[Federal Register Volume 76, Number 245 (Wednesday, December 21, 2011)]
[Rules and Regulations]
[Pages 79050-79051]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-32644]
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FEDERAL HOUSING FINANCE AGENCY
12 CFR Part 1281
RIN 2590-AA48
Federal Home Loan Bank Housing Goals: Mortgage Reporting
Amendments
AGENCY: Federal Housing Finance Agency.
ACTION: Final rule.
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SUMMARY: The Federal Housing Finance Agency (FHFA) is amending the
mortgage reporting requirements in its regulation governing housing
goals for the Federal Home Loan Banks (Banks) to make those
requirements consistent with other data reporting requirements
currently applicable to the Banks.
DATES: This rule is effective January 20, 2012.
FOR FURTHER INFORMATION CONTACT: Charles E. McLean, Associate Director,
(202) 408-2537, or Rafe R. Ellison, Senior Program Analyst, (202) 408-
2968, Office of Housing and Regulatory Policy, 1625 Eye Street NW.,
Washington, DC 20006. For legal matters, contact Kevin Sheehan,
Assistant General Counsel, (202) 414-8952, or Sharon Like, Managing
Associate General Counsel, (202) 414-8950, Office of General Counsel,
Federal Housing Finance Agency, Fourth Floor, 1700 G Street NW.,
Washington, DC 20552 (these are not toll-free numbers). The telephone
number for the Telecommunications Device for the Hearing Impaired is
(800) 877-8339.
SUPPLEMENTARY INFORMATION:
I. Background
A. Establishment of Bank Housing Goals
Section 1205 of the Housing and Economic Recovery Act of 2008
(HERA) amended the Federal Home Loan Bank Act (Bank Act) by adding a
new section 10C that requires the Director of FHFA to establish housing
goals with respect to the Banks' purchase of mortgages, if any. To
implement section 10C, FHFA adopted a final rule establishing three
single-family owner-occupied purchase money mortgage goals and one
single-family refinancing mortgage goal applicable to the Banks'
purchases of single-family owner-occupied mortgages, if any, under
their Acquired Member Assets (AMA) programs. See 75 FR 81096 (Dec. 27,
2010).
B. Bank Housing Goals Mortgage Reporting Requirements
The Bank housing goals regulation requires each Bank to collect and
[[Page 79051]]
compile computerized loan-level data on each AMA-approved mortgage
purchased. See 12 CFR 1281.21(a). Each Bank is required to submit to
the Director, on a semi-annual basis, a Mortgage Report containing
aggregations of the loan-level mortgage data for year-to-date AMA-
approved mortgage purchases, as well as year-to-date dollar volume,
number of units, and number of AMA-approved mortgages on owner-occupied
properties purchased that do, and do not, qualify under each housing
goal. See 12 CFR 1281.21(b). The first semi-annual Mortgage Report must
be submitted within 45 days of the end of the second quarter, and the
annual Mortgage Report must be submitted within 60 days of the end of
the calendar year. See 12 CFR 1281.21(c). In addition, the Bank housing
goals regulation currently provides that a Bank may revise its first
semi-annual Mortgage Report for a year at any time before submission of
its annual Mortgage Report. See 12 CFR 1281.21(d).
C. Data Reporting Manual Requirements
FHFA has established separate data reporting requirements for the
Banks under the Data Reporting Manual (DRM). The data reporting
requirements under the Bank housing goals regulation are similar to
existing data reporting requirements under the DRM, but the
requirements are not identical. Specifically, the DRM provides that
data that is required to be reported on a semi-annual basis must be
submitted within two calendar months of the end of the second quarter,
or within two calendar months of the end of the year, as applicable. In
addition, the DRM requires that any corrections to data submitted by a
Bank must be made within 30 days of identifying the need for a
correction. This requirement effectively limits a Bank's ability to
submit a revised semi-annual Mortgage Report pursuant to 12 CFR
1281.21(d).
II. Analysis of Final Rule
A. Timing of Mortgage Reports--Sec. 1281.21(c)
In order to make the mortgage reporting schedule for the Banks
under the Bank housing goals consistent with the DRM reporting
schedule, the final rule amends Sec. 1281.21(c) to allow the Banks two
calendar months, rather than 45 days, from the end of the second
quarter to submit the semi-annual Mortgage Report, and two calendar
months, rather than 60 days, from the end of the year to submit the
annual Mortgage Report.
B. Revisions to Mortgage Reports--Sec. 1281.21(d)
In order to make the data integrity provisions under the Bank
housing goals consistent with the data integrity requirements under the
DRM, the final rule removes paragraph (d) from Sec. 1281.21. This
change does not impose any new requirements on the Banks. The change
simply makes clear that the data integrity reporting requirements
established under the DRM continue to apply to all data submissions
from the Banks.
C. Banks' and Enterprises' Differences
Section 1313 of the Federal Housing Enterprises Financial Safety
and Soundness Act of 1992, as amended, 12 U.S.C. 4513(f), requires the
Director of FHFA to consider the differences between the Banks and the
Enterprises (Fannie Mae and Freddie Mac) whenever promulgating
regulations that affect the Banks. The changes in this final rule are
intended to conform the data reporting requirements under the Bank
housing goals to the Bank data reporting requirements under the DRM.
FHFA has considered these procedural changes in light of the
differences between the Banks and the Enterprises and has determined
that the final rule is appropriate.
III. Paperwork Reduction Act
The final rule does not contain any information collection
requirement that requires the approval of the Office of Management and
Budget under the Paperwork Reduction Act (44 U.S.C. 3501 et seq.).
IV. Notice and Public Participation
FHFA has determined that this rulemaking is exempt from the notice
and comment requirements of the Administrative Procedure Act. Because
the changes are procedural in nature and will not significantly affect
a Bank's substantive rights, FHFA has concluded that notice and comment
are not required pursuant to 5 U.S.C. 553(b)(A). In addition, because
the changes to part 1281 are minor technical changes that conform
regulatory provisions to the data reporting requirements that FHFA has
already imposed on the Banks, FHFA for good cause has concluded that
notice and comment are unnecessary pursuant to 5 U.S.C. 553(b)(B).
V. Regulatory Flexibility Act
The provisions of the Regulatory Flexibility Act do not apply to
regulations that are exempt from the notice and comment requirements of
the Administrative Procedure Act. See 5 U.S.C. 604(a).
List of Subjects in 12 CFR Part 1281
Credit, Federal home loan banks, Housing, Mortgages, Reporting and
recordkeeping requirements.
Authority and Issuance
For the reasons stated in the preamble, under the authority of 12
U.S.C. 1430c, FHFA amends part 1281 of title 12 of the Code of Federal
Regulations as follows:
PART 1281--FEDERAL HOME LOAN BANK HOUSING GOALS
0
1. The authority citation for part 1281 continues to read as follows:
Authority: 12 U.S.C. 1430c.
0
2. Amend Sec. 1281.21 as follows:
0
a. Revise paragraph (c); and
0
b. Remove paragraph (d) and redesignate paragraph (e) as new paragraph
(d).
Sec. 1281.21 Mortgage Reports.
* * * * *
(c) Timing of Reports. Each Bank shall submit its first semi-annual
Mortgage Report within two calendar months of the end of the second
quarter. Each Bank shall submit its annual Mortgage Report within two
calendar months of the end of the calendar year.
* * * * *
Dated: December 15, 2011.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
[FR Doc. 2011-32644 Filed 12-20-11; 8:45 am]
BILLING CODE 8070-01-P