Owner of Record and Re-sale Data to Preclude Predatory Lending Practices (Property Flipping) on FHA Insured Mortgages

ICR 200701-2502-003 · OMB 2502-0547 · Historical Active

⚠️ Notice: This information collection may be outdated. More recent filings for OMB 2502-0547 can be found here:

2010-05-27 - Revision of a currently approved collection

Forms and Documents

Document	Type	Status	Availability
Final Rule-24CFR203.pdf	Supplementary Document	Uploaded 2007-01-09	Available
OMB 83I - 2502-0547.DOC	Supporting Statement A	Uploaded 2007-01-09	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
27334	Owner of Record and Re-sale Data to Preclude Predatory Lending Practices (Property Flipping) on FHA Insured Mortgages		Modified

ICR Details

OMB Control No: 2502-0547	ICR Reference No: 200701-2502-003
Status: Historical Active	Previous ICR Reference No: 200312-2502-005
Agency/Subagency: HUD/OH	Agency Tracking No:
Title: Owner of Record and Re-sale Data to Preclude Predatory Lending Practices (Property Flipping) on FHA Insured Mortgages
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: 05/07/2007
Retrieve Notice of Action (NOA)	Date Received in OIRA: 01/23/2007
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2010	36 Months From Approved	05/31/2007
Responses	514,000	0	750,000
Time Burden (Hours)	19,000	0	27,500
Cost Burden (Dollars)	0	0	0

Abstract: To prevent predatory sales practices, HUD will not insure mortgages on properties re-sold within 90 days, and only the owner-of-record is permitted to sell the property if FHA is to insure the subsequent mortgage. Lenders are required to provide evidence of the date of the last resale and the date it occurred.

Authorizing Statute(s): None

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 188	09/28/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 10	01/17/2007
Did the Agency receive public comments on this ICR? No

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Owner of Record and Re-sale Data to Preclude Predatory Lending Practices (Property Flipping) on FHA Insured Mortgages

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	514,000	750,000	-236,000
Annual Time Burden (Hours)	19,000	27,500	-8,500
Annual Cost Burden (Dollars)	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 number of respondents has decreased to show the actual lenders rather than the number of mortgages made. The number of responses and the resulting burden hours have decreased as FHA's market share has declined.

Annual Cost to Federal Government: $2,100,000

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

Agency Contact: James Beavers 202 708-2121 ext. 2205

Common Form ICR: No