general a Premium Refund is the
difference between the amount of prepaid premium and the amount of the
premium that has been earned by HUD up to the time the mortgage is
terminated.
DATES: Comments Due Date: July 29, 2010.
ADDRESSES: Interested persons are invited to submit comments regarding
this proposal. Comments should refer to the proposal by name and/or OMB
approval Number (2502-0414) and should be sent to: HUD Desk Officer,
Office of Management and Budget, New Executive Office Building,
Washington, DC 20503; fax: 202-395-5806.
FOR FURTHER INFORMATION CONTACT: Leroy McKinney, Jr., Reports
Management Officer, QDAM, Department of Housing and Urban Development,
451 Seventh Street, SW., Washington, DC 20410; e-mail Leroy McKinney,
Jr. at [email protected] or telephone (202) 402-5564. This is
not a toll-free number. Copies of available documents submitted to OMB
may be obtained from Mr. McKinney.
SUPPLEMENTARY INFORMATION: This notice informs the public that the
Department of Housing and Urban Development has submitted to OMB a
request for approval of the Information collection described below.
This notice is soliciting comments from members of the public and
affecting agencies concerning the proposed collection of information
to: (1) Evaluate whether the proposed collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility; (2)
Evaluate the accuracy of the agency's estimate of the burden of the
proposed collection of information; (3) Enhance the quality, utility,
and clarity of the information to be collected; and (4) Minimize the
burden of the collection of information on those who are to respond;
including through the use of appropriate automated collection
techniques or other forms of information technology, e.g., permitting
electronic submission of responses.
This notice also lists the following information:
Title of Proposal: Application for Premium Refund or Distributive
Share Payment.
OMB Approval Number: 2502-0414.
Form Numbers: HUD-27050-A and HUD-27050-B. HUD forms available at
http://HUD/program/offices/administration/hudclips/forms.
Description of the Need for the Information and its Proposed Use:
Mortgage Insurance Termination is used by servicing mortgagees to
comply with HUD requirements for reporting termination of FHA mortgage
insurance. This information is used whenever FHA mortgage insurance is
terminated and no claim for insurance benefits will be filed. This
information is submitted via the Internet or EDI and is used to
directly pay eligible homeowners. This condition occurs when the form
passes the criteria of certain system edits. As a result the system
generates a disbursement to the eligible homeowner for the refund
consisting of the unused portion of the paid premium. The collection
information required is used to update HUD's Single Family Insurance
System. The billing of mortgage insurance premiums are discontinued as
a result of the transaction. Without this information the premium
collection/monitoring function would be severely impeded and program
data would be unreliable. Under streamline III when the form is
processed but does not pass the series of edits, the system generates
in these cases the Application for Premium Refund or Distributive Share
Payment to the homeowner to be completed and returned to HUD for
further processing for the refund. In general a Premium Refund is the
difference between the amount of prepaid premium and the amount of the
premium that has been earned by HUD up to the time the mortgage is
terminated.
Frequency of Submission: On occasion.
[[Page 37456]]
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Number of Annual Hours per
respondents responses x response = Burden hours
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Reporting Burden.................... 56,000 12.946 .. 0.0917 .. 66,500
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Total Estimated Burden Hours: 66,500.
Status: Extension of a currently approved collection.
Authority: Section 3507 of the Paperwork Reduction Act of 1995,
44 U.S.C. 35, as amended.
Dated: June 23, 2010.
Leroy McKinney, Jr.,
Departmental Reports Management Officer, Office of the Chief
Information Officer.
[FR Doc. 2010-15712 Filed 6-28-10; 8:45 am]
BILLING CODE 4210-67-P