Mortgage Insurance Termination; Application for Premium Refund or Distributive Share Payment

ICR 202001-2502-003

OMB: 2502-0414

Federal Form Document

Forms and Documents
Document
Name
Status
Form
Modified
Supplementary Document
2020-01-29
Supplementary Document
2020-01-09
Supplementary Document
2020-01-09
Supporting Statement A
2020-01-09
ICR Details
2502-0414 202001-2502-003
Active 201608-2502-009
HUD/OH
Mortgage Insurance Termination; Application for Premium Refund or Distributive Share Payment
Revision of a currently approved collection   No
Regular
Approved with change 12/11/2020
Retrieve Notice of Action (NOA) 01/29/2020
  Inventory as of this Action Requested Previously Approved
12/31/2023 36 Months From Approved 12/31/2020
695,000 0 725,000
59,000 0 66,500
0 0 0

The Mortgage Insurance Termination information is used by FHA-approved lenders to terminate FHA insurance to comply with HUD requirements. The Application for Premium Refund or Distributive Share Payment is used by homeowners to apply for the unearned portion of the mortgage insurance premium or a distributive share payment.

US Code: 12 USC 1709 Name of Law: National Housing Act
  
None

Not associated with rulemaking

  84 FR 211 10/31/2019
85 FR 5224 01/29/2020
No

  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 695,000 725,000 0 -675,000 645,000 0
Annual Time Burden (Hours) 59,000 66,500 0 -54,000 46,500 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
Yes
Miscellaneous Actions
The decrease in the estimated numbers of respondents, responses, burden hours, and costs reflects the decrease in FHA loan activity in recent years. Previously, the decrease in interest rates cause larger numbers of homeowners to refinance their existing loans to reduce their monthly mortgage payments. With the recent stabilization of interest rates, fewer homeowners are refinancing.

$875,967
No
    No
    No
No
No
No
No
Silas Vaughn 2024023545 Silas.C.Vaughn@hud.gov

  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.
01/29/2020


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