[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
                                           -------------------------------------------------------------------------------------------------------------
    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.
                                                                         -------------------------------------------------------------------------------
    Total.................................  ............................  ..............  ..............          760     ..............         4020.4
                                                                         -------------------------------------------------------------------------------
        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