Proposed Collection; Comment Request

[Federal Register Volume 64, Number 115 (Wednesday, June 16, 1999)]
[Notices]
[Pages 32235-32236]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-15211]


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FEDERAL HOUSING FINANCE BOARD

[No. 99-N-6]


Proposed Collection; Comment Request

AGENCY: Federal Housing Finance Board.

ACTION: Notice.

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SUMMARY: In accordance with the requirements of the Paperwork Reduction 
Act of 1995, the Federal Housing Finance Board (Finance Board) hereby 
gives notice that it is seeking public comments concerning a three-year 
extension by the Office of Management and Budget (OMB) of the 
previously approved information collection entitled ``Advances to 
Nonmember Mortgagees.''

DATES: Interested persons may submit comments on or before August 16, 
1999.

ADDRESSES: Address comments and requests for copies of the information 
collection to Elaine L. Baker, Secretary to the Board, by telephone at 
202/408-2837, by electronic mail at bakere@fhfb.gov, or by regular mail 
at the Federal Housing Finance Board, 1777 F Street, NW, Washington, DC 
20006.

FOR FURTHER INFORMATION CONTACT: Jonathan F. Curtis, Senior Financial 
Analyst, Policy Development and Analysis Division, Office of Policy, 
Research and Analysis, by telephone at 202/408-2866, by electronic mail 
at curtisj@fhfb.gov, or by regular mail at the Federal Housing Finance 
Board, 1777 F Street, NW, Washington, DC 20006.

SUPPLEMENTARY INFORMATION:

A. Need For and Use of the Information Collection

    Section 10b of the Federal Home Loan Bank Act (Bank Act) authorizes 
the Federal Home Loan Banks (FHLBanks) to make advances under certain 
circumstances to certified nonmember mortgagees. See 12 U.S.C. 1430b. 
In order to be certified as a nonmember mortgagee, an applicant must 
meet the eligibility requirements set forth in section 10b of the Bank 
Act. Subpart B of part 935 of the Finance Board's regulations 
implements the statutory eligibility requirements an applicant must 
meet in order to be certified as a nonmember mortgagee and establishes 
uniform review criteria the FHLBanks must use in evaluating 
applications. See 12 CFR 935.20-935.24. More specifically, Sec. 935.22 
of the rule implements the statutory eligibility requirements and 
provides guidance to an applicant on how it may satisfy the 
requirements. 12 CFR 935.22. Under Sec. 935.23, the FHLBanks have 
authority to approve or deny all applications for certification as a 
nonmember mortgagee, subject to the statutory and regulatory 
requirements. 12 CFR 935.23. Section 935.23 also permits an applicant 
to appeal a FHLBank's decision to deny certification to the Finance 
Board. Section 935.24 of the rule establishes the terms and conditions 
under which a FHLBank may make advances to a nonmember mortgagee. 12 
CFR 935.24. Section 935.24 also imposes on a certified nonmember 
mortgagee a continuing obligation to provide information necessary to 
determine if it remains in compliance with applicable statutory and 
regulatory requirements.
    The information collection contained in Secs. 935.22 through 935.24 
of the rule is necessary to enable, and is used by the FHLBanks to 
determine whether a respondent satisfies the statutory and regulatory 
requirements to be certified initially and maintain its status as a 
nonmember mortgagee eligible to receive FHLBank advances. The Finance 
Board requires and uses the information collection to determine whether 
to uphold or overrule a FHLBank's decision to deny nonmember mortgagee 
certification to an applicant.
    The OMB number for the information collection is 3069-005. The OMB 
clearance for the information collection expires on November 30, 1999.

[[Page 32236]]

    The likely respondents include applicants for nonmember mortgagee 
certification and certified nonmember mortgagees.

B. Burden Estimate

    The Finance Board estimates the total annual average number of 
applicants at five, with one response per applicant. The estimate for 
the average hours per application is ten hours. The estimate for the 
annual hour burden for applicants is 50 hours (5 applicants  x  1 
response per applicant  x  approximately 10 hours).
    The Finance Board estimates the total annual average number of 
certified nonmember mortgagees at 43, with 1 response per mortgagee. 
The estimate for the average hours per certified nonmember mortgagee 
response is 0.5 hours. The estimate for the annual hour burden for 
certified nonmember mortgagees is 21.5 hours (43 certified nonmember 
mortgagees  x  1 response per mortgagee  x  approximately 0.5 hours).
    The Finance Board estimates that the total annual hour burden for 
all respondents is 71.5 hours (5 applicants  x  1 response per 
applicant  x  approximately 10 hours + 43 certified nonmember 
mortgagees  x  1 response per mortgagee  x  approximately 0.5 hours).

C. Comment Request

    The Finance Board requests written comments on the following: (1) 
Whether the collection of information is necessary for the proper 
performance of Finance Board functions, including whether the 
information has practical utility; (2) the accuracy of the Finance 
Board'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.

    By the Federal Housing Finance Board.

    Dated: June 9, 1999.
William W. Ginsberg,
Managing Director.
[FR Doc. 99-15211 Filed 6-15-99; 8:45 am]
BILLING CODE 6725-01-P