[Federal Register Volume 77, Number 231 (Friday, November 30, 2012)]
[Notices]
[Pages 71433-71435]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-29039]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5606-N-02]
Notice of Proposed Information Collection: Comment Request;
Ginnie Mae Multiclass Securities Program Documents (Forms and
Electronic Data Submissions); Notice of Proposed Information
Collection: Comment Request
AGENCY: Office of the President of Government National Mortgage
Association (Ginnie Mae), HUD.
ACTION: Notice.
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SUMMARY: The proposed information collection requirement described
below will be submitted to the Office of Management and Budget (OMB)
for review, as required by the Paperwork Reduction Act. The Department
is soliciting public comments on the subject proposal.
DATES: Comments Due: January 29, 2013.
ADDRESSES: Interested persons are invited to submit comments regarding
this proposal. Comments should refer to the proposal by name and/or OMB
Control Number and should be sent to: Colette Pollard, Q, Administrator
Support Specialist, Department of Housing and Urban Development, 451
7th Street SW., Room 4160, Washington, DC 20410; email:
Colette.Pollard@hud.gov; telephone (202) 708-0306, ext. 3400. This is
not a toll-free number. Copies of available documents submitted to OMB
may be obtained from Ms. Pollard.
FOR FURTHER INFORMATION CONTACT: Debra Murphy or Victoria Vargas,
Ginnie Mae, 451 7th Street SW., Room B-133, Washington, DC 20410;
emails_Debra.L.Murphy@hud.gov; telephone (202) 475-4923 or Victoria_Vargas@hud.gov; telephone--(202) 475-6752. These are not toll-free
numbers); the Ginnie Mae Web site at www.ginniemae.gov for other
available information.
SUPPLEMENTARY INFORMATION: The Department will submit the proposed
information collection to OMB for review, as required by the Paperwork
Reduction Act of 1995 (44 U.S.C. chapter 35, as amended).
This Notice is soliciting comments from members of the public and
affecting agencies concerning the proposed collection of information
to: (1) Evaluate whether the proposed collection of information is
necessary for the proper performance of the functions of the agency,
including
[[Page 71434]]
whether the information will have practical utility; (2) Evaluate the
accuracy of the agency's estimate of the burden of the proposed
collection of information; (3) Enhance the quality, utility, and
clarity of the information to be collected; and (4) Minimize the burden
of the collection of information on those who are to respond; including
through the use of appropriate automated collection techniques or other
forms of information technology, e.g., permitting electronic submission
of responses.
This Notice also lists the following information:
Title of Proposal: Ginnie Mae Multiclass Securities Program
Documents. (Forms and Electronic Data Submissions).
OMB Control Number, if applicable: 2503-0030.
Description of the need for the information and proposed use: This
information collection is required in connection with the operation of
the Ginnie Mae Multiclass Securities Program. Ginnie Mae's authority to
guarantee multiclass instruments is contained in 306(g)(1) of the
National Housing Act (``NHA'') (12 U.S.C. 1721(g)(1)), which authorizes
Ginnie Mae to guarantee ``securities * * * based on or backed by a
trust or pool composed of mortgages. * * *'' Multiclass securities are
backed by Ginnie Mae securities, which are backed by government insured
or guaranteed mortgages. Ginnie Mae's authority to operate a Multiclass
Securities Program is recognized in Section 3004 of the Omnibus Budget
Reconciliation Act of 1993 (``OBRA''), which amended 306(g)(3) of the
NHA (12 U.S.C. 1271(g)(3)) to provide Ginnie Mae with greater
flexibility for the Multiclass Securities Program regarding fee
structure, contracting, industry consultation, and program
implementation. Congress annually sets Ginnie Mae's commitment
authority to guarantee mortgage-backed securities (``MBS'') pursuant to
306(G)(2) of the NHA (12 U.S.C. 1271(g)(2)). Since the multiclass are
backed by Ginnie Mae Single Class MBS, Ginnie Mae has already
guaranteed the collateral for the multiclass instruments.
The Ginnie Mae Multiclass Securities Program consists of Ginnie Mae
Real Estate Mortgage Investment Conduit (``REMIC'') securities,
Stripped Mortgage-Backed Securities (``SMBS''), and Platinum
securities. The Multiclass Securities program provides an important
adjunct to Ginnie Mae's secondary mortgage market activities, allowing
the private sector to combine and restructure cash flows from Ginnie
Mae Single Class MBS into securities that meet unique investor
requirements in connection with yield, maturity, and call-option
protection. The intent of the Multiclass Securities Program is to
increase liquidity in the secondary mortgage market and to attract new
sources of capital for federally insured or guaranteed loans. Under
this program, Ginnie Mae guarantees, with the full faith and credit of
the United States, the timely payment of principal and interest on
Ginnie Mae REMIC, SMBS and Platinum securities.
Agency form numbers, if applicable: Not applicable.
Members of affected public: For-profit business (mortgage
companies, thrifts, savings & loans, etc.).
Estimation of the total number of hours needed to prepare the
information collection including number of respondents, frequency of
response, and hours of response:
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Estimated
Number of annual Total annual Estimated Estimated
Type of information collection (Prepared by) potential frequency per responses average hrly annual burden
sponsors respond burden hrs
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REMIC Securities
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OID/Prices Letter......................... Sponsor..................... 15 8 120 0.5 60
Final Structure Sheet..................... Sponsor..................... 15 8 120 3 360
Trust (REMIC) Agreement................... Attorney for Sponsor........ 15 8 120 1 120
Trust Opinion............................. Attorney for Sponsor........ 15 8 120 4 480
MX Trust Agreement........................ Attorney for Sponsor........ 15 8 120 0.16 19.2
MX Trust Opinion.......................... Attorney for Sponsor........ 15 8 120 4 480
RR Certificate............................ Attorney for Sponsor........ 15 8 120 0.08 9.6
Sponsor Agreement......................... Attorney for Sponsor........ 15 8 120 0.05 6
Table of Contents......................... Attorney for Sponsor........ 15 8 120 0.33 39.6
Issuance Statement........................ Attorney for Sponsor........ 15 8 120 0.5 60
Tax Opinion............................... Attorney for Sponsor........ 15 8 120 4 480
Transfer Affidavit........................ Attorney for Sponsor........ 15 8 120 0.08 9.6
Supplemental Statement.................... Attorney for Sponsor........ 15 0.25 3.75 1 3.75
Final Data Statements (attached to closing Accountant for Sponsor...... 15 8 120 32 3840
letter).
Accountants' Closing Letter............... Accountant.................. 15 8 120 8 960
Accountants' OCS Letter................... Accountant.................. 15 8 120 8 960
Structuring Data.......................... Accountant.................. 15 8 120 8 960
Financial Statements...................... Accountant.................. 15 8 120 1 120
Principal and Interest Factor File Trustee..................... 15 8 120 16 1920
Specifications.
Distribution Dates and Statement.......... Trustee..................... 15 8 120 0.42 50.4
Term Sheet................................ Accountant for Sponsor...... 15 8 120 2 240
New Issue File Layout..................... Trustee..................... 15 8 120 4 480
Flow of Funds............................. Attorney for Sponsor........ 15 8 120 0.16 19.2
Trustee Receipt........................... Attorney for Sponsor........ 15 8 120 2 240
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Total................................. ............................ .............. .............. 2763.75 .............. 11917.35
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[[Page 71435]]
SMBS Securities
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OID/Prices Letter......................... Sponsor..................... 10 1 10 0.5 5
Final Structure Sheet..................... Sponsor..................... 10 1 10 3 30
Trust (REMIC) Agreement................... Attorney for Sponsor........ 10 1 10 1 10
Trust Opinion............................. Attorney for Sponsor........ 10 1 10 4 40
MX Trust Agreement........................ Attorney for Sponsor........ 10 1 10 0.16 1.6
MX Trust Opinion.......................... Attorney for Sponsor........ 10 1 10 4 40
RR Certificate............................ Attorney for Sponsor........ 10 1 10 0.08 0.8
Sponsor Agreement......................... Attorney for Sponsor........ 10 1 10 0.05 0.5
Table of Contents......................... Attorney for Sponsor........ 10 1 10 0.33 3.3
Issuance Statement........................ Attorney for Sponsor........ 10 1 10 0.5 5
Tax Opinion............................... Attorney for Sponsor........ 10 1 10 4 40
Transfer Affidavit........................ Attorney for Sponsor........ 10 1 10 0.08 0.8
Supplemental Statement.................... Attorney for Sponsor........ 10 0.25 2.5 1 2.5
Final Data Statements (attached to closing Accountant for Sponsor...... 10 1 10 32 320
letter).
Accountants' Closing Letter............... Accountant.................. 10 1 10 8 80
Accountants' OCS Letter................... Accountant.................. 10 1 10 8 80
Structuring Data.......................... Accountant.................. 10 1 10 8 80
Financial Statements...................... Accountant.................. 10 1 10 1 10
Principal and Interest Factor File Trustee..................... 10 1 10 16 160
Specifications.
Distribution Dates and Statement.......... Trustee..................... 10 1 10 0.42 4.2
Term Sheet................................ Sponsor..................... 10 1 10 2 20
New Issue File Layout..................... Trustee..................... 10 1 10 4 40
Flow of Funds............................. Attorney for Sponsor........ 10 1 10 0.16 1.6
Trustee Receipt........................... Attorney for Sponsor........ 10 1 10 2 20
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Total................................. ............................ .............. .............. 232.5 .............. 995.3
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Platinum Securities
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Deposit Agreement......................... Depositor................... 19 10 190 1 190
MBS Schedule.............................. Depositor................... 19 10 190 0.16 30.4
New Issue File Layout..................... Depositor................... 19 10 190 4 760
Principal and Interest Factor File Trustee..................... 19 10 190 16 3040
Specifications.
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Total................................. ............................ .............. .............. 760 .............. 4020.4
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Total burden hours................ ............................ .............. .............. .............. .............. 16933.05
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Calculation of Burden Hours:
Sponsors x Frequency per Year = Estimated Annual Frequency.
Estimated Annual Frequency x Estimated Average Completion Time =
Estimated Annual Burden Hours.
Status of the proposed information collection: Reinstatement, with
change, of a previously approved collection.
Authority: Section 3506 of the Paperwork Reduction Act of 1995,
44 U.S.C. chapter 35 as amended.
Dated: November 20, 2012.
Thomas R. Weakland,
Senior Vice President, Office of Securities Operations, Government
National Mortgage Association.
[FR Doc. 2012-29039 Filed 11-29-12; 8:45 am]
BILLING CODE 4210-67-P