This information collection request
for OMB review seeks to combine the requirements of several
existing OMB collections under this comprehensive collection for
mortgagees that service Home Equity Conversion Mortgages (HECM) and
for mortgagors who are HECM program participants.
Where the previously approved
collection of information included the line item, Information
Exchange With HERMIT for the above activities listed in the chart
reflected the information exchange between the servicers system and
HUD’s Home Equity Reverse Mortgage Information Technology (HERMIT)
system. This is the electronic transfer of the data collected from
the servicing tasks included in the chart. With this OMB/PRA
collection, the submission time is reflected in the completion time
for each item listed in the chart; therefor the line item is
removed. Where the decrease in HECM loan portfolio activity yielded
a decrease in the estimated annual responses and annual burden
hours coupled with the expectation that the use of HERMIT will
reduce the burden of mortgagees over time; it is a possibility that
the removal of the line item eliminated double counting, which may
also have added to the decrease in estimates from around 3 million
to 1.5 million burden hours. Specifically 21,345,282 is the
estimated number of responses and 1,446,574 is the estimated annual
burden hours.
$597,143
No
No
No
No
No
No
Uncollected
Angela Graham 202
402-3745
No
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:
(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;
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.