[Federal Register Volume 65, Number 112 (Friday, June 9, 2000)]
[Notices]
[Pages 36703-36704]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-14522]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-4565-N-16]
Notice of Proposed Information Collection: Comment Request;
Single Family Premium Collection Subsystem--Upfront
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: August 8, 2000.
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 8202, Washington, DC 20410.
FOR FURTHER INFORMATION CONTACT: Natalia Yee, Single Family Insurance
Operations Division, Department of Housing and Urban Development, 451
7th Street, SW., Washington, DC 20410, telephone (202) 708-1858, Ext.
3506 (this is not a toll free number) for information on the Single
Family Premium Collection Subsystem-Upfront (formerly form HUD-27001,
Transmittal of Upfront Mortgage Insurance Premium).
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: Single Family Premium Collection Subsystem--
Upfront.
OMB Control Number, if applicable: 2502-0423.
Description of the need for the information and proposed use: The
Single Family Premium Collection Subsystem-Upfront (SFPCS-U) replaced
the One-Time Mortgage Insurance Premium System which lenders used to
remit Upfront Mortgage Insurance Premiums using funds obtained from the
mortgagor during the closing of the mortgage transaction at settlement.
The form HUD-27001, Transmittal of Upfront Mortgage Insurance Premium,
is now obsolete. However, the information collection is still in
effect. SFPCS-U strengthens HUD's ability to manage and process single
family mortgage insurance premium collections and corrections for the
majority of insured single family mortgages. It also improves data
integrity for the Single Family Mortgage Insurance Program. FHA
approved lenders use versions of Mellon's Telecash and HUD Mortgage
Premium Connection (HUD-MPC) software for all transmissions with SFPCS-
U. The authority for this collection of information is specified in 24
CFR 203.283 and 24 CFR 203.284. The collection of information is also
used in calculating refunds due to former FHA mortgagors when they
apply for homeowner refunds of the unearned portion of the mortgage
insurance premium, 24 CFR 203.283, as appropriate. Without this
information the premium collection/monitoring process would be severely
impeded, and program data would be unreliable. In general, lenders use
the new software to remit the upfront premium through SFPCS-U to obtain
mortgage insurance for the homeowner.
Agency form numbers, if applicable: Not applicable.
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 public reporting burden for this
collection of information is estimated to average 0.5 hours per
response, including the time for reviewing instruction, searching
existing data sources, gathering and maintaining the data needed, and
completing and reviewing the collecting of information. The burden of
completing the form will be eliminated.
[[Page 36704]]
Lenders will be able to key the information online or have their
computer transmit the information. The number of respondents is 3,378
and the frequency of response is on occasion, that is, a mortgage
closing. Since remittances are made through the Automated
Clearinghouse, the upfront remittance is submitted electronically and
there is no paperwork to complete and mail in.
Status of the proposed information collection: Reinstatement
without change of a previously approved collection.
Authority: The Paperwork Reduction Act of 1995, 44 U.S.C.,
Chapter 35, as amended.
Dated: May 30, 2000.
William C. Apgar,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 00-14522 Filed 6-8-00; 8:45 am]
BILLING CODE 4210-27-M