Page Range | 40897-40899 | |
FR Document | 2016-14926 |
[Federal Register Volume 81, Number 121 (Thursday, June 23, 2016)] [Notices] [Pages 40897-40899] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-14926] ----------------------------------------------------------------------- DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR-5912-N-01] 60-Day Notice of Proposed Information Collection Ginnie Mae Multiclass Securities Program Documents (Forms and Electronic Data Submissions) AGENCY: Office of the President of Government National Mortgage Association (Ginnie Mae), HUD. ACTION: Notice. ----------------------------------------------------------------------- SUMMARY: The proposed information collection requirement described below will be 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. DATES: Comments Due Date: August 22, 2016. ADDRESSES: Interested persons are invited to submit comments regarding this proposal. Comments should refer to the proposal by name and/or OMB Control Number and should be sent to: Anna Guido., QDAM, Information Reports Management Officer, Department of Housing and Urban Development, 451 7th Street SW., L'Enfant Plaza Building, Room 4186, Washington, DC 20410; email: [email protected]; telephone (202) 708- 2384. This is not a toll-free number. Copies of available documents submitted to OMB may be obtained from Ms. Guido. FOR FURTHER INFORMATION CONTACT: Shalei Choi, Ginnie Mae, 451 7th Street SW., Room B-133, Washington, DC 20410; email_ [email protected]; telephone--(202) 475-7820; (this is not a toll- free number); the Ginnie Mae Web site at www.ginniemae.gov for other available information. SUPPLEMENTARY INFORMATION: The Department will submit the proposed information collection to OMB for review, as required by the Paperwork Reduction Act of 1995 (44 U.S.C. Chapter 35, as amended). A. Overview of Information Collection Title of Proposal: Ginnie Mae Multiclass Securities Program Documents. (Forms and Electronic Data Submissions). OMB Control Number, if applicable: 2503-0030. Type of Information Collection: Extension of a currently approved. Description of the need for the information and proposed use: This information collection is required in connection with the operation of the Ginnie Mae Multiclass Securities program. Ginnie Mae's authority to guarantee multiclass instruments is contained in 306(g)(1) of the National Housing Act (``NHA'') (12 U.S.C. 1721(g)(1)), which authorizes Ginnie Mae to guarantee ``securities * * * based on or backed by a trust or pool composed of mortgages. * * *'' Multiclass securities are backed by Ginnie Mae securities, which are backed by government insured or guaranteed mortgages. Ginnie Mae's authority to operate a Multiclass Securities program is recognized in Section 3004 of the Omnibus Budget Reconciliation Act of 1993 (``OBRA''), which amended 306(g)(3) of the NHA (12 U.S.C. 1271(g)(3)) to provide Ginnie Mae with greater flexibility for the Multiclass Securities program regarding fee structure, contracting, industry consultation, and program implementation. Congress annually sets [[Page 40898]] Ginnie Mae's commitment authority to guarantee mortgage-backed (``MBS'') pursuant to 306(G)(2) of the NHA (12 U.S.C. 1271(g)(2)). Since the multiclass are backed by Ginnie Mae Single Class MBS, Ginnie Mae has already guaranteed the collateral for the multiclass instruments. The Ginnie Mae Multiclass Securities Program consists of Ginnie Mae Real Estate Mortgage Investment Conduit (``REMIC'') securities, Stripped Mortgage-Backed Securities (``SMBS''), and Platinum securities. The Multiclass Securities program provides an important adjunct to Ginnie Mae's secondary mortgage market activities, allowing the private sector to combine and restructure cash flows from Ginnie Mae Single Class MBS into securities that meet unique investor requirements in connection with yield, maturity, and call-option protection. The intent of the Multiclass Securities program is to increase liquidity in the secondary mortgage market and to attract new sources of capital for federally insured or guaranteed loans. Under this program, Ginnie Mae guarantees, with the full faith and credit of the United States, the timely payment of principal and interest on Ginnie Mae REMIC, SMBS and Platinum securities. Agency form numbers, if applicable: Not applicable. Members of affected public: For-profit business (mortgage companies, thrifts, savings & loans, etc.). Estimation of the total number of hours needed to prepare the information collection including number of respondents, frequency of response, and hours of response: ---------------------------------------------------------------------------------------------------------------- Estimated Number of annual Total Estimated Estimated Type of information (Prepared by) potential frequency annual average annual collection sponsors per responses hourly burden respondant burden hours ---------------------------------------------------------------------------------------------------------------- REMIC Securities ---------------------------------------------------------------------------------------------------------------- Pricing Letter............... Sponsor......... 18 8 144 0.5 72 Structured Term Sheet........ Sponsor......... 18 8 144 3 432 Trust (REMIC) Agreement...... Attorney for 18 8 144 1 144 Sponsor. Trust Opinion................ Attorney for 18 8 144 4 576 Sponsor. MX Trust Agreement........... Attorney for 18 8 144 0.16 23.04 Sponsor. MX Trust Opinion............. Attorney for 18 8 144 4 576 Sponsor. RR Certificate............... Attorney for 18 8 144 0.08 11.52 Sponsor. Sponsor Agreement............ Attorney for 18 8 144 0.05 7.2 Sponsor. Table of Contents............ Attorney for 18 8 144 0.33 47.52 Sponsor. Issuance Statement........... Attorney for 18 8 144 0.5 72 Sponsor. Tax Opinion.................. Attorney for 18 8 144 4 576 Sponsor. Transfer Affidavit........... Attorney for 18 8 144 0.08 11.52 Sponsor. Supplemental Statement....... Attorney for 18 0.25 4.5 1 4.5 Sponsor. Final Data Statements Attorney for 18 8 144 32 4608 (attached to closing letter). Sponsor. Accountants' Closing Letter.. Accountant...... 18 8 144 8 1152 Accountants' OSC Letter...... Accountant...... 18 8 144 8 1152 Structuring Data............. Accountant...... 18 8 144 8 1152 Financial Statements......... Accountant...... 18 8 120 1 120 Principal and Interest Factor Trustee......... 18 8 144 16 2304 File Specifications. Distribution Dates and Trustee......... 18 8 144 0.42 60.48 Statement. Term Sheet................... Sponsor......... 18 8 144 2 288 New Issue File Layout........ Trustee......... 18 8 144 4 576 Flow of Funds................ Attorney for 18 8 144 0.16 23.04 Trustee. Trustee Receipt.............. Trustee Attorney 18 8 144 2 288 ---------------------------------------------------------------- Subtotal................. ................ ........... ........... 3292.5 ........... 14276.82 ---------------------------------------------------------------------------------------------------------------- Platinum Securities ---------------------------------------------------------------------------------------------------------------- Deposit Agreement............ Depositor....... 19 10 190 1 190 MBS Schedule................. Depositor....... 19 10 190 0.16 30.4 New Issue File Layout........ Depositor....... 19 10 190 4 760 Principal and Interest Factor Trustee......... 19 10 190 16 3040 File Specifications. ---------------------------------------------------------------- Subtotal................. ................ ........... ........... 760 ........... 4020.4 ---------------------------------------------------------------- Total Annual ................ ........... ........... 4052.5 ........... ........... Responses. Total Burden ................ ........... ........... ........... ........... 18297.22 Hours. ---------------------------------------------------------------------------------------------------------------- Calculation of Burden Hours: Sponsors x Frequency per Year = Est. Annual Frequency. Est. Annual Frequency x Est. Average Completion Time = Est. Annual Burden Hours. ---------------------------------------------------------------------------------------------------------------- [[Page 40899]] B. Solicitation of Public Comment This Notice is soliciting comments from members of the public and affecting agencies concerning the proposed collection of information to: (1) Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (2) Evaluate the accuracy of the agency's estimate of the burden of the proposed collection of information; (3) Enhance the quality, utility, and clarity of the information to be collected; and (4) Minimize the burden of the collection of information on those who are to respond; including through the use of appropriate automated collection techniques or other forms of information technology, e.g., permitting electronic submission of responses. Authority: Section 3506 of the Paperwork Reduction Act of 1995, 44 U.S.C. Chapter 35 as amended. Dated: June 17, 2016. Gregory Keith, Acting Executive Vice President, Government National Mortgage Association. [FR Doc. 2016-14926 Filed 6-22-16; 8:45 am] BILLING CODE 4210-67-P
Category | Regulatory Information | |
Collection | Federal Register | |
sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
Publisher | Office of the Federal Register, National Archives and Records Administration | |
Section | Notices | |
Action | Notice. | |
Dates | Comments Due Date: August 22, 2016. | |
Contact | Shalei Choi, Ginnie Mae, 451 7th Street SW., Room B-133, Washington, DC 20410; email_ [email protected]; telephone--(202) 475-7820; (this is not a toll- free number); the Ginnie Mae Web site at www.ginniemae.gov for other available information. | |
FR Citation | 81 FR 40897 |