Federal Register #2502-0322

HUD requests public comment on ARM rate disclosure and rental housing finance survey information collections

HUD is requesting public comment on proposed information collections for regulatory compliance and program monitoring. - Government Buyer: - Department of Housing and Urban Development (HUD) - Office of the Assistant Secretary for Housing-Federal Housing - Information Collection Requirements: - Disclosure of Adjustable Rate Mortgage (ARM) rates - Mortgage lenders must provide pre-loan disclosures explaining ARM loan features to applicants - Loan servicers must issue annual ARM Disclosure Notices to mortgagors before payment adjustments - Estimated 60,609 responses annually, one per FHA-insured adjustable rate loan - Total estimated burden: 3,030 hours - Rental Housing Finance Survey (RHFS) - Data collection from owners and managers of rental properties - Conducted once every three years, with 10,000 respondents - Assesses mortgage finance characteristics of rental housing stock in the U.S. - No OEMs or commercial vendors are involved; this is a regulatory information collection, not a procurement of products or services - Notable Requirements: - Compliance with ARM disclosure regulations - Accurate and timely submission of required disclosures and survey data - Additional Context: - The ARM disclosure collection is an extension of a currently approved collection - The RHFS is a periodic survey for housing finance data

Description

The Department of Housing and Urban Development (HUD) is seeking approval from the Office of Management and Budget (OMB) for the information collection related to the disclosure of Adjustable Rate Mortgage (ARM) rates. Mortgage lenders must provide loan applicants with a pre-loan disclosure explaining ARM loan features, and loan servicers must provide annual ARM Disclosure Notices to mortgagors before any payment adjustments. HUD collects these disclosures for program monitoring and enforcement to ensure compliance with ARM disclosure requirements. The notice invites public comment for 60 days on the proposed information collection.

View original listing