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--
SUMMARY: HUD is seeking approval from the
DATES: Comments Due Date:
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:
FOR FURTHER INFORMATION CONTACT:
SUPPLEMENTARY INFORMATION: This notice informs the public that HUD is seeking approval from OMB for the information collection described in Section
A. Overview of Information Collection
Title of Information Collection: Mortgage Insurance Termination Application for Premium Refund or Distributive Share Payment.
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 Frequency of Total Hours per Total respondents response annual response annual responses hours Mortgage Insurance 6,000 Varies 675,000 .08 54,000 Termination-HUD-27050-A Application for Premium Refund 20,000 1 20,000 .25 5,000 or Distributive Share-HUD-27050-B 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:
Department Reports Management Officer,
Notice.
Citation: "85 FR 5224"
Document Number: "Docket No. FR-7024-N-04"
Federal Register Page Number: "5224"
"Notices"
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