82 FR 24127 - Proposed Collection; Comment Request

FEDERAL HOUSING FINANCE AGENCY

Federal Register Volume 82, Issue 100 (May 25, 2017)

Page Range		24127-24128
FR Document		2017-10728

In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA or the Agency) is seeking public comments concerning an information collection known as the ``Monthly Survey of Rates and Terms on Conventional 1- Family Nonfarm Mortgage Loans (MIRS),'' which has been assigned control number 2590-0004 by the Office of Management and Budget (OMB). 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 July 31, 2017.

Federal Register, Volume 82 Issue 100 (Thursday, May 25, 2017)

[Federal Register Volume 82, Number 100 (Thursday, May 25, 2017)]
[Notices]
[Pages 24127-24128]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-10728]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2017-N-05]


Proposed Collection; Comment Request

AGENCY: Federal Housing Finance Agency.

ACTION: 60-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 (PRA), the Federal Housing Finance Agency (FHFA or the 
Agency) is seeking public comments concerning an information collection 
known as the ``Monthly Survey of Rates and Terms on Conventional 1-
Family Nonfarm Mortgage Loans (MIRS),'' which has been assigned control 
number 2590-0004 by the Office of Management and Budget (OMB). 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 July 31, 2017.

DATES: Interested persons may submit comments on or before July 24, 
2017.

ADDRESSES: Submit comments to FHFA, identified by ``Proposed 
Collection; Comment Request: `Monthly Survey of Rates and Terms on 
Conventional 1-Family Nonfarm Mortgage Loans (MIRS), (No. 2017-N-05)' 
'' 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: ``Monthly Survey of Rates and 
Terms on Conventional 1-Family Nonfarm Mortgage Loans (MIRS), (No. 
2017-N-05)''.
    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: David L. Roderer, Senior Financial 
Analyst, [email protected], (202) 649-3206; or Eric Raudenbush, 
Associate General Counsel, [email protected], (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. Need for and Use of the Information Collection

    FHFA's Monthly Survey of Rates and Terms on Conventional 1-Family 
Nonfarm Mortgage Loans, commonly referred to as the ``Monthly Interest 
Rate Survey'' or ``MIRS,'' is a monthly survey of mortgage lenders that 
solicits information on the terms and conditions on all conventional, 
single-family, fully amortized, purchase-money mortgage loans closed 
during the last five working days of the preceding month. The MIRS 
collects monthly information on interest rates, loan terms, and house 
prices by property type (i.e., new or previously occupied), by loan 
type (i.e., fixed- or adjustable-rate), and by lender type (i.e., 
mortgage companies, savings associations, commercial banks, and savings 
banks), as well as information on 15-year and 30-year fixed-rate loans. 
In addition, the survey collects quarterly information on conventional 
loans by major metropolitan area and by Federal Home Loan Bank 
district. The MIRS does not collect information on loans insured by the 
Federal Housing Administration (FHA) or guaranteed by the Veterans 
Administration (VA), loans secured by multifamily property or 
manufactured housing, or loans created by refinancing another mortgage. 
The MIRS is the most timely and comprehensive source of information on 
conventional mortgage rates and terms in the United States.
    The MIRS originated with one of FHFA's predecessor agencies, the 
former Federal Home Loan Bank Board (FHLBB), in the 1960s and was 
conducted by the former Federal Housing Finance Board from 1989 through 
2008. Data collected through the MIRS was used to derive the FHLBB's 
National Average Contract Mortgage Rate for the Purchase of Previously 
Occupied Homes by Combined Lenders (ARM Index), which was used by 
lenders to set mortgage rates on adjustable rate mortgages (ARMs). For 
a period of years, Fannie Mae and Freddie Mac were required by statute 
to use the data collected through the MIRS in making annual adjustments 
to their conforming loan limits.
    Since 2008, FHFA has continued to conduct the MIRS and to produce 
the ARM Index.\1\ For various reasons, the number of loans reported to 
MIRS has fallen dramatically over the long term, which has resulted in 
the data sample sizes becoming deficient.\2\ Although the volume of 
loans reported has increased moderately over the last several years, 
FHFA possesses limited means to compel survey recipients to provide 
additional data. Despite this, the agency believes it has a legal 
obligation to continue to carry out the survey, and its results 
continue to be relied upon by many outside parties.
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    \1\ The MIRS and the ARM Index are described at 12 CFR 906.5.
    \2\ All publications of MIRS data include a note stating, ``The 
indices are based on a small monthly survey of mortgage lenders, 
which may not be representative. The sample is not a statistical 
sample but is rather a convenience sample.''
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    While adjustments in the Enterprises' conforming loan limits are no 
longer based solely on data collected through the MIRS, MIRS data 
remains one of the factors that FHFA is required to consider in 
assessing the national average one-family house price for purposes of 
making those adjustments.\3\ A few lenders use FHFA's ARM Index, 
derived from MIRS data, to set interest rates on fixed rate loans. In 
addition, businesses, trade associations, and government agencies at 
both the federal and state level rely upon the MIRS data for various 
business and regulatory purposes. For example, economic policy makers 
have used the MIRS data to determine trends in the mortgage markets, 
including interest rates, down payments, terms to maturity, terms on 
ARMs, and initial fees and charges on mortgage loans. Other federal 
banking agencies, such as the Board of Governors of the Federal Reserve 
System and the Council of Economic Advisors, have used the MIRS results 
for research purposes. The Bureau of Economic Analysis of the U.S. 
Department of Commerce uses MIRS as

[[Page 24128]]

a key component of some of the economic statistics it is responsible 
for tracking. In addition, statutes in several states and U.S. 
territories refer to, or rely upon, the MIRS or the ARM Index for 
various purposes.\4\
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    \3\ See 12 U.S.C. 4542.
    \4\ See, e.g., Cal. Civ. Code Sec. Sec.  1916.7(b)(5)(A) and 
1916.8(b)(1) (mortgage rates); Mich. Comp. Laws Sec.  445.1621(d), 
445.1624 (mortgage index rates); N.J. Rev. Stat. 31:1-1(d) (interest 
rates); Wis. Stat. Sec.  138.056(1)(a) (variable loan rates); V.I. 
Code Ann. tit. 11, Sec.  951(b)(2) (legal rate of interest).
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    The OMB control number for this information collection is 2590-
0004. The current clearance for the information collection expires on 
July 31, 2017.

B. Burden Estimate

    The Agency received a total of 1,369 monthly MIRS data submissions 
from 45 unique survey respondents over the period 2014-2016, 
representing an average of 456.3 monthly submissions per year from all 
respondents. Based on that figure and the expectation that it may 
receive slightly fewer data submissions going forward as compared to 
the last three years, FHFA estimates that it will receive an average of 
450 data submissions annually over the next three years.
    Most MIRS respondents submit their monthly MIRS data electronically 
through FHFA's MIRS web interface. Several, primarily larger, 
respondents transmit an electronic data file to FHFA, which then 
uploads the data to the same web interface. A few respondents still 
elect to complete FHFA Form #075 and submit it by facsimile. FHFA 
believes that, on average, a respondent will spend 20 minutes 
transmitting each monthly MIRS data set.
    Thus, FHFA estimates that the annualized hour burden on all 
respondents imposed by this information collection over the next three 
years will be 150 hours (450 submissions x 0.33 hours).

C. Comments Request

    FHFA requests written comments on 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 respondents, including 
through the use of automated collection techniques or other forms of 
information technology.

    Dated: May 19, 2017.
Kevin Winkler,
Chief Information Officer, Federal Housing Finance Agency.
[FR Doc. 2017-10728 Filed 5-24-17; 8:45 am]
BILLING CODE 8070-01-P

Federal Register / Vol. 82, No. 100 / Thursday, May 25, 2017 / Notices 24127

Dated: April 26, 2017. personal information you provide, such (FHLBB), in the 1960s and was
On behalf of the Commission, as your name and address, email conducted by the former Federal
Steven T. Walther, address, and telephone number, on the Housing Finance Board from 1989
Chairman, Federal Election Commission.
FHFA Web site at http://www.fhfa.gov. through 2008. Data collected through
In addition, copies of all comments the MIRS was used to derive the
[FR Doc. 2017–10722 Filed 5–24–17; 8:45 am]
received will be available for FHLBB’s National Average Contract
BILLING CODE 6715–01–P
examination by the public on business Mortgage Rate for the Purchase of
days between the hours of 10 a.m. and Previously Occupied Homes by
3 p.m., at the Federal Housing Finance Combined Lenders (ARM Index), which
FEDERAL HOUSING FINANCE Agency, Eighth Floor, 400 Seventh was used by lenders to set mortgage
AGENCY Street SW., Washington, DC 20219. To rates on adjustable rate mortgages
[No. 2017–N–05] make an appointment to inspect (ARMs). For a period of years, Fannie
comments, please call the Office of Mae and Freddie Mac were required by
Proposed Collection; Comment General Counsel at (202) 649–3804. statute to use the data collected through
Request FOR FURTHER INFORMATION CONTACT: the MIRS in making annual adjustments
David L. Roderer, Senior Financial to their conforming loan limits.
AGENCY: Federal Housing Finance Since 2008, FHFA has continued to
Agency. Analyst, David.L.Roderer@fhfa.gov,
(202) 649–3206; or Eric Raudenbush, conduct the MIRS and to produce the
ACTION: 60-day notice of submission of ARM Index.1 For various reasons, the
information collection for approval from Associate General Counsel,
Eric.Raudenbush@fhfa.gov, (202) 649– number of loans reported to MIRS has
Office of Management and Budget. fallen dramatically over the long term,
3084 (these are not toll-free numbers);
Federal Housing Finance Agency, 400 which has resulted in the data sample
SUMMARY: In accordance with the
sizes becoming deficient.2 Although the
requirements of the Paperwork Seventh Street SW., Washington, DC
volume of loans reported has increased
Reduction Act of 1995 (PRA), the 20219. The Telecommunications Device
moderately over the last several years,
Federal Housing Finance Agency (FHFA for the Hearing Impaired is (800) 877–
FHFA possesses limited means to
or the Agency) is seeking public 8339.
compel survey recipients to provide
comments concerning an information SUPPLEMENTARY INFORMATION: additional data. Despite this, the agency
collection known as the ‘‘Monthly believes it has a legal obligation to
Survey of Rates and Terms on A. Need for and Use of the Information
Collection continue to carry out the survey, and its
Conventional 1-Family Nonfarm results continue to be relied upon by
Mortgage Loans (MIRS),’’ which has FHFA’s Monthly Survey of Rates and many outside parties.
been assigned control number 2590– Terms on Conventional 1-Family While adjustments in the Enterprises’
0004 by the Office of Management and Nonfarm Mortgage Loans, commonly conforming loan limits are no longer
Budget (OMB). FHFA intends to submit referred to as the ‘‘Monthly Interest Rate based solely on data collected through
the information collection to OMB for Survey’’ or ‘‘MIRS,’’ is a monthly survey the MIRS, MIRS data remains one of the
review and approval of a three-year of mortgage lenders that solicits factors that FHFA is required to
extension of the control number, which information on the terms and conditions consider in assessing the national
is due to expire on July 31, 2017. on all conventional, single-family, fully average one-family house price for
DATES: Interested persons may submit amortized, purchase-money mortgage purposes of making those adjustments.3
comments on or before July 24, 2017. loans closed during the last five working A few lenders use FHFA’s ARM Index,
ADDRESSES: Submit comments to FHFA, days of the preceding month. The MIRS derived from MIRS data, to set interest
identified by ‘‘Proposed Collection; collects monthly information on interest rates on fixed rate loans. In addition,
Comment Request: ‘Monthly Survey of rates, loan terms, and house prices by businesses, trade associations, and
Rates and Terms on Conventional 1- property type (i.e., new or previously government agencies at both the federal
Family Nonfarm Mortgage Loans occupied), by loan type (i.e., fixed- or and state level rely upon the MIRS data
(MIRS), (No. 2017–N–05)’ ’’ by any of adjustable-rate), and by lender type (i.e., for various business and regulatory
the following methods: mortgage companies, savings purposes. For example, economic policy
• Agency Web site: www.fhfa.gov/ associations, commercial banks, and makers have used the MIRS data to
open-for-comment-or-input. savings banks), as well as information determine trends in the mortgage
• Federal eRulemaking Portal: http:// on 15-year and 30-year fixed-rate loans. markets, including interest rates, down
www.regulations.gov. Follow the In addition, the survey collects quarterly payments, terms to maturity, terms on
instructions for submitting comments. If information on conventional loans by ARMs, and initial fees and charges on
you submit your comment to the major metropolitan area and by Federal mortgage loans. Other federal banking
Federal eRulemaking Portal, please also Home Loan Bank district. The MIRS agencies, such as the Board of
send it by email to FHFA at does not collect information on loans Governors of the Federal Reserve
RegComments@fhfa.gov to ensure insured by the Federal Housing System and the Council of Economic
timely receipt by the agency. Administration (FHA) or guaranteed by Advisors, have used the MIRS results
• Mail/Hand Delivery: Federal the Veterans Administration (VA), loans for research purposes. The Bureau of
Housing Finance Agency, Eighth Floor, secured by multifamily property or Economic Analysis of the U.S.
400 Seventh Street SW., Washington, manufactured housing, or loans created Department of Commerce uses MIRS as
DC 20219, ATTENTION: Proposed by refinancing another mortgage. The
Collection; Comment Request: ‘‘Monthly MIRS is the most timely and 1 The MIRS and the ARM Index are described at

Survey of Rates and Terms on comprehensive source of information on 12 CFR 906.5.
Conventional 1-Family Nonfarm conventional mortgage rates and terms 2 All publications of MIRS data include a note

in the United States. stating, ‘‘The indices are based on a small monthly
Mortgage Loans (MIRS), (No. 2017–N– survey of mortgage lenders, which may not be
05)’’. The MIRS originated with one of representative. The sample is not a statistical
We will post all public comments we FHFA’s predecessor agencies, the sample but is rather a convenience sample.’’
receive without change, including any former Federal Home Loan Bank Board 3 See 12 U.S.C. 4542.

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Document Created: 2018-11-08 08:52:19
Document Modified: 2018-11-08 08:52:19

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		60-day notice of submission of information collection for approval from Office of Management and Budget.
Dates		Interested persons may submit comments on or before July 24, 2017.
Contact		David L. Roderer, Senior Financial Analyst, [email protected], (202) 649-3206; or Eric Raudenbush, Associate General Counsel, [email protected], (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 Citation		82 FR 24127