[Federal Register Volume 65, Number 221 (Wednesday, November 15, 2000)]
[Notices]
[Pages 69042-69043]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-29097]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4565-N-29]


Notice of Proposed Information Collection: Comment Request; 
Adjustable Rate Mortgages (ARMS)

AGENCY: Office of the Assistant Secretary for Housing, 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 Date: January 16, 2001.

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: Wayne Eddins, Reports Management 
Officer, Department of Housing and Urban Development, 451 7th Street, 
SW., L'Enfant Plaza Building, Room 8001, Washington, DC 20410.

FOR FURTHER INFORMATION CONTACT: Vance T. Morris, Director, Office of 
Single Family Program Development, Department of Housing and Urban 
Development, 451 7th Street SW., Washington, DC 20410, telephone (202) 
708-2121 (this is not a toll free number) for copies of the proposed 
forms and other available information.

SUPPLEMENTARY INFORMATION: The Department is submitting 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).
    This Notice is soliciting comments from members of the public and 
affected agencies concerning the proposed collection of information to: 
(1) Evaluate whether the proposed collection 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 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: Adjustable Rate Mortgages (ARMS).
    OMB Control Number, if applicable: 2502-0322.
    Description of the need for the information and proposed use: This 
request for OMB review involves an extension of an approved information 
collection for Adjustable Rate Mortgages or ARMS (OMB control number 
2502-0322). The National Housing and Urban-Rural Recovery Act of 1983 
(HURRA) requires that lenders, at the time of loan approval, provide 
the borrower with a written explanation of the ARM's features. 
Additionally, HURRA requires that the lender provide an annual 
notification of the adjustment in the interest rate. These disclosures 
are meant to ensure borrowers are fully and timely notified of their 
financial obligations under the terms of the mortgage.
    Agency form numbers, if applicable: None.
    Estimation of the total numbers of hours needed to prepare the 
information collection including number of respondents, frequency of 
response, and hours of response: The estimated number of respondents is 
20,000 which will generate 100,000 responses, frequency of response is 
on occasion, the estimated time per response is .07 hour, and the total 
annual burden requested is 7,000 hours.
    Status of the proposed information collection: Extension of 
currently approved collection.

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


[[Page 69043]]


    Dated: November 7, 2000.
William C. Apgar,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 00-29097 Filed 11-14-00; 8:45 am]
BILLING CODE 4210-27-M