OMB removed the cost burden because it simply monetized the hour burden.
Inventory as of this Action
Requested
Previously Approved
04/30/2007
6 Months From Approved
2,113,195
0
0
533,744
0
0
0
0
0
Federal law requires lenders to send a statement or notice to homeowners in default explaining the mortgage and foreclosure rights of servicemembers and their dependents under the Servicemembers Civil Relief Act (50 U.S.C. App. 501 et seq.), including the toll-free military one source number to call if servicemembers, or their dependents require further assistance. This notification must be made within 45 days from the date the missed payment was due unless the homeowner pays the overdue amount before the expiration of the 45-day period. All conventional mortgage loans and loans insured by HUD are subject to the new notification requirement.
The proposed information collection is intended to provide a statement or notice to homeowners in default explaining the mortgage and foreclosure rights of servicemembers and their dependents under the Servicemembers Civil Relief Act (50 U.S.C. App. §§ 501-596), including the toll-free military one source number to call if servicemembers, or their dependents require further assistance. This notification is required under section 106(c)(5)(A)(ii) of the Housing and Urban Development Act (12 U.S.C. 1701x(c)(5)(A)(ii)) as amended by Section 688 of the National Defense Authorization Act for fiscal year 2006 (public law 109-163, enacted January 06, 2006) and must be made within 45 days from the date the missed payment was due unless the homeowner pays the overdue amount before the expiration of the 45-day period. All mortgage loans, including conventional mortgages and mortgages insured by HUD are subject to this notification requirement.
The statutory amemdment directed HUD to develop the form of the new required creditor notice of servicemember mortgage and foreclosure reights under the Servicemembers Civil Relief Act in consultation with the Departments of Defense and the Treasury. The developed disclosure form is attached. Mortgagees and their servicers may use this general form for required notices on all conventional and government insured home loans.
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Jim Hass 202 708-1672 ext. 2131
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.