OMB.report

Federal forms, ICRs, and supporting documents

Information Collection Request

FHA Insured Mortgage Loan Servicing Involving the Loss Mitigation Programs

ICR 201510-2502-007 · OMB 2502-0589 · Historical Active

Forms and Documents
DocumentTypeStatusAvailability
Form HUD 90041 FHA-Insured Mortgage Loan Servicing Involving the Loss Mitigation Programs Form and Instruction Modified Available
The description of changes to forms.docx Supplementary Document Uploaded 2016-10-31 Available
2502-0589 - final2.doc Supporting Statement A Uploaded 2016-05-31 Available
IPA 2502-0589.doc Supplementary Document Uploaded 2016-05-25 Available
2502-0589 Laws & Regs.zipx Supplementary Document Uploaded 2013-02-11 Repair queued
IC Document Collections
IC IDCollectionTypeStatusForm
191451 FHA-Insured Mortgage Loan Servicing Involving the Loss Mitigation Programs Form and Instruction Modified
ICR Details
2502-0589 201510-2502-007
Historical Active 201408-2502-005
HUD/OH
FHA Insured Mortgage Loan Servicing Involving the Loss Mitigation Programs
Revision of a currently approved collection   No
Regular
Approved without change 12/01/2016
Retrieve Notice of Action (NOA) 05/31/2016
  Inventory as of this Action Requested Previously Approved
12/31/2019 36 Months From Approved 11/30/2016
1,283,879 0 1,169,033
1,947,929 0 1,520,216
0 0 0
This information collection involves mortgage loan servicers, “mortgagees” that service Federal Housing Administration “FHA” insured mortgage loans and the home owners, “mortgagors” who are involved with those activities. The information collection request for OMB review seeks to combine the requirements of several existing OMB collections under one collection; they are as follows OMB collections 2502-0301, 0464 and 0523.
US Code: 12 USC 1701 et seq. Name of Law: National Housing Act
  
None
Not associated with rulemaking
  80 FR 74788 11/30/2015
81 FR 26816 05/04/2016
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 1,283,879 1,169,033 0 1,010,073 -895,227 0
Annual Time Burden (Hours) 1,947,929 1,520,216 0 0 427,713 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The Changes have been made to the Loss Mitigation program HUD forms. Economic conditions over the past few years have caused re-default rates on FHA-insured loans to increase, which also caused increases in loss mitigation cases. Since the private sector has tightened their lending requirements on conventional loans, the FHA-insured mortgage loan portfolio has grown from 5.2 million in 2009 to 7.7 in 2015, approximately a 48 percent increase. The FHA market is still increasing thus causing an increased participation in FHA’s Loss Mitigation Program
$10,100
No
No
No
No
No
Uncollected
Devawn Hamltion 202 402-2683
  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.
05/31/2016