Performing Loan Servicing for the Home Equity Conversion Mortgage (HECM)
Revision of a currently approved collection
No
Regular
04/29/2021
Requested
Previously Approved
36 Months From Approved
04/30/2021
213,453,120
213,452,820
1,451,561
1,446,574
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.
Due to conditions in the mortgage banking industry, the HECM loan portfolio activity has remained the same, at approximately 600,000 loans. With this market stabilization, the information collection results in a minor increase in the estimated annual responses and annual burden hours
$2,632,457
No
No
No
No
No
No
No
Venida Brown 202 708-0614 ext. 2456
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.
Form 50002 Performing Loan Servicing for the Home Equity Conversion Maortgage (HECH)
2502-0611 30 Day.pdf
2502-0611 Supporting Statement A-Rev.docx
Performing Loan Servicing for the Home Equity Conversion Maortgage (HECH)