[Federal Register Volume 62, Number 146 (Wednesday, July 30, 1997)]
[Notices]
[Page 40836]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-19996]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4200-N-91]


Notice of Proposed Information Collection for Public Comment

AGENCY: Office of the Assistant Secretary for Housing--Federal Housing 
Commissioner, HUD.

ACTION: Notice.

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SUMMARY: The proposed information collection requirement described 
below will be submitted to the Office of Management and Budget (OMB) 
for review, as required by the Paperwork Reduction Act. The Department 
is soliciting public comments on the subject proposal.

DATES: Comments due: September 29, 1997.

ADDRESSES: Interested persons are invited to submit comments regarding 
this proposal. Comments should refer to the proposal by name and/or OMB 
Control Number and should be sent to: Oliver Walker, Housing, 
Department of Housing & Urban Development, 451-7th Street, SW, Room 
9116, Washington, DC 20410.

FOR FURTHER INFORMATION CONTACT:
John Coonts, Director, Office of Insured Family Housing, Telephone 
number (202) 708-3046 (this is not a toll-free number) for copies of 
the proposed form and other available documents.

SUPPLEMENTARY INFORMATION: The Department will submit the proposed 
information collection to OMB for review, as required by the Paperwork 
Reduction Act of 1995 (44 U.S.C. Chapter 35, as amended).
    The Notice is soliciting comments from members of the public and 
affecting agencies concerning the proposed collection of information 
to: (1) Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility; (2) 
Evaluate the accuracy of the agency's estimate of the burden of the 
proposed collection of information; (3) Enhance the quality, utility, 
and clarity of the information to be collected; and (4) Minimize the 
burden of the collection of information on those who are to respond; 
including through the use of appropriate automated collection 
techniques or other forms of information technology, e.g., permitting 
electronic submission of responses.
    This Notice also lists the following information:
    Title of Proposal: Insurance of Adjusted Rate Mortgages
    OMB Control Number: 2502-0322
    Description of the need for the information and the proposed use: 
Public Law 98-181 requires lenders to furnish to the borrower a 
disclosure statement indicating that the interest rate may change. This 
disclosure also must identify the index used, indicate the frequency of 
the adjustments and provide any potential payment schedule showing 
increases over the first five years. An annual disclosure of interest 
rate adjustment is also required.
    Members of affected public: Business or other for-profit and 
individuals or households.
    An estimation of the total numbers of hours needed to prepare the 
information collection is 1400, the number of respondents is 20,000, 
frequency of response is annually or on occasion, and the hours of 
responses is 0.07 per response. Status of the proposed information 
collection: Reinstatement, without change, of a previously approved 
collection for which approval has expired.

    Authority: Sec. 3506 of the Paperwork Reduction Act of 1995, 44 
U.S.C. Chapter 35, as amended.

    Dated: July 3, 1997.
Stephanie A. Smith,
General Deputy Assistant Secretary for Housing--Federal Housing 
Commissioner.
[FR Doc. 97-19996 Filed 2-29-97; 8:45 am]
BILLING CODE 4210-27-M