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Federal forms, ICRs, and supporting documents

Information Collection Request

Performing Loan Servicing for the Home Equity Conversion Mortgage (HECM)

ICR 201706-2502-010 · OMB 2502-0611 · Active

Forms and Documents
DocumentTypeStatusAvailability
Form 50002 Performing Loan Servicing for the Home Equity Conversion Maortgage (HECH) Form Modified Available
30-Day Federal Register.pdf Supplementary Document Uploaded 2017-12-19 Available
60 day notice.pdf Supplementary Document Uploaded 2017-11-20 Available
2502-0611 IPA 20171011.docx Supplementary Document Uploaded 2017-11-20 Available
2502-0611 Supporting Statement A3.docx Supporting Statement A Uploaded 2017-11-20 Available
IC Document Collections
IC IDCollectionTypeStatusForm
212290 Performing Loan Servicing for the Home Equity Conversion Maortgage (HECH) Form Modified
ICR Details
2502-0611 201706-2502-010
Active 201403-2502-001
HUD/OH
Performing Loan Servicing for the Home Equity Conversion Mortgage (HECM)
Revision of a currently approved collection   No
Regular
Approved without change 04/11/2018
Retrieve Notice of Action (NOA) 12/22/2017
  Inventory as of this Action Requested Previously Approved
04/30/2021 36 Months From Approved 04/30/2018
213,452,820 0 33,241,100
1,446,574 0 3,060,683
0 0 0
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.
PL: Pub.L. 100 - 242 255 Name of Law: Housing and Community Development Act 1987
  
None
Not associated with rulemaking
  82 FR 43037 09/13/2017
82 FR 60032 12/18/2017
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 213,452,820 33,241,100 0 180,211,720 0 0
Annual Time Burden (Hours) 1,446,574 3,060,683 0 1,430,942 -3,045,051 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
No
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.
12/22/2017