Request for Credit Approval of Substitute Mortgagor

Forms and Documents

Document Name	Status
Form HUD-92210 Request for Credit Approval of Substitute Mortgagor Form	Modified
ICR 2502-0036.doc Supporting Statement A	2008-09-26

IC Document Collections

IC ID	Document Title	Status
26993	Request for Credit Approval of Substitute Mortgagor Form	Modified

ICR Details

OMB Control No: 2502-0036	ICR Reference No: 200809-2502-002
Status: Historical Active	Previous ICR Reference No: 200509-2502-002
Agency/Subagency: HUD/OH	Agency Tracking No:
Title: Request for Credit Approval of Substitute Mortgagor
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/18/2008
	Date Received in OIRA: 10/07/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2011	36 Months From Approved	11/30/2008
Responses	400	0	2,400
Time Burden (Hours)	800	0	2,400
Cost Burden (Dollars)	0	0	0

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Abstract: A buyer may assume an FHA-insured mortgage by becoming the substitute mortgagor through the credit approval process. Prior to releasing a seller from liability on the mortgage note or for mortgages after December 15, 1989, HUD or a Direct Endorsement (DE) lender must review the credit of the assumer and record the approval.

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Authorizing Statute(s): None

Citations for New Statutory Requirements: PL: Pub.L. 479 - 48 1246, 12 USC 17010(b) Name of Law: National Housing Act

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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:
	73 FR 97	05/19/2008
30-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 192	10/02/2008
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
Request for Credit Approval of Substitute Mortgagor	HUD 92900-A, HUD-92210, HUD-92210.1	Approval of Purchaser and Release of Seller ,   HUD/VA Addendum to Uniform Residential Loan Application ,   Approval of Purchaser and Release of Seller

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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	400	2,400	0	0	-2,000	0
Annual Time Burden (Hours)	800	2,400	0	0	-1,600	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: No

Burden Reduction Due to:

Short Statement: The adjustment reported in Item 13 on the OMB 83i is due to a decrease in FHA lenders seeking HUD approval to substitute a purchaser and release a seller from liability on an FHA-insured mortgage. This is an extension of a currently approved collection. Using a loan assumption to purchase an existing loan is generally not cost effective for the purchaser. The mortgagor can, in most instances, find new financing at the existing loan rate or possibly a lower rate. Higher interest rates on assumable loans, combined with rising amounts of equity that purchasers will have to pay the previous owners, makes loan assumptions less attractive to purchasers. The HUD 92210.1 was previously added in 2005 for this information collection request. This document is retained by the seller and acknowledges the release from financial obligation arising from the sell of the property.

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Annual Cost to Federal Government: $12,500

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]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

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: 10/07/2008

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