[Federal Register Volume 75, Number 39 (Monday, March 1, 2010)]
[Notices]
[Pages 9246-9247]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-4155]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5376-N-14]
Cooperative Share Loan Insurance
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.
New guidance for cooperative housing loan insurance will be
published to update existing policies, and better enable mortgagees to
submit cooperative share loans for FHA insurance. This new publication
will provide instructions to lenders to ensure compliance with project
requirements, origination, servicing, and claims. The guidance includes
matters concerning forward and reverse (HECM) mortgages, as well as
compatible insurance programs. Mortgagees must collect documents and
information about the cooperative corporation and housing project,
which are needed to evaluate the share loans' eligibility, and ensure
compliance with security and project, requirements. Additionally, the
new instructions require a Cooperative Project Questionnaire, which
will be used by lenders and FHA to document critical information
relevant to the structure of the cooperative corporation and its
eligibility for FHA insurance. Also required is a form Mortgagee
Certification of Cooperative Eligibility, which is to be signed by the
Mortgagee/Lender.
DATES: Comments Due Date: March 31, 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-NEW) 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: Cooperative Share Loan Insurance.
OMB Approval Number: 2502-NEW.
Form Numbers: HUD-92270, HUD-92271, HUD-92270-G.
Description of the Need for the Information and Its Proposed Use:
New guidance for cooperative housing loan insurance will be
published to update existing policies, and better enable mortgagees to
submit cooperative share loans for FHA insurance. This new publication
will provide instructions to lenders to ensure compliance with project
requirements, origination, servicing, and claims. The guidance includes
matters concerning forward and reverse (HECM) mortgages, as well as
compatible insurance programs. Mortgagees must collect documents and
information about the cooperative corporation and housing project,
which are needed to evaluate the share loans' eligibility, and ensure
compliance with security and project, requirements. Additionally, the
new instructions require a Cooperative Project Questionnaire, which
will be used by lenders and FHA to document critical information
relevant to the structure of the cooperative corporation and its
eligibility for FHA insurance. Also required is a form Mortgagee
Certification of Cooperative Eligibility, which is to be signed by the
Mortgagee/Lender.
Frequency of Submission: On occasion.
[[Page 9247]]
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Number of Annual Hours per
respondents responses x response = Burden hours
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Reporting Burden:................... 12,670 12.670 .. 2 .. 2,000
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Total Estimated Burden Hours: 2,000.
Status: New Collection.
Authority: Section 3507 of the Paperwork Reduction Act of 1995,
44 U.S.C. 35, as amended.
Dated: February 23, 2010.
Leroy McKinney, Jr.,
Departmental Reports Management Officer, Office of the Chief
Information Officer.
[FR Doc. 2010-4155 Filed 2-26-10; 8:45 am]
BILLING CODE 4210-67-P