Disclosure of Adjustable Rate Mortgages (ARMs) Rates

Forms and Documents

Document Name	Status
TILA Reg Z.Disclosures.docx Supplementary Document	2013-08-15
Legal_Support_Docs[1].doc Supplementary Document	2013-08-15
Supporting Statement A2.doc Supporting Statement A	2013-11-26

IC Document Collections

IC ID	Document Title	Status
27126	Disclosure of Adjustable Rate Mortgages (ARMs) Rates	Modified

ICR Details

OMB Control No: 2502-0322	ICR Reference No: 201305-2502-007
Status: Historical Active	Previous ICR Reference No: 201006-2502-007
Agency/Subagency: HUD/OH	Agency Tracking No:
Title: Disclosure of Adjustable Rate Mortgages (ARMs) Rates
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: 12/31/2013
	Date Received in OIRA: 08/29/2013
Terms of Clearance: HUD shall continue to accurately account for the cost to the Federal government.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2016	36 Months From Approved	12/31/2013
Responses	215,306	0	161,314
Time Burden (Hours)	10,765	0	8,065
Cost Burden (Dollars)	0	0	0

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Abstract: The terms of all ARMS insured by HUD-FHA are required to be fully disclosed as part of the loan approval process. Additionally, an annual disclosure is required to reflect any adjustment to the interest rate and monthly mortgage amount.

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Authorizing Statute(s): PL: Pub.L. 98 - 181 251 Name of Law: The Housing and Urban-Rural Recovery Act of 1983
  

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:
	78 FR 36231	06/17/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 52781	08/26/2013
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
Disclosure of Adjustable Rate Mortgages (ARMs) Rates

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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	215,306	161,314	0	53,992	0	0
Annual Time Burden (Hours)	10,765	8,065	0	2,700	0	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: The previous submission requested approval of the initial disclosure made at loan application, but that was unnecessary because the initial disclosure is approved under 2502-0059. Annual responses were previously estimated at 220,000; however, there are currently 215,306 active ARM loans, which is a decrease of 4,694 loans requiring annual disclosure. The decrease in respondents results from fewer FHA-approved lenders now that FHA no longer recognizes loan correspondents as FHA-approved lenders. The increase in annual responses and burden hours results from the more FHA-insured ARM loans since the previous submission.

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Annual Cost to Federal Government: $875,450

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]? 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: 08/29/2013

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