85 FR 19 pgs. 5224-5225 - 30-Day Notice of Proposed Information Collection: Mortgage Insurance Termination Application for Premium Refund or Distributive Share Payment; OMB# 2502-0414
Type: NOTICEVolume: 85Number: 19Pages: 5224 - 5225
Pages: 5224, 5225Docket number: [Docket No. FR-7024-N-04]
FR document: [FR Doc. 2020-01562 Filed 1-28-20; 8:45 am]
Agency: Housing and Urban Development Department
Official PDF Version: PDF Version
[top]
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-7024-N-04]
30-Day Notice of Proposed Information Collection: Mortgage Insurance Termination Application for Premium Refund or Distributive Share Payment; OMB# 2502-0414
AGENCY:
Office of the Assistant Secretary for Housing-Federal Housing Commissioner, HUD.
ACTION:
Notice.
SUMMARY:
HUD is seeking approval from the Office of Management and Budget (OMB) for the information collection described below. In accordance with the Paperwork Reduction Act, HUD is requesting comment from all interested parties on the proposed collection of information.
DATES:
Comments Due Date: February 28, 2020.
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: Colette Pollard, Reports Management Officer, QDAM, Department of Housing and Urban Development, 451 7th Street SW, Room 4176, Washington, DC 20410-5000; telephone 202-402-3400 (this is not a toll-free number) or email at Colette.Pollard@hud.gov for a copy of the proposed forms or other available information. Persons with hearing or speech impairments may access this number through TTY by calling the toll-free Federal Relay Service at (800) 877-8339.
FOR FURTHER INFORMATION CONTACT:
Colette Pollard, Reports Management Officer, QDAM, Department of Housing and Urban Development, 451 7th Street SW, Washington, DC 20410; email Colette Pollard at Colette.Pollard@hud.gov or telephone 202-402-3400. This is not a toll-free number. Persons with hearing or speech impairments may access this number through TTY by calling the toll-free Federal Relay Service at (800) 877-8339. Copies of available documents submitted to OMB may be obtained from Ms. Pollard.
SUPPLEMENTARY INFORMATION:
This notice informs the public that HUD is seeking approval from OMB for the information collection described in Section A. The Federal Register notice for the 60 days was published October 31, 2019 at 84 FR 58408.
A. Overview of Information Collection
[top] Title of Information Collection: Mortgage Insurance Termination
OMB Approval Number: OMB-2502-0414.
Type of Request: Revision of a currently approved collection.
Form Number: Application for Premium Refund or Distributive Share Form HUD-27050-B.
Description of the need for the information and proposed use: Mortgage Insurance Termination is used by servicing mortgagees to comply with HUD requirements for reporting termination of FHA mortgage insurance. This information is used whenever FHA mortgage insurance is terminated and no claim for insurance benefits will be filed. This information is submitted on via the internet or EDI and is used to directly pay eligible homeowners. This condition occurs when the form passes the criteria of certain system edits.
As the result, the system generates a disbursement to the eligible homeowner for the refund consisting of the unused portion of the paid premium. The collection information required is used to update HUD's Single-Family Insurance System. The billing of mortgage insurance premiums is discontinued as a result of the transaction. Without this information the premium collection/monitoring function would be severely impeded and program data would be unreliable. Under streamline III when the form is processed and but does not pass the series of edits the system generates in these cases the Application for Premium Refund or Distributive Share Payment to the homeowner to be completed and returned to HUD for further processing for the refund. In general, a Premium Refund is the difference between the amount of prepaid premium and the amount of the premium that has been earned by HUD up to the time the mortgage is terminated.
| Information collection | Number of respondents | Frequency of response | Total annual responses | Hours per response | Total annual hours |
|---|---|---|---|---|---|
| Mortgage Insurance Termination-HUD-27050-A | 6,000 | Varies | 675,000 | .08 | 54,000 |
| Application for Premium Refund or Distributive Share-HUD-27050-B | 20,000 | 1 | 20,000 | .25 | 5,000 |
| Totals | 26,000 | 695,000 | 59,000 |
B. Solicitation of Public Comment
This notice is soliciting comments from members of the public and affected parties concerning the collection of information described in Section A on the following:
(1) 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) The accuracy of the agency's estimate of the burden of the proposed collection of information; (3) Ways to enhance the quality, utility, and clarity of the information to be collected; and (4) Ways to 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.
HUD encourages interested parties to submit comment in response to these questions.
C. Authority
Section 2 of the Paperwork Reduction Act of 1995, 44 U.S.C. 3507.
Dated: January 17, 2020.
Colette Pollard,
Department Reports Management Officer, Office of the Chief Information Officer.
[FR Doc. 2020-01562 Filed 1-28-20; 8:45 am]
BILLING CODE 4210-67-P