HUD requires the builder to provide information that notes an adverse site/location factor(s) on the property, including floodplains. Lenders review the form and send it to HUD. This is done so that HUD does not insure a mortgage on property that poses a risk to health or safety of the occupant.
The lender should be able to review the builder's entries in about 5 minutes. Accordingly, HUD estimates that the entire information collection burden will be 15 minutes per case. Based upon an average of approximately 30,000 new construction cases per year, the total burden hours will be 4,500. While the information collected regarding floodplains may (at the option of the builder) be different, there are no expected changes in the burden hours. The decrease in the number burden hours results from fewer new construction loans being insured and expected to be insured during the collection period.
$4,659
No
No
No
No
No
Uncollected
Ada Bohorfoush 2024025393
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.