The Department of Housing and Urban Development (HUD) is seeking public comments for an additional 30 days on their proposed information collection related to the Rehabilitation Mortgage Insurance Underwriting Program, known as Section 203(k). This program requires lenders to collect information on the scope and cost of repair work funded by these mortgages, and this process is reviewed and approved by the Office of Management and Budget (OMB) under control number 2502-0527. HUD is interested in feedback on the necessity, accuracy, and methods of their information collection practices to improve efficiency and reduce the burden on respondents, ensuring they align with the requirements outlined in the Paperwork Reduction Act. Interested parties can submit their comments on the federal website until March 8, 2021.
Simple Explanation
HUD is asking people to share their thoughts about some paperwork rules for a program that helps fix up houses with special loans. They're giving everyone 30 more days to share their ideas on how to make these rules better and easier to do.