Overview
Title
30-Day Notice of Proposed Information Collection: Mortgage Record Change
Agencies
ELI5 AI
The Department of Housing and Urban Development (HUD) wants people to comment on their plan to keep track of when houses are sold or their payment services are changed. They are asking if this is important and if it can be done in a simpler way.
Summary AI
The Department of Housing and Urban Development (HUD) has sent a proposed information collection to the Office of Management and Budget (OMB) for review. This involves a request to extend approval for the "Mortgage Record Change" collection, which helps ensure HUD-approved mortgagees properly report mortgage sales or transfer of servicing responsibilities. The public is invited to comment on various aspects of the collection, such as its necessity, accuracy of burden estimates, and ways to improve its quality and reduce response burdens by February 24, 2021.
Abstract
HUD has submitted the proposed information collection requirement described below to the Office of Management and Budget (OMB) for review, in accordance with the Paperwork Reduction Act. The purpose of this notice is to allow for an additional 30 days of public comment..
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Sources
AnalysisAI
The document in question is a notice from the Department of Housing and Urban Development (HUD), informing the public about a proposed information collection related to changes in mortgage records. This proposal is submitted to the Office of Management and Budget (OMB) for review, adhering to the Paperwork Reduction Act, with a focus on allowing for an additional 30 days of public commentary. The notice emphasizes the necessity for HUD-approved mortgagees to report the sale or transfer of mortgage servicing responsibilities. The public has until February 24, 2021, to submit their comments on the proposal.
General Summary
This Federal Register notice seeks input on an important information gathering exercise by HUD. It pertains to extending approval for collecting data on changes to mortgage records. Specifically, it's aimed at ensuring that when a mortgage is either sold or when servicing responsibilities are transferred, appropriate reporting mechanisms are in place. This process is essential for the efficient handling of these transactions by HUD-approved mortgagees, adding a layer of oversight and transparency to the process.
Significant Issues and Concerns
The document, however, leaves certain aspects somewhat unclear. For instance, it vaguely defines which non-profit entities are the targeted respondents for this data collection, potentially causing uncertainty. Furthermore, the notice refers to a previous publication from June 1, 2020, but does not include sufficient details like a document number or direct link to aid those interested in historical context or past discussions. The document also contains repetitive language concerning minimizing respondent burdens, which complicates the clarity of its recommendations.
Moreover, the rationale for estimating a total burden of 350,000 hours isn't thoroughly outlined, which could lead to skepticism about the precision of this burden estimate. Such concerns leave room for doubt about the necessity and efficiency of the proposed data collection.
Impact on the Public
For the general public, this information collection could appear as a routine administrative step, seemingly far removed from everyday concerns. However, it underscores a regulatory effort to maintain accountability and accuracy in mortgage servicing—a critical sector that impacts many homeowners. Therefore, public input on this process can shape how efficiently these transactions are handled and reported.
Impact on Specific Stakeholders
For stakeholders like HUD-approved mortgagees, there's a direct impact since they are the primary entities responsible for the record changes. The proposed collection could entail the adoption of new administrative procedures, which might increase operational burdens or require adjustments in reporting systems.
On the other hand, for not-for-profit institutions identified as respondents, the lack of clarity in the document regarding their role could lead to confusion or misplaced resource allocation.
Overall, while the notice's intent to invite public comments is appropriate, addressing the document's shortcomings could enhance understanding and engagement, thereby optimizing its execution and perceived utility.
Issues
• The document provides limited detail on what specific aspects of mortgage record changes necessitate the information collection, potentially causing confusion about its scope and necessity.
• The notice references a previous Federal Register notice published on June 1, 2020, but does not provide the document number or a direct link, which may limit accessibility for those interested in reviewing past comments or context.
• The description of 'not-for-profit institutions' as the primary respondents is vague and lacks clarity; it is unclear whether it includes all non-profit entities or a specific subset.
• The language used to describe the solicited public comments section is somewhat repetitive, particularly in points (4) and (5), which essentially communicate the same idea regarding minimizing respondent burden.
• The rationale behind the estimated 350,000 total burden hours is not fully explained, which could lead to questions regarding the accuracy of this estimate.