81_FR_95845 81 FR 95596 - Proposed Collection; Comment Request

81 FR 95596 - Proposed Collection; Comment Request

FEDERAL HOUSING FINANCE AGENCY

Federal Register Volume 81, Issue 249 (December 28, 2016)

Page Range95596-95612
FR Document2016-31386

In accordance with the requirements of the Paperwork Reduction Act of 1995, the Federal Housing Finance Agency (FHFA or the Agency) is seeking public comments concerning the information collection known as the ``National Survey of Mortgage Originations'' (NSMO), which has been assigned control number 2590-0012 by the Office of Management and Budget (OMB) (the collection was previously known as the ``National Survey of Mortgage Borrowers''). FHFA intends to submit the information collection to OMB for review and approval of a three-year extension of the control number, which is due to expire on December 31, 2016.

Federal Register, Volume 81 Issue 249 (Wednesday, December 28, 2016) 
[Federal Register Volume 81, Number 249 (Wednesday, December 28, 2016)]
[Notices]
[Pages 95596-95612]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-31386]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2016-N-16]


Proposed Collection; Comment Request

AGENCY: Federal Housing Finance Agency.

ACTION: 30-Day Notice of submission of information collection for 
approval from Office of Management and Budget.

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SUMMARY: In accordance with the requirements of the Paperwork Reduction 
Act of 1995, the Federal Housing Finance Agency (FHFA or the Agency) is 
seeking public comments concerning the information collection known as 
the ``National Survey of Mortgage Originations'' (NSMO), which has been 
assigned control number 2590-0012 by the Office of Management and 
Budget (OMB) (the collection was previously known as the ``National 
Survey of Mortgage Borrowers''). FHFA

[[Page 95597]]

intends to submit the information collection to OMB for review and 
approval of a three-year extension of the control number, which is due 
to expire on December 31, 2016.

DATES: Interested persons may submit comments on or before January 27, 
2017.

ADDRESSES: Submit comments to the Office of Information and Regulatory 
Affairs of the Office of Management and Budget, Attention: Desk Officer 
for the Federal Housing Finance Agency, Washington, DC 20503, Fax: 
(202) 395-3047, Email: [email protected]. Please also submit 
comments to FHFA, identified by ``Proposed Collection; Comment Request: 
`National Survey of Mortgage Originations, (No. 2016-N-16)' '' by any 
of the following methods:
     Agency Web site: www.fhfa.gov/open-for-comment-or-input.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments. If you submit your 
comment to the Federal eRulemaking Portal, please also send it by email 
to FHFA at [email protected] to ensure timely receipt by the agency.
     Mail/Hand Delivery: Federal Housing Finance Agency, Eighth 
Floor, 400 Seventh Street SW., Washington, DC 20219, ATTENTION: 
Proposed Collection; Comment Request: ``National Survey of Mortgage 
Originations, (No. 2016-N-16).''
     U.S. Mail, United Parcel Service, Federal Express, or 
Other Mail Service: The mailing address for comments is: Alfred M. 
Pollard, General Counsel, Attention: Comments/2016-N-16, Federal 
Housing Finance Agency, 400 Seventh Street SW., Eighth Floor, 
Washington, DC 20219.
    We will post all public comments we receive without change, 
including any personal information you provide, such as your name and 
address, email address, and telephone number, on the FHFA Web site at 
http://www.fhfa.gov. In addition, copies of all comments received will 
be available for examination by the public on business days between the 
hours of 10 a.m. and 3 p.m., at the Federal Housing Finance Agency, 
Eighth Floor, 400 Seventh Street SW., Washington, DC 20219. To make an 
appointment to inspect comments, please call the Office of General 
Counsel at (202) 649-3804.

FOR FURTHER INFORMATION CONTACT: Forrest Pafenberg, Supervisory 
Economist, Office of the Chief Operating Officer, by email at 
[email protected] or by telephone at (202) 649-3129; or Eric 
Raudenbush, Associate General Counsel, by email at 
[email protected] or by telephone at (202) 649-3084, (these are 
not toll-free numbers), Federal Housing Finance Agency, 400 Seventh 
Street SW., Washington, DC 20219. The Telecommunications Device for the 
Hearing Impaired is (800) 877-8339.

SUPPLEMENTARY INFORMATION: 

A. Background

    The NSMO is a recurring quarterly survey of individuals who have 
recently obtained a loan secured by a first mortgage on single-family 
residential property. The survey questionnaire is sent to a 
representative sample of approximately 6,000 recent mortgage borrowers 
each calendar quarter and typically consists of between 90 and 95 
multiple choice and short answer questions designed to obtain 
information about borrowers' experiences in choosing and in taking out 
a mortgage.\1\ The questionnaire may be completed either on paper or 
electronically online, and is available in both English and Spanish. 
The NSMO is sponsored by FHFA and is one component of the National 
Mortgage Database Project, an ongoing joint effort of FHFA and the 
Consumer Financial Protection Bureau (CFPB).
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    \1\ A copy of the most recent NSMO questionnaire appears at the 
end of this document. In addition, copies of the questionnaire in 
both English and Spanish can be accessed online at: http://www.fhfa.gov/Homeownersbuyer/Pages/National-Survey-of-Mortgage-Originations.aspx.
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    Section 1324 of the Federal Housing Enterprises Financial Safety 
and Soundness Act of 1992 (Safety and Soundness Act) requires that FHFA 
prepare annually a detailed report on the residential mortgage market 
activities of two of its regulated entities--the Federal National 
Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage 
Corporation (Freddie Mac) (collectively, ``the Enterprises'')--and to 
submit that annual report to the Committee on Banking, Housing, and 
Urban Affairs of the Senate and the Committee on Financial Services of 
the House of Representatives.\2\ At a minimum, the report must: (1) 
Address the extent to which the Enterprises are fulfilling their 
statutory duties with respect to the residential mortgage markets, 
including their duty to serve underserved markets; (2) aggregate and 
analyze relevant data on income to assess the compliance of each 
Enterprise with statutory housing goals established under section 1331 
of the Safety and Soundness Act; \3\ (3) aggregate and analyze data on 
income, race, and gender by census tract and other relevant 
classifications, and compare such data with larger demographic, 
housing, and economic trends; (4) identify the extent to which each 
Enterprise is involved in mortgage purchases and secondary market 
activities involving subprime and nontraditional loans; (5) compare the 
characteristics of subprime and nontraditional loans purchased and 
securitized by each Enterprise to other loans purchased and securitized 
by each Enterprise; and (6) compare the characteristics of high-cost 
loans purchased and securitized, but not held in portfolio, by each 
Enterprise to such securitized loans that are retained in portfolio or 
repurchased by the Enterprise, including such characteristics as the 
purchase price of the property securing the mortgage, the loan-to-value 
ratio of the mortgage, the terms of the mortgage, the creditworthiness 
of the borrower, and any other relevant data, as determined by the 
Director of FHFA.\4\
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    \2\ See 12 U.S.C. 4544(a). Congress added the requirements of 
section 1324 to the Safety and Soundness Act in 2008. See Housing 
and Economic Recovery Act of 2008, Public Law 110-289, sec. 1125, 
122 Stat. 2654, 2693-95 (2008).
    \3\ 12 U.S.C. 4561.
    \4\ See 12 U.S.C. 4544(b).
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    Section 1324 further requires that FHFA conduct a monthly survey to 
collect data needed to adequately analyze the matters that must be 
addressed in the annual report.\5\ In particular, the survey must 
collect information on the characteristics of individual prime and 
subprime mortgages and the creditworthiness and other characteristics 
of the borrowers on those mortgages.\6\ It may also address such other 
matters as the Director of FHFA deems to be appropriate.\7\ The statute 
requires that FHFA compile a database of timely and otherwise 
unavailable residential mortgage market information obtained from the 
monthly survey and to make that information available to the public.\8\
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    \5\ See 12 U.S.C. 4544(c)(1).
    \6\ See 12 U.S.C. 4544(c)(2)(A), (B).
    \7\ See 12 U.S.C. 4544(c)(2)(C).
    \8\ See 12 U.S.C. 4544(c)(3).
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    As a means of fulfilling these and other statutory requirements, as 
well as to support policymaking and research regarding the residential 
mortgage markets, FHFA and CFPB jointly established the National 
Mortgage Database Project in 2012. The project is designed to provide 
comprehensive information about the U.S. mortgage market based on a 
five percent sample of residential mortgages. The project has three 
primary components: (1) The National Mortgage Database; (2) the 
quarterly NSMO; and (3) the annual

[[Page 95598]]

American Survey of Mortgage Borrowers (ASMB).\9\ When fully complete, 
the National Mortgage Database will be a de-identified loan-level 
database of closed-end first-lien residential mortgage loans that is 
representative of the market as a whole, contains detailed loan-level 
information on the terms and performance of the mortgages and the 
characteristics of the associated borrowers and properties, is 
continually updated, has an historical component dating back to 1998, 
and provides a sampling frame for surveys to collect additional 
information.
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    \9\ While the NSMO solicits information about the experiences of 
borrowers who have recently obtained a mortgage, the ASMB solicits 
information on borrowers' experience with maintaining their existing 
mortgages. OMB has cleared the ASMB under the PRA and assigned it 
control no. 2590-0015, which expires on July 31, 2019.
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    The core data in the National Mortgage Database are drawn from a 
random 1-in-20 sample of all closed-end first-lien mortgage loans 
outstanding at any time between January 1998 and the present from the 
files of Experian, one of the three nationwide credit reporting 
agencies. The National Mortgage Database currently contains data on 
approximately 11.6 million mortgage loans. Between 80,000 and 100,000 
mortgages, drawn from a random 1-in-20 sample of loans newly reported 
to Experian, are added each quarter. Additional information on the 
mortgages in the datasets is drawn from other existing sources, 
including, but not limited to the Home Mortgage Disclosure Act (HMDA) 
data released by the Federal Financial Institutions Examination Council 
(FFIEC), property valuation models, transactional data maintained by 
local governments, and administrative data files maintained by the 
Enterprises and by federal agencies. Mortgages are followed in the 
National Mortgage Database until they terminate through prepayment 
(including refinancing), foreclosure, or maturity.
    The NSMO was developed to complement the National Mortgage Database 
by providing critical and timely information--not available from 
existing sources--on the range of nontraditional and subprime mortgage 
products being offered, the methods by which these mortgages are being 
marketed, and the characteristics of borrowers for these types of 
loans. In particular, the survey questionnaire is designed to elicit 
directly from mortgage borrowers information on the characteristics of 
borrowers and on their experiences in finding and obtaining a mortgage 
loan, including: Their mortgage shopping behavior; their mortgage 
closing experiences; their expectations regarding house price 
appreciation; and critical financial and other life events effecting 
their households, such as unemployment, large medical expenses, or 
divorce. The survey questions do not focus on the terms of the 
borrowers' mortgage loans because these fields are available in the 
Experian data. However, the NSMO collects a limited amount of 
information on each respondent's mortgage to verify that the Experian 
records and survey responses pertain to the same mortgage.
    Each wave of the NSMO is sent to the primary borrowers on about 
6,000 mortgage loans, which are drawn from a simple random sample of 
the 80,000 to 100,000 newly originated mortgage loans that are added to 
the National Mortgage Database from the Experian files each quarter (at 
present, this represents an approximately 1-in-15 sample of loans added 
to the National Mortgage Database and an approximately 1-in-300 sample 
of all mortgage loan originations). By contract with FHFA, the conduct 
of the NSMO is administered through Experian, which has subcontracted 
the survey administration through a competitive process to Westat, a 
nationally-recognized survey vendor.\10\ Westat also carries out the 
pre-testing of the survey materials. Wave 1 of the NSMO was mailed out 
in April 2014, and a new wave of the survey has been conducted each 
quarter since. To date, eleven quarterly waves of the survey have been 
completed.
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    \10\ The Fair Credit Reporting Act, 15 U.S.C. 1681 et seq., 
requires that the survey process, because it utilizes borrower names 
and addresses drawn from credit reporting agency records, must be 
administered through Experian in order to maintain consumer privacy.
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B. Need For and Use of the Information Collection

    FHFA views the National Mortgage Database Project as a whole, 
including the NSMO, as the monthly ``survey'' that is required by 
section 1324 of the Safety and Soundness Act. Core inputs to the 
National Mortgage Database, such as a regular refresh of the Experian 
data, occur monthly, though NSMO itself does not. In combination with 
the other information in the National Mortgage Database, the 
information obtained through the NSMO is used to prepare the report to 
Congress on the mortgage market activities of Fannie Mae and Freddie 
Mac that FHFA is required to submit under section 1324, as well as for 
research and analysis by FHFA and CFPB in support of their regulatory 
and supervisory responsibilities related to the residential mortgage 
markets. The NSMO is especially critical in ensuring that the National 
Mortgage Database contains uniquely comprehensive information on the 
range of nontraditional and subprime mortgage products being offered, 
the methods by which these mortgages are being marketed and the 
characteristics--and particularly the creditworthiness--of borrowers 
for these types of loans. In the future, the information may be used to 
provide a resource for research and analysis by other federal agencies 
and by academics and other interested parties outside of the 
government.
    FHFA is also seeking OMB approval to conduct cognitive pre-testing 
of the survey materials. The Agency will use information collected 
through that process to assist in drafting and modifying the survey 
questions and instructions, as well as the related communications, to 
read in the way that will be most readily understood by the survey 
respondents and that will be most likely to elicit usable responses. 
Such information will also be used help the Agency decide on how best 
to organize and format the survey questionnaires.
    The OMB control number for this information collection is 2590-
0012. The current clearance for the information collection expires on 
December 31, 2016.

C. Burden Estimate

    FHFA has analyzed the hour burden on members of the public 
associated with conducting the survey (12,000 hours) and with pre-
testing the survey materials (30 hours) and estimates the total annual 
hour burden imposed on the public by this information collection to be 
12,030 hours. The estimate for each phase of the collection was 
calculated as follows:

I. Conducting the Survey

    FHFA estimates that the NSMO questionnaire will be sent to 24,000 
recipients annually (6,000 recipients per quarterly survey x 4 calendar 
quarters). Although, based on historical experience, the Agency expects 
that only 30 to 35 percent of those surveys will be returned, it has 
assumed that all of the surveys will be returned for purposes of this 
burden calculation. Based on the reported experience of respondents to 
prior NSMO questionnaires, FHFA estimates that it will take each 
respondent 30 minutes (0.5 hours) to complete the survey, including the 
gathering of necessary materials to respond to the questions. This 
results in a total annual burden estimate of 12,000 hours for the 
survey phase of this collection (24,000

[[Page 95599]]

respondents x 0.5 hours per respondent = 12,000 hours annually).

II. Pre-Testing the Materials

    FHFA estimates that it will pre-test the survey materials with 30 
cognitive testing participants annually. The estimated participation 
time for each participant is one hour, resulting in a total annual 
burden estimate of 30 hours for the pre-testing phase of the collection 
(30 participants x 1 hour per participant = 30 hours annually).

D. Comments Received in Response to Initial Notice

    In accordance with the requirements of 5 CFR 1320.8(d), FHFA 
published an initial notice requesting comments regarding this 
information collection in the Federal Register on September 13, 
2016.\11\ The 60 day comment period closed on November 14, 2016. FHFA 
received two comment letters, one of which recommended revisions to the 
content of the survey questionnaire and the other of which recommended 
measures to increase survey response rates. FHFA has carefully 
considered each of the suggested revisions, but, as explained below, 
has decided not to implement any of those suggestions at this time.
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    \11\ See 81 FR 62889 (Sept. 13, 2016).
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    The first comment letter was from an individual who has served in 
various capacities with a community association trade group and who is 
the president of a company that provides online technology in support 
of the sale, resale, finance, and refinance of homes in community 
associations.\12\ The letter asserts that certain questions in the NSMO 
questionnaire ``fail to adequately and effectively recognize'' the role 
of community associations in U.S. home ownership and that, as a result, 
data from the NSMO regarding community associations ``has nominal 
heuristic and statistical value at best.'' It suggests adding several 
questions to the NSMO questionnaire, and revising several existing 
questions, to elicit more information relevant to community 
associations.
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    \12\ The letter explains that community associations are 
``housing management organizations that are an out-growth of 
traditional subdivision and zoning controls'' and include 
condominiums, cooperatives, and planned communities.
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    Specifically, the letter first suggests revising Question 60 to 
elicit more specific information on the type of property that is 
associated with the respondent's mortgage and adding two questions as 
to whether the respondent's property is in a community association and, 
if so, the specific type of community association. FHFA believes that, 
while such questions could be suitable for a survey that focuses on 
housing structure, they would not be appropriate for the NSMO, which 
focuses on consumers' experience in seeking and obtaining a residential 
mortgage loan.\13\ The commenter also suggests adding a question to 
elicit information on the respondent's level of familiarity with 
various types of community association fees. Again, such a question 
would be beyond the scope of the NSMO, which does not attempt to 
capture information on the cost of a mortgage or on fees paid at 
origination or over the life of the mortgage.
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    \13\ Both the American Housing Survey (sponsored jointly by the 
Department of Housing and Urban Development and the Census Bureau) 
and the American Community Survey (sponsored by the Census Bureau) 
would be more appropriate vehicles for eliciting such information.
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    Finally the letter suggests revising the answer choices for 
Questions 7, 39, and 50 to allow respondents to indicate, respectively: 
Whether they used any of the proceeds from a refinance to pay community 
association fees; whether and to what extent community association 
documents or officials may have provided them with information about 
mortgages or mortgage lenders; and whether and to what extent they 
sought input about their mortgage loan closing documents from officials 
of a community association. FHFA notes that each of those questions 
permits a respondent to choose ``other'' and to write in a specific 
answer if none of the other answer choices are applicable. To date, 
none of the questions have elicited an ``other'' response in the vein 
of any of the answer choices that the commenter suggests adding. 
Accordingly, FHFA does not see a need to revise any of the questions in 
the manner suggested.
    The second comment letter, from a law school professor, states that 
the NSMO is very important to understanding the health of the mortgage 
market and agrees that the collection is necessary for the proper 
performance of FHFA functions. However, it also expresses a concern 
that, given the length of the survey questionnaire, those recipients 
who ultimately decide to respond will not be representative of the 
typical borrower. It suggests two ways of encouraging a response from 
recipients who might otherwise be reluctant to take the time to 
complete the survey: (1) Providing a greater incentive; and (2) 
allowing recipients the option of completing a shorter version of the 
questionnaire.
    FHFA agrees that non-response bias (the bias that results when 
respondents differ systematically from non-respondents) is an important 
concern and the Agency has spent, and continues to spend, significant 
time considering ways to increase response rates and to mitigate the 
effects of non-response bias. In developing the NSMO, the Agency 
consulted with top experts on conducting consumer surveys, who 
recommended an up-front payment of five dollars as the most effective 
way of incentivizing survey recipients to respond. FHFA adopted this 
recommendation. In addition, based on the results of the first seven 
waves of the NSMO, these experts also evaluated the expected effect on 
the response rate of increasing or decreasing the number of questions 
and the length of the questionnaire. Both experts opined that 
shortening the questionnaire would not significantly increase the 
response rate.
    With respect to the mitigation of non-response bias when analyzing 
survey responses, FHFA has followed best practices of survey sampling 
analysis. The availability in the National Mortgage Database of 
extensive credit and administrative data on both responding and non-
responding borrowers gives FHFA the ability to construct non-response 
weights with more accuracy than is possible for most surveys.

E. Comment Request

    In accordance with the requirements of 5 CFR 1320.10(a), FHFA is 
publishing this second notice to request comments regarding the 
following: (1) Whether the collection of information is necessary for 
the proper performance of FHFA functions, including whether the 
information has practical utility; (2) the accuracy of FHFA's estimates 
of the burdens of the collection of information; (3) ways to enhance 
the quality, utility and clarity of the information collected; and (4) 
ways to minimize the burden of the collection of information on members 
and project sponsors, including through the use of automated collection 
techniques or other forms of information technology. Comments should be 
submitted in writing to both OMB and FHFA as instructed above in the 
Comments section.

    Dated: December 22, 2016.
Kevin Winkler,
Chief Information Officer, Federal Housing Finance Agency.

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[FR Doc. 2016-31386 Filed 12-27-16; 8:45 am]
 BILLING CODE 8070-01-P

95596 Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices General Counsel, Attention: Comments/ II. Introduction Information about LEP or PL will be 2016–N–13, Federal Housing Finance This notice satisfies the Privacy Act collected as part of the National Survey Agency, 400 Seventh Street SW., Eighth requirement that an agency publish a of Mortgage Originations and the Floor, Washington, DC 20219. To ensure system of records notice in the Federal American Survey of Mortgage timely receipt of hand delivered Register when there is an addition or Borrowers. Responses to the survey will package, please ensure that the package change to an agency’s system of records. be maintained in anonymized form as is delivered to the Seventh Street Congress has recognized that part of the National Mortgage Database entrance Guard Desk, First Floor, on application of all requirements of the Project. A separate opt-out list from the business days between 9 a.m. to 5 p.m. Privacy Act to certain categories of Surveys will be maintained which will • U.S. Mail, United Parcel Service, records may have an undesirable and contain name, address, and Zip Code of Federal Express, or Other Mail Service: often unacceptable effect upon agencies those individuals who have opted out of The mailing address for comments is: in the conduct of necessary public receiving communications about the Alfred M. Pollard, General Counsel, business. Consequently, Congress Surveys. FHFA employees will not have Attention: Comments/2016–N–13, established general exemptions and access to this list. This list is maintained Federal Housing Finance Agency, 400 specific exemptions that could be used in order to ensure that these individuals Seventh Street SW., Eighth Floor, to exempt records from provisions of the do not receive any future Washington, DC 20219. Please note that Privacy Act. Congress also required that communications about the Surveys after all mail sent to FHFA via the U.S. Postal exempting records from provisions of opting out. Service is routed through a national the Privacy Act would require the head The revision to the system of records irradiation facility, a process that may of an agency to publish a determination notice is described in detail below. All delay delivery by approximately two to exempt a record from the Privacy Act other aspects of the system of records weeks. For any time-sensitive as a rule in accordance with the notice, other than the changes described correspondence, please plan Administrative Procedure Act. The below, remain unchanged. accordingly. Director of FHFA has determined that See SUPPLEMENTARY INFORMATION for FHFA–21 records and information in this system additional information on submission of records are not exempt from the SYSTEM NAME: and posting of comments. requirements of the Privacy Act. National Mortgage Database Project. FOR FURTHER INFORMATION CONTACT: As required by the Privacy Act, 5 Forrest Pafenberg, Program Manager, CATEGORIES OF RECORDS IN THE SYSTEM: U.S.C. 552a(r), and pursuant to National Mortgage Database Project, paragraph 4c of Appendix I to OMB Records include information related Forrest.Pafenberg@fhfa.gov or (202) Circular No. A–130, ‘‘Federal Agency to an individual’s language preference, 649–3129; Stacy Easter, Privacy Act Responsibilities for Maintaining including, but not limited to, Officer, privacy@fhfa.gov or (202) 649– Records About Individuals,’’ dated information about the borrower’s or co- 3803; or David A. Lee, Senior Agency November 28, 2000, FHFA has borrower’s Limited English Proficiency Official for Privacy, privacy@fhfa.gov or submitted a report describing the system and/or Preferred Language. (202) 649–3803 (not toll-free numbers), of records covered by this notice to the Dated: December 21, 2016. Federal Housing Finance Agency, 400 Committee on Oversight and Melvin L. Watt, Seventh Street SW., Washington, DC Government Reform of the House of Director, Federal Housing Finance Agency. 20219. The telephone number for the Representatives, the Committee on [FR Doc. 2016–31381 Filed 12–27–16; 8:45 am] Telecommunications Device for the Deaf Homeland Security and Governmental BILLING CODE 8070–01–P is 800–877–8339. Affairs of the Senate, and the Office of SUPPLEMENTARY INFORMATION: Management and Budget. I. Comments III. Revised System of Records FEDERAL HOUSING FINANCE AGENCY FHFA seeks public comments on the The ‘‘National Mortgage Database revision to the system of records and Project’’ (FHFA–21) system of records is [No. 2016–N–16] will take all comments into being revised to add data fields related consideration. See 5 U.S.C. 552a(e)(4) to language, specifically information Proposed Collection; Comment and (11). In addition to referencing related to Limited English Proficiency or Request ‘‘Comments/2016–N–13,’’ please a Preferred Language. The information AGENCY: Federal Housing Finance reference the ‘‘National Mortgage is being collected to identify obstacles Agency. Database Project’’ (FHFA–21). for borrowers with Limited English ACTION: 30-Day Notice of submission of All comments received will be posted Proficiency (LEP) or a Preferred information collection for approval from without change on the FHFA Web site Language (PL) in accessing mortgage Office of Management and Budget. at http://www.fhfa.gov, and will include credit, analyze potential solutions, and any personal information provided, develop measures to improve access to SUMMARY: In accordance with the such as name, address (mailing and credit. This information will assist requirements of the Paperwork email), and telephone numbers. In FHFA in ensuring that its regulated Reduction Act of 1995, the Federal addition, copies of all comments entities appropriately support Housing Finance Agency (FHFA or the received will be available without meaningful access to the mortgage Agency) is seeking public comments change for public inspection on market for mortgage ready LEP/PL concerning the information collection sradovich on DSK3GMQ082PROD with NOTICES business days between the hours of 10 borrowers, as well as support the overall known as the ‘‘National Survey of a.m. and 3 p.m., at the Federal Housing goal of assuring that borrowers are able Mortgage Originations’’ (NSMO), which Finance Agency, 400 Seventh Street to understand and participate fully in has been assigned control number 2590– SW., Washington, DC 20219. To make the mortgage life cycle, including 0012 by the Office of Management and an appointment to inspect comments, origination, servicing, and loss Budget (OMB) (the collection was please call the Office of General Counsel mitigation, regardless of the language previously known as the ‘‘National at (202) 649–3804. spoken. Survey of Mortgage Borrowers’’). FHFA VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00042 Fmt 4703 Sfmt 4703 E:\FR\FM\28DEN1.SGM 28DEN1

Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices 95597 intends to submit the information General Counsel, by email at the Safety and Soundness Act; 3 (3) collection to OMB for review and Eric.Raudenbush@fhfa.gov or by aggregate and analyze data on income, approval of a three-year extension of the telephone at (202) 649–3084, (these are race, and gender by census tract and control number, which is due to expire not toll-free numbers), Federal Housing other relevant classifications, and on December 31, 2016. Finance Agency, 400 Seventh Street compare such data with larger DATES: Interested persons may submit SW., Washington, DC 20219. The demographic, housing, and economic comments on or before January 27, Telecommunications Device for the trends; (4) identify the extent to which 2017. Hearing Impaired is (800) 877–8339. each Enterprise is involved in mortgage SUPPLEMENTARY INFORMATION: purchases and secondary market ADDRESSES: Submit comments to the activities involving subprime and Office of Information and Regulatory A. Background nontraditional loans; (5) compare the Affairs of the Office of Management and The NSMO is a recurring quarterly characteristics of subprime and Budget, Attention: Desk Officer for the survey of individuals who have recently nontraditional loans purchased and Federal Housing Finance Agency, obtained a loan secured by a first securitized by each Enterprise to other Washington, DC 20503, Fax: (202) 395– mortgage on single-family residential loans purchased and securitized by each 3047, Email: OIRA_submission@ property. The survey questionnaire is Enterprise; and (6) compare the omb.eop.gov. Please also submit sent to a representative sample of characteristics of high-cost loans comments to FHFA, identified by approximately 6,000 recent mortgage purchased and securitized, but not held ‘‘Proposed Collection; Comment borrowers each calendar quarter and in portfolio, by each Enterprise to such Request: ‘National Survey of Mortgage typically consists of between 90 and 95 securitized loans that are retained in Originations, (No. 2016–N–16)’ ’’ by any multiple choice and short answer portfolio or repurchased by the of the following methods: questions designed to obtain • Agency Web site: www.fhfa.gov/ Enterprise, including such information about borrowers’ characteristics as the purchase price of open-for-comment-or-input. experiences in choosing and in taking • Federal eRulemaking Portal: http:// the property securing the mortgage, the out a mortgage.1 The questionnaire may loan-to-value ratio of the mortgage, the www.regulations.gov. Follow the be completed either on paper or instructions for submitting comments. If terms of the mortgage, the electronically online, and is available in creditworthiness of the borrower, and you submit your comment to the both English and Spanish. The NSMO is Federal eRulemaking Portal, please also any other relevant data, as determined sponsored by FHFA and is one by the Director of FHFA.4 send it by email to FHFA at component of the National Mortgage RegComments@fhfa.gov to ensure Section 1324 further requires that Database Project, an ongoing joint effort FHFA conduct a monthly survey to timely receipt by the agency. of FHFA and the Consumer Financial • Mail/Hand Delivery: Federal collect data needed to adequately Protection Bureau (CFPB). analyze the matters that must be Housing Finance Agency, Eighth Floor, Section 1324 of the Federal Housing 400 Seventh Street SW., Washington, addressed in the annual report.5 In Enterprises Financial Safety and particular, the survey must collect DC 20219, ATTENTION: Proposed Soundness Act of 1992 (Safety and Collection; Comment Request: ‘‘National information on the characteristics of Soundness Act) requires that FHFA individual prime and subprime Survey of Mortgage Originations, (No. prepare annually a detailed report on 2016–N–16).’’ mortgages and the creditworthiness and the residential mortgage market other characteristics of the borrowers on • U.S. Mail, United Parcel Service, activities of two of its regulated Federal Express, or Other Mail Service: those mortgages.6 It may also address entities—the Federal National Mortgage such other matters as the Director of The mailing address for comments is: Association (Fannie Mae) and the Alfred M. Pollard, General Counsel, FHFA deems to be appropriate.7 The Federal Home Loan Mortgage statute requires that FHFA compile a Attention: Comments/2016–N–16, Corporation (Freddie Mac) (collectively, Federal Housing Finance Agency, 400 database of timely and otherwise ‘‘the Enterprises’’)—and to submit that unavailable residential mortgage market Seventh Street SW., Eighth Floor, annual report to the Committee on Washington, DC 20219. information obtained from the monthly Banking, Housing, and Urban Affairs of survey and to make that information We will post all public comments we the Senate and the Committee on receive without change, including any available to the public.8 Financial Services of the House of As a means of fulfilling these and personal information you provide, such Representatives.2 At a minimum, the as your name and address, email other statutory requirements, as well as report must: (1) Address the extent to to support policymaking and research address, and telephone number, on the which the Enterprises are fulfilling their FHFA Web site at http://www.fhfa.gov. regarding the residential mortgage statutory duties with respect to the markets, FHFA and CFPB jointly In addition, copies of all comments residential mortgage markets, including received will be available for established the National Mortgage their duty to serve underserved markets; Database Project in 2012. The project is examination by the public on business (2) aggregate and analyze relevant data days between the hours of 10 a.m. and designed to provide comprehensive on income to assess the compliance of information about the U.S. mortgage 3 p.m., at the Federal Housing Finance each Enterprise with statutory housing Agency, Eighth Floor, 400 Seventh market based on a five percent sample goals established under section 1331 of of residential mortgages. The project has Street SW., Washington, DC 20219. To make an appointment to inspect 1 A copy of the most recent NSMO questionnaire three primary components: (1) The comments, please call the Office of appears at the end of this document. In addition, National Mortgage Database; (2) the sradovich on DSK3GMQ082PROD with NOTICES General Counsel at (202) 649–3804. copies of the questionnaire in both English and quarterly NSMO; and (3) the annual Spanish can be accessed online at: http:// FOR FURTHER INFORMATION CONTACT: www.fhfa.gov/Homeownersbuyer/Pages/National- 3 12 U.S.C. 4561. Forrest Pafenberg, Supervisory Survey-of-Mortgage-Originations.aspx. 4 See 12 U.S.C. 4544(b). 2 See 12 U.S.C. 4544(a). Congress added the Economist, Office of the Chief Operating 5 See 12 U.S.C. 4544(c)(1). requirements of section 1324 to the Safety and Officer, by email at Forrest.Pafenberg@ Soundness Act in 2008. See Housing and Economic 6 See 12 U.S.C. 4544(c)(2)(A), (B). fhfa.gov or by telephone at (202) 649– Recovery Act of 2008, Public Law 110–289, sec. 7 See 12 U.S.C. 4544(c)(2)(C). 3129; or Eric Raudenbush, Associate 1125, 122 Stat. 2654, 2693–95 (2008). 8 See 12 U.S.C. 4544(c)(3). 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95598 Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices American Survey of Mortgage Borrowers expectations regarding house price that the National Mortgage Database (ASMB).9 When fully complete, the appreciation; and critical financial and contains uniquely comprehensive National Mortgage Database will be a other life events effecting their information on the range of de-identified loan-level database of households, such as unemployment, nontraditional and subprime mortgage closed-end first-lien residential large medical expenses, or divorce. The products being offered, the methods by mortgage loans that is representative of survey questions do not focus on the which these mortgages are being the market as a whole, contains detailed terms of the borrowers’ mortgage loans marketed and the characteristics—and loan-level information on the terms and because these fields are available in the particularly the creditworthiness—of performance of the mortgages and the Experian data. However, the NSMO borrowers for these types of loans. In the characteristics of the associated collects a limited amount of information future, the information may be used to borrowers and properties, is continually on each respondent’s mortgage to verify provide a resource for research and updated, has an historical component that the Experian records and survey analysis by other federal agencies and dating back to 1998, and provides a responses pertain to the same mortgage. by academics and other interested sampling frame for surveys to collect Each wave of the NSMO is sent to the parties outside of the government. additional information. primary borrowers on about 6,000 FHFA is also seeking OMB approval The core data in the National mortgage loans, which are drawn from to conduct cognitive pre-testing of the Mortgage Database are drawn from a a simple random sample of the 80,000 survey materials. The Agency will use random 1-in-20 sample of all closed-end to 100,000 newly originated mortgage information collected through that first-lien mortgage loans outstanding at loans that are added to the National process to assist in drafting and any time between January 1998 and the Mortgage Database from the Experian modifying the survey questions and present from the files of Experian, one files each quarter (at present, this instructions, as well as the related of the three nationwide credit reporting represents an approximately 1-in-15 communications, to read in the way that agencies. The National Mortgage sample of loans added to the National will be most readily understood by the Database currently contains data on Mortgage Database and an survey respondents and that will be approximately 11.6 million mortgage approximately 1-in-300 sample of all most likely to elicit usable responses. loans. Between 80,000 and 100,000 mortgage loan originations). By contract Such information will also be used help mortgages, drawn from a random 1-in- with FHFA, the conduct of the NSMO the Agency decide on how best to 20 sample of loans newly reported to is administered through Experian, organize and format the survey Experian, are added each quarter. which has subcontracted the survey questionnaires. Additional information on the administration through a competitive mortgages in the datasets is drawn from process to Westat, a nationally- The OMB control number for this other existing sources, including, but recognized survey vendor.10 Westat also information collection is 2590–0012. not limited to the Home Mortgage carries out the pre-testing of the survey The current clearance for the Disclosure Act (HMDA) data released by materials. Wave 1 of the NSMO was information collection expires on the Federal Financial Institutions mailed out in April 2014, and a new December 31, 2016. Examination Council (FFIEC), property wave of the survey has been conducted C. Burden Estimate valuation models, transactional data each quarter since. To date, eleven maintained by local governments, and quarterly waves of the survey have been FHFA has analyzed the hour burden administrative data files maintained by completed. on members of the public associated the Enterprises and by federal agencies. with conducting the survey (12,000 B. Need For and Use of the Information hours) and with pre-testing the survey Mortgages are followed in the National Collection materials (30 hours) and estimates the Mortgage Database until they terminate through prepayment (including FHFA views the National Mortgage total annual hour burden imposed on refinancing), foreclosure, or maturity. Database Project as a whole, including the public by this information collection The NSMO was developed to the NSMO, as the monthly ‘‘survey’’ to be 12,030 hours. The estimate for complement the National Mortgage that is required by section 1324 of the each phase of the collection was Database by providing critical and Safety and Soundness Act. Core inputs calculated as follows: timely information—not available from to the National Mortgage Database, such I. Conducting the Survey existing sources—on the range of as a regular refresh of the Experian data, nontraditional and subprime mortgage occur monthly, though NSMO itself FHFA estimates that the NSMO products being offered, the methods by does not. In combination with the other questionnaire will be sent to 24,000 which these mortgages are being information in the National Mortgage recipients annually (6,000 recipients per marketed, and the characteristics of Database, the information obtained quarterly survey × 4 calendar quarters). borrowers for these types of loans. In through the NSMO is used to prepare Although, based on historical particular, the survey questionnaire is the report to Congress on the mortgage experience, the Agency expects that designed to elicit directly from mortgage market activities of Fannie Mae and only 30 to 35 percent of those surveys borrowers information on the Freddie Mac that FHFA is required to will be returned, it has assumed that all characteristics of borrowers and on their submit under section 1324, as well as of the surveys will be returned for experiences in finding and obtaining a for research and analysis by FHFA and purposes of this burden calculation. mortgage loan, including: Their CFPB in support of their regulatory and Based on the reported experience of mortgage shopping behavior; their supervisory responsibilities related to respondents to prior NSMO questionnaires, FHFA estimates that it sradovich on DSK3GMQ082PROD with NOTICES mortgage closing experiences; their the residential mortgage markets. The NSMO is especially critical in ensuring will take each respondent 30 minutes 9 While the NSMO solicits information about the (0.5 hours) to complete the survey, experiences of borrowers who have recently 10 The Fair Credit Reporting Act, 15 U.S.C. 1681 including the gathering of necessary obtained a mortgage, the ASMB solicits information et seq., requires that the survey process, because it materials to respond to the questions. on borrowers’ experience with maintaining their utilizes borrower names and addresses drawn from existing mortgages. OMB has cleared the ASMB credit reporting agency records, must be This results in a total annual burden under the PRA and assigned it control no. 2590– administered through Experian in order to maintain estimate of 12,000 hours for the survey 0015, which expires on July 31, 2019. consumer privacy. phase of this collection (24,000 VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00044 Fmt 4703 Sfmt 4703 E:\FR\FM\28DEN1.SGM 28DEN1

Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices 95599 respondents × 0.5 hours per respondent FHFA believes that, while such differ systematically from non- = 12,000 hours annually). questions could be suitable for a survey respondents) is an important concern that focuses on housing structure, they and the Agency has spent, and II. Pre-Testing the Materials would not be appropriate for the NSMO, continues to spend, significant time FHFA estimates that it will pre-test which focuses on consumers’ considering ways to increase response the survey materials with 30 cognitive experience in seeking and obtaining a rates and to mitigate the effects of non- testing participants annually. The residential mortgage loan.13 The response bias. In developing the NSMO, estimated participation time for each commenter also suggests adding a the Agency consulted with top experts participant is one hour, resulting in a question to elicit information on the on conducting consumer surveys, who total annual burden estimate of 30 hours respondent’s level of familiarity with recommended an up-front payment of for the pre-testing phase of the various types of community association five dollars as the most effective way of collection (30 participants × 1 hour per fees. Again, such a question would be incentivizing survey recipients to participant = 30 hours annually). beyond the scope of the NSMO, which respond. FHFA adopted this D. Comments Received in Response to does not attempt to capture information recommendation. In addition, based on Initial Notice on the cost of a mortgage or on fees paid the results of the first seven waves of the at origination or over the life of the NSMO, these experts also evaluated the In accordance with the requirements mortgage. of 5 CFR 1320.8(d), FHFA published an expected effect on the response rate of Finally the letter suggests revising the increasing or decreasing the number of initial notice requesting comments answer choices for Questions 7, 39, and regarding this information collection in questions and the length of the 50 to allow respondents to indicate, questionnaire. Both experts opined that the Federal Register on September 13, respectively: Whether they used any of 2016.11 The 60 day comment period shortening the questionnaire would not the proceeds from a refinance to pay significantly increase the response rate. closed on November 14, 2016. FHFA community association fees; whether received two comment letters, one of and to what extent community With respect to the mitigation of non- which recommended revisions to the association documents or officials may response bias when analyzing survey content of the survey questionnaire and have provided them with information responses, FHFA has followed best the other of which recommended about mortgages or mortgage lenders; practices of survey sampling analysis. measures to increase survey response and whether and to what extent they The availability in the National rates. FHFA has carefully considered sought input about their mortgage loan Mortgage Database of extensive credit each of the suggested revisions, but, as closing documents from officials of a and administrative data on both explained below, has decided not to community association. FHFA notes responding and non-responding implement any of those suggestions at that each of those questions permits a borrowers gives FHFA the ability to this time. respondent to choose ‘‘other’’ and to construct non-response weights with The first comment letter was from an write in a specific answer if none of the more accuracy than is possible for most individual who has served in various other answer choices are applicable. To surveys. capacities with a community association date, none of the questions have elicited trade group and who is the president of E. Comment Request an ‘‘other’’ response in the vein of any a company that provides online of the answer choices that the In accordance with the requirements technology in support of the sale, resale, commenter suggests adding. of 5 CFR 1320.10(a), FHFA is publishing finance, and refinance of homes in Accordingly, FHFA does not see a need this second notice to request comments community associations.12 The letter to revise any of the questions in the regarding the following: (1) Whether the asserts that certain questions in the manner suggested. collection of information is necessary NSMO questionnaire ‘‘fail to adequately The second comment letter, from a for the proper performance of FHFA and effectively recognize’’ the role of law school professor, states that the functions, including whether the community associations in U.S. home NSMO is very important to information has practical utility; (2) the ownership and that, as a result, data understanding the health of the accuracy of FHFA’s estimates of the from the NSMO regarding community mortgage market and agrees that the burdens of the collection of information; associations ‘‘has nominal heuristic and collection is necessary for the proper (3) ways to enhance the quality, utility statistical value at best.’’ It suggests performance of FHFA functions. and clarity of the information collected; adding several questions to the NSMO However, it also expresses a concern and (4) ways to minimize the burden of questionnaire, and revising several that, given the length of the survey the collection of information on existing questions, to elicit more questionnaire, those recipients who members and project sponsors, information relevant to community ultimately decide to respond will not be including through the use of automated associations. representative of the typical borrower. It collection techniques or other forms of Specifically, the letter first suggests suggests two ways of encouraging a information technology. Comments revising Question 60 to elicit more response from recipients who might should be submitted in writing to both specific information on the type of otherwise be reluctant to take the time OMB and FHFA as instructed above in property that is associated with the to complete the survey: (1) Providing a the Comments section. respondent’s mortgage and adding two greater incentive; and (2) allowing questions as to whether the recipients the option of completing a Dated: December 22, 2016. respondent’s property is in a shorter version of the questionnaire. Kevin Winkler, sradovich on DSK3GMQ082PROD with NOTICES community association and, if so, the FHFA agrees that non-response bias Chief Information Officer, Federal Housing specific type of community association. (the bias that results when respondents Finance Agency. 11 See 81 FR 62889 (Sept. 13, 2016). condominiums, cooperatives, and planned American Community Survey (sponsored by the 12 The letter explains that community communities. Census Bureau) would be more appropriate vehicles associations are ‘‘housing management 13 Both the American Housing Survey (sponsored for eliciting such information. organizations that are an out-growth of traditional jointly by the Department of Housing and Urban subdivision and zoning controls’’ and include Development and the Census Bureau) and the VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00045 Fmt 4703 Sfmt 4703 E:\FR\FM\28DEN1.SGM 28DEN1

95600 Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices t services. We want to make it as easy as this survey. You can mail back the paper survey in the enclosed business the survey online. The online version of the to because it any IN your survey # in the encuesta encuesta sradovich on DSK3GMQ082PROD with NOTICES Thanks so much for your national effort to in home EN28DE16.016</GPH> VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00046 Fmt 4703 Sfmt 4725 E:\FR\FM\28DEN1.SGM 28DEN1

Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices 95601 n Privacy Act Notice: In accordance with the Privacy Act, as amended (5 U.S.C. § 552a), the following notice is provided. The information requested on this Survey is collected pursuant to 12 U.S.C. 4544 for the purposes of gathering information for the National Mortgage Database. Routine uses which may be made of the collected information can be found in the Federal Housing Finance Agency's System of Records Notice (SORN) FHFA-21 National Mortgage Database. Providing the requested information is voluntary. Submission of the survey authorizes FHFA to collect the information provided and to disclose it as set forth in the referenced SORN. Paperwork Reduction Act Statement: Notwithstanding any other provision of the law, no person is required to respond to, nor shall any person be subject to a penalty for failure to comply with, a collection of information subject to the requirements of the Paperwork Reduction Act, unless that collection of information displays a currently valid OMB Control Number. OMB No. 2590-0012 Expires 12/31120 16 sradovich on DSK3GMQ082PROD with NOTICES EN28DE16.017</GPH> VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00047 Fmt 4703 Sfmt 4725 E:\FR\FM\28DEN1.SGM 28DEN1

95602 Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices • Thankyouforhelping us to learn more . abouJ your experience in getting or rejmcmcJJtg a mortgage. 1. \Vitbin the past 18 months or so, did you take 5. When you began the process Ql getting this mortgage, bow concerned were you about qualifying for a IJlurtgage'? • out or co-sign for a mortgage l()~tn including any OVery 0 Somevvhat ONotat.all refinance.of an .existing mortgage? 6. How firm an idea did. you (and any co"signers) 0 Yes 4lfy()u took out or co-sigved for more than ha:veabout the mortgage you wanted? .. one martgage durir;g this time, please refer to your ex:perien.ce with the most· 0 Fitm idea 0Someidea 0 iittle idea N!e(!nt refina.nee or new mortgage. 0 No ~·Please return the blank questionnaire so 7. How mu~h did you useea~h ofthefollowing We know the survey does not appzy to you. sources to. get information about mortgages or money enclosed is you1's to keep. :iuo~-t~"-b'C:' l.Cnd<a.::.:.? 2. Did we mail this survey to .the address of tire A A Not house or property you financed with t(lis Lot Little At All mortgage? Your lender or mortgage broker 0 0 0 Other lenders or brokers 0 0 0 0 O.No Real estate agents or builders 0 0 0 3; Including.you, who signed or co-signed for Material in the mail 0 0 0 this mortgage? Mark all that applJt. Websites that provide infonnation on getting a mortgage 0 0 0 Oisigned 0 Spouse/part:t:ler including a former spouse/partner Newspaper/TV/Radio 0 D 0 Friends/relatives(co-workers 0 0 0 OParents .Bankers or finam::ial plafln{lrs 0 0 0 0Children Housing cotmselors 0 0 0 0 Other relatives 0 Other (e.g. friend, business partner) Qth.er (specifY) 0 0 d lf this loan was co-signed by others, take into acco~mt ali co~signers.as best you.can when answering the rest 8. Wllich ofthe following best describes.your q[the surwy. Otherwise, itisyou.r own situation that shopping process? ·H•e want.to know .about. .0 I picked rhe lqan type first, and Jhen I picked the 4. When you .began the process of getting this lender/mortgage broker mortgage, howfamUiarwereyou (and a:ny 0 I picked the lender1m ortgage broker tlrst, and then co-signprs) with each oftltc following? I picked the loari type Not Very Soluewbat At All 9. How did yvu. apply for this mortgage'? }/{ark one. The mortgage interest rates answer. available at that time 0 0 0 The different types.of 0 Directly to a lender, such as a bank: or credit ~mion mortgages available 0 Through a mortgage broker (,someone who works 0 0 0 .with multiple lendersto get a loan) The mortgage process 0 0 0 0 Other (spe'YifY) _ _ _ _ _ _ _ _ _.,-- The down. payment needed to .qualifY for a.nmrtgage 0 0 0 10. .How many diffenmt lenders/mortgage brokers The income needed to qualify for a mortgage did you seriously consider before· cbQosing 0 0 0 where to apply forthis mortgage'l .your .credit history or credit score 0 0 D 01 02 04. 05:ormore The money needed at dosing 0 0 0 sradovich on DSK3GMQ082PROD with NOTICES • 33029 ~- EN28DE16.018</GPH> VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00048 Fmt 4703 Sfmt 4725 E:\FR\FM\28DEN1.SGM 28DEN1

Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices 95603 • 11. How many different lenders/mortgage brokers did you end up applying to? 01 02 03 0.4 05ormore 16. Ho.w important were each of the following in determining the mortgage you took out? Not Important Important • '~--------~~~~--~~~J Lower interest rate 0 0 12. Did you apply .to more than ~me lender/ Lower APR (Annual Percentage Rate) 0 0 mortgage broker for any ofthe following Lower closing fees 0 0 reaspns? Lower dovmpayrrterit 0 0 Yes N() Lower monthly payment 0 0 Searching for better loan tenns 0 0 An interest rate fixed for.the life Concern over qualitying for a loan 0 0 of the loan 0 0 Information learned from the A term of 30 years 0 0 "Loan Estimate" 0 0 No mortgage inm1rance D 0 Turned down on earlier application 0 0 17. Was the "Lo~~cn Estimate" you received frqm your 13. :ftowimportantwereeacbo(the following in lender/mortgage broker .... choosing the lender/mortgage broker you used Yes No for the mortgage you took out? Ilasy to understand 0 0 N()t Important Important Valuable infom1ation 0 0 Having an established banking relationship 18. Did the "Loan Estimate'' lead you to ... 0 0 Yes No Having a local office or branch nearby 0 0 Ask questions of your lender/mortgage Used previously to get a mortgage 0 0 Lender/mortgage broker is a personal broker 0 0 friend or relative 0 0 Seek a change in your loan or closing D 0 Lender/mortgage broker operates Apply to a different lender/mortgage online 0 0 broker 0 0 Recommendation from a friend/ relative/co-worker 0 0 19. In the process of getting this mortgage from Recommendation from a real your lender/mortgage broker, did. you;., estate agent/home builder 0 0 Yes No Reputation of the lender/mortgage brokerO 0 Have to add another co-signer to qualify 0 0 Spoke my primary lrmguage, which is Resolve credineport errors or proble111s D 0 not English 0 Answer follow-up requests for more 0 information about income or assets 0 0 Have more than one appraisal 0 0 14: Wlto initiated the first contact between you and Redo!refile paperwork due to processing the lender/mortgage broker you u.s.ed for the delays 0 0 mortgage you took out? j)elay or p0stponc closing date 0 0 OI (or one ofmy;.:o-signers).did Have ymrr "Loan Estimate" revised 0 The lender/mortgage broker did . to reflect changes in your loan terms O 0 0 We were put in contact by a third party (such as a Check other sources to confirm that real estate. agent or home builder;) 'terms of tHis mortgage wen: reasonable 0 0 20. Your lender may have given you a booklet 15. How open were you to suggestions from your "Your home loan toolki(: A step-by-step lender/mortgage broker about mortgages,vith guide", do you remember receiving a (:'opy? different features orterms? D Yes C onliime with OVery 0Somcwhat 0Notatall 0No SkiptoQ22 0Don'tknow Skip to Q22 sradovich on DSK3GMQ082PROD with NOTICES • 33029 2 ~- EN28DE16.019</GPH> VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00049 Fmt 4703 Sfmt 4725 E:\FR\FM\28DEN1.SGM 28DEN1

95604 Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices • 2L Did the "Your home loan toolkit" booklet lead Y()U to ask additional questions about your. mortgage terms'!: o ONo 22. During tlm 3 pplication process were. you told about mortgages with any oftl:te following? Yes No An interest rate that is fixed for the life of the loan 0 0 An interest rate that could change over the. life of the loan .. 0 0 A tenn of less than 30 years 0 0 A higher interest rate in return.for lower dosing costs 0 0 A lower interest rate in return for paying higher closing costs (discount points) 0 0 In.terest~only monthly payments 0 0 An escrow account for taxes and/or homeowner insurance O 0 A prepayment penalty (fee if the morigage · ispaidojfearly) 0 0 Reduced documentation or "easy" approval 0 0 28. Did you take a course about lt()me~buyingor VA USDA orRuralHo\lS1ng 0 D talk to ahousing counselor? loan 0No-Skipto Q32 23. In selectingyour settlement/closing agent did OYesl you ... Yes No .29. How was the home~ buying course or·. Use an agent selected/recommended by the counseling provided? lender/mortgage broker 0 0 Yes No. Use an agent you liad used prev:io~sly 0 0 In person, one-on-one D D Shop around 0 0 In person, in a group 0 0 D. Did not have a settlement/closing agent Over the phone D D Online D D 24. Do you have title insurance on this mortgage? 30. How many hours was the home-buying course or counseling? 0 Yes-Contin12e withQ25 0No - Skip to Q26 . 0 Less tlian3 hours. 0 D01t't know- Skip to.Q26 03 -6hours 01 12hours 0 More than 12 hours .25. Which best. describes bow. you picked the title insurance? 31. Overall, bow ~elpful was th!l hom(.l-buying 0 Reissued previous title insiJrance course .or .counseling? 0 Used title insurance rccommcnqcd by OVery 0 Somewhat D:Notatall 1enJer/rttQ:rtgage broker orsettlemenl agent 0 Shopped .around . sradovich on DSK3GMQ082PROD with NOTICES • 33029 3 ~- EN28DE16.020</GPH> VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00050 Fmt 4703 Sfmt 4725 E:\FR\FM\28DEN1.SGM 28DEN1

Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices 95605 • 32; 'What was the primary purpose for lhismost · recen~ mortgage'! IJyou refinam;ed an existing mortgage for anyreason, please select .refinance below. lvfm:kQ!!J! answer: 36. How important were the following in your decision to retlmuwe, modify or obtain a new mortgage'? Not • hnportant )inportant. 0 Purchase of a property Coritin!{e withQ33 Change to a fixed-rate loan 0 0 d Penn anent financing on a Get a lower interest rate 0 0 construction Joan Get a lower monthly payment 0 0 0 Refinance or modification of an Consolidat~ or pay downoth()r debt 0 0 existing mortgage Repay the loan more quickly 0 0 0 New loan on amortgage-:free property Take .out cash 0 0 0 Some other purpose (specify) · 37. App}'oximately bow much was owed, in total, on the old mortgage(s)and loari(s)you refinanced'? 33.. Dip You clotho following. before or after you made an offer on this house or properly? $ ~--..,...---..,...------ .00 Before After Did D. Zero (the property was mortgage-free) .Offer Offer Not Do Contacted a lender to explore mortgage options 38. Howdoes the total amount of your new 0 0 0 murtgage(s) compare to the total amount of the Got a pre-approval or pre- qualification from a lender 0 [j 0 old mortgage(s) and loan(s) you paid.off Decided on the type of loan 0 0 0 (include any new Sec;ond liens; nome equity /oa/'lS, Made a decision on which ora home equity line of credit (HELOG))? lender to use 0 0 0 0 New amount is lower- Skip to Q40 Submitted an official loan 0 New amount is about the sfune -Skip ro Q40 apphcatlon 0 0 0 0 New amount is higher "'h.-, 34. What percenn:lown payment did you make on 0 Prorerty was mortgage-freeJ •. ! this.pFoperty? 39. Did you usethe money you got from this [jo% new mort gage for any oft he folio wing? 0 Less than 3% Yes l'!o 0 3% to less than 5% College expenses 0 0 0 5,%to less than ·1 0% Auto or other major purchase 0 0 0 lQ% to less than 20% Buy out co-borrower e.g. ex-spouse 0 0 0 20% to less thlln 30% Pay off other bills or debts 0 0 [j 30% or n1 ore Home repairs or new construction 0 0 Savings 0 0 35. Did you use any ofthe following sources of Closing costs of new mortgage 0 0 funds to purchase this property? Business. or investment 0 0 Other (specify) !'lot Used J)sed Proceeds from the sale of another property 0 [j Savings, retirement account, inheritance, or other assets 0 0 1\ssistancc or loan from a nonprofit or government agency 0 0 4(). When you t~o~ out this most recent mortgage or A s()cond lien, home equity loan, or home relinam;e, what was the loan amount (the dollar eq:uityljne ofcredit (HELOC) 0 0 amount you borrowed)? Gift or loan from family or friend 0 0 0 Don't know Seller contribution 0 0 Skip toQ40--~--~--.,._.,.__.......,.. sradovich on DSK3GMQ082PROD with NOTICES • 33029 4 ~- EN28DE16.021</GPH> VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00051 Fmt 4703 Sfmt 4725 E:\FR\FM\28DEN1.SGM 28DEN1

95606 Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices • 41. \Vllat is th~ monthly payment, including the amount paid to escrow for taxes and insurance? 0Don'tknow 41; 'fhe Closing I)isclosure statement you received at dosing shows. theloandosing costs and other closing costs separately. What were the loan closing costs yon paid on this loan? • $ - - - - : - - - .00 $ .,..-------·00 0 Don't k11ow A2. Wltat is the interest rate oh this mortgagt!'! 48. How were tl1e total closhtg c.osts (loan ~,;osts and 0 Don't know · other costs) for thi.s{oan paid? Don't 43. Isthis an adjustable-rate mortgage (one that Yes No )i:Jiow alluws the interest rate to change .over the life of By me or a co-signer (check or the loan)? 1vire transfer) 0 0 D By lender/mortgage brok;er 0 0 0 0 By seller/builder 0 D D 0No Added to the mortgage amount 0 0 0 Other (specify) 0Don'.tknow 0 D 0 44. Atthe time uf applic;cttion; did the lender give 0 Loan. had no closing costs you the option. to .set/lock the interest rate so that .it wollld not. change before closing'? 49. Were the loan costs you paid simila1· to whatyou DYes had expected to pay based on the Loan.Rstimates D.No or Closing Dis~losures you received? DYes. 0Don'tknow 0No 45. When was the interest rate set/locked on this 50. Dld youseek input about your dosing loan'l documents from any of the following people'! Yes NQ 0 At application 0 Between application and Closing Lender/mortgage broker 0 D Settle1,11ent agent 0 0 0Around Real estate agent 0 0 Personal attori1ey 0 0 46. Does this mortgage have any ofthefollowing .· Title agent 0 D features? Trusted friend or relativewho is not Doll' I a co~sigmwoo the mortgage Yes No IU!ow 0 0 A prepayment penalty (fee if the Housing counselor D 0 mortgage is paid off early) 0 D D Other (spec1fy) An escrow account for taxes and/or homeowner insurance 0 D 0 A balloon payment D D D 51,. At any time after you made your fin.al loan Int~:~rcst~only .payments 0 0 0 applicatio11 di<l anyofthe following change'? Private mortgage insurance D D D Higher Same T..ower Monthly payment D 0 D In'tl':rest rate 0 D 0 Other fees 0 0 D Amount of money needed 0 D D to close loan sradovich on DSK3GMQ082PROD with NOTICES • 33029 5 ~- EN28DE16.022</GPH> VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00052 Fmt 4703 Sfmt 4725 E:\FR\FM\28DEN1.SGM 28DEN1

Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices 95607 • 52. Did you fuce any unpleasant "surpri!>'CS" a1 your loan closing? 0No "'-Skip to Q54 57. When did you buy or g~t this property'! If you refinanced,thedate you originally bought.or got • DYes-,. . the property'! 53. What unpl~msant.surpris~ did you face',' Yes No Loan documents not ready Closing did not occur as origin:>lly 0 0 -,...,.,--'--- month year scheduled 0 0 58. What was.the purch1tse prke of this property, or. Three day rule required re-disclosure 0 0 Mortgage terms different at dosirig ifyou built it, the construction and land cost? interest rate; monthly payment 0 0 More cash needed at closing DDon'tknow $ ---..,....-,------,- .00. e.g. escrow, unexpected fees 0 0 Asked. to sign .blank document~ 0 0 59.· How did you acquire this. property? Rushed at closing or not given time Markone answer. to read documents 0 0 0 Purchased an "xisting home Other (speCify) 0 Purchased a newly·bui1t home from a builder 0 0 D Ha.d or purchased land and built a house D Received a<> a gift or inheritance, 54.. At the same time you toQkoutthis mortgage; D. Other (specify) - -......- - - - - - , - - - , - - did you also take out another loan on the property you finaneed with this mortgage (a .60. Which of the following .best describes thjs second lien, home equity loan.. ora home equity property? Mark one answer. line ofcredit (HELOC))? 0 Single-family detached house .~Skip to Q62 DNo-Sf..ipto.Q56 0 Mobile home or manufactured home -Skip to Q62 DYes, 0 Townhouse, row house, or villa 55. Wh;r.t was the amount of this loan? 0 2-unit, 3-unit, or 4-unitdwelling 0 ApartJpent (or condo/co-op) in apartment building $ - - - - , . - - - - - .00 0 Unit in a partly comm<1rcial structure 0Don't}mow 0 Other (specify) ---,------.,-..._J 56. l{ow well could you explain to soriuionethe ..• No~ Very Somewtiat At All 6L Does this lnortgage .cover more than one unit? Process of taking out a mortgage D D 0 Difference. between a fixed" and 0No an adjustable~rate mortgage D D 0 Dilierence between a prime and 62. About how mueb do you think: this property is subprime loan D D 0 worth in terms of what you could sell jt for now? Difference between a mortgage's interest rl'lte and its APR D D 0 DDon~tknow Amortization of a loan D 0 0 Consequences ofnotmaking 63. Do you rent .out all or any .portion of.tllis required mortgage .pa)111ent!? D D 0 property? Difference between lender's and 0No .Sldp to Q65 <Jwner' s title insurance 0 0 D DYes~ Relationship between discount points (lndinterest rate D 0 0 64; How much rent do you receive annually'! Reason payments into an escrow account can change D 0 0 $ - - - - - - - .00 pcrycar sradovich on DSK3GMQ082PROD with NOTICES • 33029 ~- EN28DE16.023</GPH> VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00053 Fmt 4703 Sfmt 4725 E:\FR\FM\28DEN1.SGM 28DEN1

95608 Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices • 65. Besides you, the mortgage co-signers, and renters; does anyone else help pay the expenses for this property? 71. How likely is it that in the next couple of years you wilL Not Very Somewhat At All • DYes 0No Sell this property 0 D 0 Move but keep thisproperty 0 0 0 66. Which of the following best describes how you Refinance the mortgage on use this property? ·· this property D D 0 Pay off this mortgage arid own 0 Primary residence (where you the 1Jroperty mortgage-free 0 0 0 spendihe majority ofyourtime) 0Jt will be my primary residence soon } · 0 Seasonal orsecond horne · 0 Home for other reiatives . Skipto Q6B. 0 Rental or. investment property 0 Other (specify)_ _ _-.,-_ __ 72. What is your current marital status? 67.. If primary residence, when did you move into this property? 0Separated []. .. ma.rried.· 0Divorced h. 0Married- Skip to Q74 ·. ·...·.·, ·. ~:-::;--/~=...,... month year 0Wicfowed . · ·• 73 .. Do yQu h~ve a partner whO shal"e.'il the 68. In the last couple years, how has the following decision-making and responsibilities of .changed in tbeneighborhood where this property running yQur household .but is not yl}ur· is located? legal spouse'! Significant Little/No Significant· DYes ONo Increase Change Decrease Number of homes for sale 0 0 D Please dnswerthefoliowing questions for you and Number of vacant homes 0 0 0 your spouse orpartner.. ifapplicable. Number of homes for rent D D 0 Number offorec.losures or short sales D 0 0 74. Age at last birthday: House prices D 0 D Spouse( Ov.erall desirability of You Partner living there 0 0 0 ___ years --._years 69. lVhat do you think will happen to the prices of homes. in this neighboihood.over the.next 75, Sex: cou pie. ofyears? Spouse/ You Partner D Increase a Jot Male 0 0 0 Increase a little Female 0 0 0 Remainahout the same 0 Decrease a little 76. Highest level. ofedu~;:ation achieved: D De.crease a lot SPf)usef You Parmer 70, In the next couple oryears, how do you expect Some schooling 0 0 th() overall desirability of living in this High school graduate 0 0 neighborhood to change? Technic.al school 0 0 0 Become more deSirable Some college 0 tJ 0Stay aboutthe same College gradvate D· 0 0 Becdn1e less desirable Postgraduate s1:tldies O 0 sradovich on DSK3GMQ082PROD with NOTICES • 33029 7 ~- EN28DE16.024</GPH> VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00054 Fmt 4703 Sfmt 4725 E:\FR\FM\28DEN1.SGM 28DEN1

Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices 95609 • '77. llispanic or Latino: You 0 Spouse/ Partner 0 82. Approximately how much is y~mr total.annual household income from all so:urccs (wages, salaries, tips, interest, child support, investment income, .retirement, s.ocialsecurity, andalimonJ~'t • No 0 0 0 Less. than $35,000 78. RaL~: Murk that apply. 0 $35,000 to .$49,999 Spouse! You Partner 0 $5o,ooo to $74,999 'A<Jlltc 0 0 0 $75,000 to $99,999 Black or African .}\merican 0 0 0$100,000 to $174,999 0 $175,00(1 or more American Indian or Alaska Native 0 0 Asian 0 0 83. How does this •otal annual household income Natiyc B!lwaiian or Pacific Islander 0 0 compare towhatitis in a "normal" year'! 0 Higher than nonn al 79. Current work status: Mark allthatapp4y. ONoimal spouse/ You J>artuel' 0 Lower thannormal Self-employed full time 0 0 84. Does your total annual household income Self-employed part time 0 0 in dude any oftbdollowing sources? Employed full time 0 0 Yes No Employed part time 0 0 Wages or salary 0 0 Retired 0 0 Business or self-employment 0 0 Unemployed, temporarily laid-off Interest or dividends 0 0 or on leave 0 0 Alimony or child stlpport 0 0 Not work41gfor pay (student Social Security, pension or other homemaker, disabied) D D retirement benefits 0 0 sO. Ever seryed on active duty in the U.S. Armed 8S; Does anyont.J in your household have any of the Forces: (Active duty includes serving in the U.S ft:~llowing? Armed Forces as well as activation from the Yes No Reserves or National Guard). 40l(k), 4Cl3(b), IRA, or pension plan 0 D Spouse! You Partner Stocks, bonds, .or mutuaHunds (noUn Y<:s, n9w on active duty 0 0 retirermmt accounts qr penstonplans) 0 0 on active duty in the past, but Certificates of deposit 0 0 not now 0 0 Investment real 0 0 No, 'never on active duty for in:itiallbasic training 0 0 86. Which~ ofthefollowing staternents best describt)S the amount of financial risk you are No, never serveq in the U.S. Anned Forces 0 0 willing to .take when you save or make investments? 8L.Besides you (and your spouselpartner)who else 0 Take suhstantial financialrisks expecting to earn live.sin your household? lvlark all that app~v. substantial retun1s 0 Children/grandchildren under agel B 0 Takeabove-avcrage financial ex:pectingto earn aboye-average returns 0 Children/grandchildren age 18-22 0 Take aviit:age financial risks expecting to earn 0 Chi!dren/gmndch1Jdren age 23 or older average returns 0 Parents ofyou or your spouse or partner 0 Not will in~ to take any .financial risks tl Other relatives like siblings or .cousins 0 Non"relatives 0Nooneelse sradovich on DSK3GMQ082PROD with NOTICES • 33029 8 ~- EN28DE16.025</GPH> VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00055 Fmt 4703 Sfmt 4725 E:\FR\FM\28DEN1.SGM 28DEN1

95610 Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices • 87. Do you agr.ee or disagree with the following statements? Owning a home is a good financial Agree Di~agree 90. In the last cou pie years, bow have the following changed for you (and your spouse/partner)? Signi)'icant Little/No Increase Change Significant Decrease • investment 0 0 Household income 0 0 0 Most mortgage lenders generally Housing expenses D D D treat born:Jwers well 0 0 Non-hou-;ing expenses D 0 D Most mortgage lenders would offer me roughly the same rates and fees 0 0 91 .. In the next couple of years, how do you expect Late payments will lower mY . the following to change for you (and your credit rating 0 0 spouse/partner)? Lenders shouldn't care about any late payments, only whether loans ate Signifi<:ant Little/No Significant lilcrease <::hanw Decrease· fully repaid 0 0 Household income D D D It is 0kay to defaultorsropmaking mortgage payments if it is in the Housing expenses. 0 0 0 borrow~r's ftnancial.interest Non-housing expenses 0 D 0 0 0 I would consider counseling or taking a course about managing my finances if 92. How likely is it that in the next couple of years I faced financial difficulties D 0 you (or your spouse/partner) will f;tce ... Not Very Stimewltat· At All SS. Inthe last couple of years, have any oftht.> Retirement D 0 D following happened to you? Difll~ulties·makirtgyour Ye~ "\o mortgage payments 0 0 0 Separated, divorced or partner left D D A layoff, unemployment, or Married, remarried ornew partner D 0 forced reduction in how·s D D D Death of a household member D D Some .other personal financial Addition to your household crisis 0 0 0 (not including spouse/partner) 0 0 Person leaving your household 93. If your household faced an unexpected (not including spouse/partner) D D peuonalfinancial crisis in the next couple of Disability or serious illness..of years, how likely is it y1.1u could... household member D D Not Disaster affecting a property you own D D Very Somewhat At All Disaster affecting your (or your Pay your bills for the next 3 spquse/partner's) work D D months without borrm\~ng D D D Moved within the area (less than 50 miles) D D .Get significant financiilllielp ftom family or friends Moved to a new atea (50 m.i!esor more) 0 0 D D D Borrow a significant amount from a bank or credit union 0 D D 89. In the tast cpuple of years, have any oft he Significantly increase your follo'ft-h1g happened to you (or yout· income 0 0 0 spouse/partner)? Yes No Layoff, unemployment, or reduced hours of work 0 0 Retirement 0 0 Promotion 0 D Starting anew.job 0 0 Starting a second job 0 D Business failure 0 0 A personal financial crisis 0 D sradovich on DSK3GMQ082PROD with NOTICES • • 33029 9 ~ EN28DE16.026</GPH> VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00056 Fmt 4703 Sfmt 4725 E:\FR\FM\28DEN1.SGM 28DEN1

Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices 95611 • The Federal Housing Finance Agency and the Consumer Rnancial Protection Bureau thank you forcompleting this survey. • We have provided the space below if ypu wish to share additional comments or further explain any of youranswers. Please do not put your name or address on the questionnaire. Please. use .:the enclosed business reply env.efope to return your completed questionnaire. FHFA 1600 Research Blvd, RC 816 Rockville,IVID 20850 For .any questions aboutthe survey or online access you can call toll free 1-855-339-7877. sradovich on DSK3GMQ082PROD with NOTICES • 33029 10 ~- EN28DE16.027</GPH> VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00057 Fmt 4703 Sfmt 9990 E:\FR\FM\28DEN1.SGM 28DEN1

95612 Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices [FR Doc. 2016–31386 Filed 12–27–16; 8:45 am] Restricted’’, with the confidential Chillicothe, Missouri; Fred H. Reed, BILLING CODE 8070–01–P material clearly marked on each page. Johnston, Iowa; Honor Joel Sears, • A public version of your reply with Spokane, Washington; as a group acting the confidential information excluded in concert, to acquire more than 10 FEDERAL MARITIME COMMISSION or redacted, marked ‘‘Public Version— percent of the voting shares of Farmers confidential materials excluded.’’ and Merchants Bancorp, and thereby [Petition No. P4–16] The Petition will be posted on the indirectly control Farmers & Merchants Commission’s Web site at http:// State Bank, both in Winterset, Iowa. Petition of the Coalition for Fair Port www.fmc.gov/P4-16. Replies filed in Practices for Rulemaking; Notice of Board of Governors of the Federal Reserve response to this Petition also will be System, December 22, 2016. Filing and Request for Comments posted on the Commission’s Web site at Yao-Chin Chao, Notice is hereby given that the this location. Assistant Secretary of the Board. Coalition for Fair Port Practices Parties participating in this [FR Doc. 2016–31360 Filed 12–27–16; 8:45 am] (hereinafter Petitioner), has petitioned proceeding may elect to receive service BILLING CODE 6210–01–P the Commission pursuant to 46 CFR of the Commission’s issuances in this 502.51 of the Commission’s Rules of proceeding through email in lieu of Practice and Procedure, to initiate a service by U.S. mail. A party opting for FEDERAL RESERVE SYSTEM rulemaking ‘‘to clarify what constitutes electronic service shall advise the Office ‘just and reasonable rules and practices’ of the Secretary in writing and provide [Docket No. 1530; RIN 7100 AE 44] with respect to the assessment of an email address where service can be made. Regulation Q; Regulatory Capital demurrage, detention, and per diem Rules: Risk-Based Capital Surcharges charges by ocean common carriers and Rachel E. Dickon, for Global Systemically Important Bank marine terminal operators when ports Assistant Secretary. Holding Companies are congested or otherwise [FR Doc. 2016–31356 Filed 12–27–16; 8:45 am] inaccessible.’’ AGENCY: Board of Governors of the BILLING CODE 6731–AA–P Petitioner proposes and provides the Federal Reserve System (Board). text of a proposed rule and submits ACTION: Notice. fifteen verified statements or supporting letters from its members which include FEDERAL RESERVE SYSTEM SUMMARY: Under the rule of the Board ‘‘a broad cross-section of industry regarding risk-based capital surcharges Change in Bank Control Notices; for global systemically important bank stakeholders, including shippers, Acquisitions of Shares of a Bank or receivers, motor carriers, port draymen, holding companies (GSIB surcharge Bank Holding Company rule), the Board is providing notice of freight forwarders, 3PLs, and customs brokers.’’ The notificants listed below have the aggregate global indicator amounts In order for the Commission to make applied under the Change in Bank for purposes of a calculation that is a thorough evaluation of the Petition, Control Act (12 U.S.C. 1817(j)) and required under the GSIB surcharge rule interested persons are requested to § 225.41 of the Board’s Regulation Y (12 for 2016. submit views or arguments in reply to CFR 225.41) to acquire shares of a bank DATES: Effective: December 28, 2016. the Petition no later than February 28, or bank holding company. The factors FOR FURTHER INFORMATION CONTACT: Juan 2017. Replies shall consist of an original that are considered in acting on the C. Climent, Manager, (202) 872–7526, or and 5 copies, be directed to the notices are set forth in paragraph 7 of Holly Kirkpatrick, Supervisory Assistant Secretary, Federal Maritime the Act (12 U.S.C. 1817(j)(7)). Financial Analyst, (202) 452–2796, Commission, 800 North Capitol Street The notices are available for Division of Supervision and Regulation; NW., Washington, DC 20573–0001, and immediate inspection at the Federal or Mark Buresh, Senior Attorney, (202) be served on Petitioner’s counsel, Karyn Reserve Bank indicated. The notices 452–5270, or Mary Watkins, Attorney, A. Booth, Thompson Hine LLP, 1919 M also will be available for inspection at (202) 452–3722, Legal Division. Board of Street NW., Suite 700, Washington, DC the offices of the Board of Governors. Governors of the Federal Reserve 20036. A PDF copy of the reply must Interested persons may express their System, 20th and C Streets NW., also be sent to secretary@fmc.gov. views in writing to the Reserve Bank Washington, DC 20551. For the hearing Include in the email subject line indicated for that notice or to the offices impaired only, Telecommunications ‘‘Petition No. P4–16.’’ of the Board of Governors. Comments Device for the Deaf (TDD) users may Replies containing confidential must be received not later than January contact (202) 263–4869. information should not be submitted by 11, 2017. SUPPLEMENTARY INFORMATION: The email. The Commission will provide A. Federal Reserve Bank of Chicago Board’s GSIB surcharge rule establishes confidential treatment for identified (Colette A. Fried, Assistant Vice a methodology to identify global confidential information to the extent President) 230 South LaSalle Street, systemically important bank holding allowed by law. A reply containing Chicago, Illinois 60690–1414: companies in the United States (GSIBs) confidential information must include: 1. James W. Mease, Winterset, Iowa; based on indicators that are correlated • A transmittal letter requesting James W. Mease Profit Sharing & 401(k), with systemic importance.1 Under the confidential treatment that identifies the Winterset, Iowa; Justin Mease, Ankeny, GSIB surcharge rule, a firm must specific information in the reply for Iowa; Sue A. Mease, Winterset, Iowa; sradovich on DSK3GMQ082PROD with NOTICES calculate its GSIB score using a specific which protection is sought and Jane M. Reed Revocable Trust, Jane M. formula (Method 1). Method 1 uses five demonstrates that the information is a Reed Trustee, Winterset, Iowa; John B. equally weighted categories that are trade secret or other confidential Reed Revocable Trust, John B. Reed correlated with systemic importance— research, development, or commercial Trustee, Winterset, Iowa; April size, interconnectedness, cross- information. Schaefer, Cedar Rapids, Iowa; David jurisdictional activity, substitutability, • A confidential copy of the reply, Trask, Winterset, Iowa; Judith Trask, clearly marked ‘‘Confidential- Winterset, Iowa; Mary Reed Alles, 1 See 12 CFR 217.402, 217.404. VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00058 Fmt 4703 Sfmt 4703 E:\FR\FM\28DEN1.SGM 28DEN1


Document Created: 2016-12-28 02:17:11
Document Modified: 2016-12-28 02:17:11
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
Action30-Day Notice of submission of information collection for approval from Office of Management and Budget.
DatesInterested persons may submit comments on or before January 27, 2017.
ContactForrest Pafenberg, Supervisory Economist, Office of the Chief Operating Officer, by email at [email protected] or by telephone at (202) 649-3129; or Eric Raudenbush, Associate General Counsel, by email at [email protected] or by telephone at (202) 649-3084, (these are not toll-free numbers), Federal Housing Finance Agency, 400 Seventh Street SW., Washington, DC 20219. The Telecommunications Device for the Hearing Impaired is (800) 877-8339.
FR Citation81 FR 95596 
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