Notice of Submission of Proposed Information Collection to OMB: Owner of Record and Re-sale Data To Preclude Predatory Lending Practices (Property Flipping) on FHA Insured Mortgages

Résumé

The proposed information collection requirement described below has been submitted to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act. The Department is soliciting public comments on the subject proposal. To prevent predatory sales practices, HUD will not insure mortgages on properties re-sold within 90 days, and only the owner-of-record is permitted to sell the property if FHA is to insure the subsequent mortgage. Lenders are required to provide evidence of the date of the last resale and the date it occurred.