[Federal Register Volume 81, Number 93 (Friday, May 13, 2016)]
[Notices]
[Pages 29883-29885]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-11358]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5931-D-01]
Consolidated Redelegation of Authority for the Government
National Mortgage Association (Ginnie Mae)
AGENCY: Office of the President of the Government National Mortgage
Association, HUD.
ACTION: Notice of delegation of authority.
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SUMMARY: In this Notice, the President of the Government National
Mortgage Association (Ginnie Mae) retains authority and redelegates
authority granted to Ginnie Mae to the Executive Vice President and
other subordinate employees.
DATES: Effective Date: May 5, 2016.
FOR FURTHER INFORMATION CONTACT: Office of the Senior Vice President
and Chief Risk Officer, Government National Mortgage Association,
Department of Housing and Urban Development, Potomac Center South, 550
12th Street SW., 3rd Floor, Washington, DC 20024; telephone number
(202) 475-4918. (This is not a toll-free number). Persons with hearing-
or speech-impairments may access this number though TTY by calling the
toll-free Federal Relay Service at 1-800-877-8339.
SUPPLEMENTARY INFORMATION: By a notice published in the Federal
Register on August 30, 2011 (76 FR 53931), the Secretary issued a
consolidated delegation of authority to the President of Ginnie Mae. In
that notice, the President of Ginnie Mae was given authority to
redelegate the authorities delegated to the President by the
Secretary.\1\ Part I of this notice contains concurrent redelegations
from the President of Ginnie Mae to the Executive Vice President and
redelegations from the Executive Vice President to Senior Vice
Presidents.\2\ Part II of this notice contains redelegations from the
Senior Vice Presidents to subordinate staff. Part III of this notice
discusses the ability of the Senior Vice Presidents to redelegate the
authority redelegated to them from the Executive Vice President and
certain non-delegable duties of the Executive Vice President. Part IV
of this notice provides that this delegation supersedes all previous
redelegations from the President, Executive Vice President and Senior
Vice Presidents and authorizes those parties to revoke the authority
contained in this delegation.
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\1\ The Ginnie Mae Bylaws separately provide the President of
Ginnie Mae with other significant authority. These delegations do
not supersede or rescind the authority contained in the Bylaws. The
Ginnie Mae Bylaws are available at http://www.ginniemae.gov/inside_gnma/executive_leadership/Documents/ginniemae_bylaws_april2016.pdf.
\2\ The Ginnie Mae Bylaws authorize Ginnie Mae Vice Presidents
to sign all contracts not subject to the Federal Acquisition
Regulation, mortgages, pledges, other documents, instruments and
other writings that call for Ginnie Mae's execution in the
conducting of Ginnie Mae's business. The authority redelegated to
the Senior Vice Presidents by the Executive Vice President does not
supersede or rescind the authority contained in the Bylaws.
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I. Authority Redelegated
Section A. The President of Ginnie Mae Retains and Redelegates
Concurrent Authority to the Executive Vice President
The President of Ginnie Mae hereby retains and redelegates to the
Executive Vice President concurrent authority with the President. The
Executive Vice President is authorized to perform all duties of the
President of Ginnie Mae in place of the President. The Executive Vice
President is also authorized to perform the functions delegated by the
Secretary to the President of Ginnie Mae, except the authority to waive
HUD regulations. The authority to waive regulations is reserved for the
President of Ginnie Mae pursuant to the Department of Housing and Urban
Development Act (42 U.S.C. 3535(q)). If the President is absent from
office, the person authorized to act in the President's absence may
exercise the waiver authority of the President consistent with HUD's
policies and procedures (73 FR 76674 and 66 FR 13944).
Section B. The Executive Vice President of Ginnie Mae Retains and
Redelegates Authority to the Senior Vice Presidents
The Executive Vice President of Ginnie Mae hereby retains and
redelegates to the Senior Vice Presidents the authority to perform the
below enumerated functions.
1. The Senior Vice President of the Office of Enterprise Risk is
hereby delegated to handle matters related to Operational,
Counterparty, Market and Credit Risk which includes, but is not limited
to, the authority:
a. To establish, oversee and maintain all appropriate risk
management policies, activities, and controls for Ginnie Mae, including
analyzing the risk profile of business units, carrying out risk
management and evaluation functions, and performing risk assessments.
b. To approve pool transfers, non-streamlined commitment authority,
subservicing arrangements, and acceptance of corporate guaranty.
c. To approve waivers of net worth, liquidity requirements, and
errors and omissions fidelity insurance.
d. To negotiate and approve asset dispositions.
2. The Senior Vice President of the Office of Issuer and Portfolio
Management is hereby delegated to handle matters related to the
Mortgage-Backed Securities (MBS) Program, which includes, but is not
limited to, the authority:
a. To oversee the activities and performance of issuers
participating in the MBS Program.
b. To determine the manner of issuers' participation in the MBS
Program.
c. To approve the ability of institutions to participate as issuers
in the MBS Program.
d. To render decisions concerning the compliance of issuers with
MBS Program requirements.
e. To make determinations related to the servicing of loans
contained in defaulted portfolios.
f. To approve subservicing arrangements and asset disposition.
g. To initiate and impose civil money penalties.
h. To establish and maintain policies and procedures for claims
collection and coordinate claims collection activities.
3. The Senior Vice President of the Office of Capital Markets is
hereby delegated to handle matters related to the Multiclass Securities
Program, which includes, but is not limited to, the authority:
a. To oversee the operation and management of the Multiclass
Securities Program.
b. To execute documents necessary to the administration of the
Multiclass Securities Program.
c. To execute the Transaction Initiation Letter, Sponsor Agreement,
and Guaranty Agreement.
4. The Senior Vice President of the Office of Chief Financial
Officer is hereby delegated to handle finance matters related to Ginnie
Mae, which includes, but is not limited to, the authority:
a. To develop and maintain a financial management system to
administer and coordinate the financial and accounting functions for
Ginnie Mae.
[[Page 29884]]
b. To be responsible for the financial management needs of Ginnie
Mae, to report to the Congress and to external agencies on financial
management performance, Ginnie Mae financial statements, and other
information requests required by law and regulation.
c. To establish and maintain policies and procedures for claims
collection and coordinate claims collection activities.
d. To appoint Disbursement and Certifying Officers to approve the
disbursal of Ginnie Mae funds.
e. To certify funds are available for commitments of contracts.
f. To execute Secure Payment System-Financial Management Services
designating individuals as certifying officers.
g. To certify vouchers for payments.
h. To designate, delegate, and revoke authority of designated staff
members to use the U.S. Treasury's Secure Payment System.
5. The Senior Vice President of the Office of Securities Operations
is hereby delegated to handle matters related to Ginnie Mae Program
Operations, which includes, but is not limited to, the authority:
a. To conduct the issuance of single class securities and follow on
bond administration functions, i.e., factor reporting, collection of
principal and interest payments from issuers, outstanding securities,
remaining principle balance corrections, etc.
b. To approve any enhancement to Ginnie Mae's business applications
used to administer Ginnie Mae's Mortgage-Backed Securities program.
c. To approve the early termination of a Ginnie Mae pool.
d. To assign mortgages.
6. The Senior Vice President of the Office of Enterprise Data and
Technology Solutions is hereby delegated to handle matters related to
the information, technology, and security management of all Ginnie Mae
systems, which includes, but is not limited to, the authority:
a. To certify and accredit Ginnie Mae business applications;
b. To ensure security of Ginnie Mae business applications;
c. To handle matters related to the procurement of hardware,
software, and licensing.
d. To manage Ginnie Mae's infrastructure and security operations.
e. To handle matters of interagency security agreements for data
exchange.
7. The Senior Vice President of the Office of Management Operations
is hereby delegated to handle matters related to Administrative
Management, Procurement, and Communications, which includes, but is not
limited to, the authority:
a. To coordinate administrative functions, policies, and programs
related to Human Resources management and administration.
b. To provide oversight of contract activities including reviews of
quality and internal controls.
c. To direct and coordinate all media outreach for Ginnie Mae.
II. Authority Redelegated to Other Positions Within Ginnie Mae
Section A
The Senior Vice President of Office of Enterprise Risk retains and
redelegates the authority to Directors and staff to handle matters
related to Operational, Counterparty, Market and Credit Risk:
1. To establish, oversee, and maintain all appropriate risk
management policies, activities, and controls for Ginnie Mae, including
analyzing the risk profile of business units, carrying out risk
management and evaluation functions, and performing risk assessments.
2. To approve new issuer applications.
Section B
The Senior Vice President of the Office of Issuer Portfolio
Management hereby retains and redelegates the authority to Directors
and staff:
1. To oversee the activities and performance of issuers
participating in the MBS Program.
2. To determine the manner of issuers' participation in the MBS
Program.
3. To approve the ability of institutions to participate as issuers
in the MBS Program.
4. To render decisions concerning the compliance of issuers with
MBS Program requirements.
5. To make determinations about the servicing of loans contained in
defaulted portfolios.
6. To approve subservicing arrangements and asset disposition.
7. To establish and maintain policies and procedures for claims
collection and coordinate claims collection activities.
Section C
The Senior Vice President of the Office of Capital Markets retains
and redelegates the authority to the Deputies, Directors, and
securities market specialists:
1. To oversee the operation and management of the Multiclass
Securities Program.
2. To execute documents necessary to the administration of the
Multiclass Securities Program.
3. To execute the Transaction Initiation Letter, Sponsor Agreement,
and Guaranty Agreement.
Section D
The Senior Vice President of the Office of Chief Financial Officer
retains and redelegates the authority to Directors and specifically
designated staff members:
1. To develop and maintain a financial management system to
administer and coordinate the financial and accounting functions for
Ginnie Mae.
2. To be responsible for the financial management needs of Ginnie
Mae, to report to the Congress and to external agencies on financial
management performance, Ginnie Mae financial statements, and other
information requests required by law and regulation.
3. To establish and maintain policies and procedures for claims
collection and coordinate claims collection activities.
4. To certify on funds available for commitments of contracts.
5. To certify vouchers for payments.
6. To execute Secure Payment System-Financial Management Services.
Section E
The Senior Vice President of Office of Securities Operations
retains and redelegates the authority to directors and staff:
1. To conduct the issuance of single class securities and follow on
bond administration functions, i.e., factor reporting, collection of
principal and interest payments from issuers to investors, payments to
investors, disclosures on outstanding securities.
2. To approve any enhancements to Ginnie Mae business applications
used to administer Ginnie Mae's MBS program.
3. To approve the early termination of a Ginnie Mae pool.
4. To assign mortgages.
Section F
The Senior Vice President of Office of Enterprise Data and
Technology Solutions retains and redelegates the authority to Directors
and staff:
1. To certify and accredit Ginnie Mae business applications.
2. To ensure security of Ginnie Mae business applications.
3. To handle matters related to the procurement of hardware,
software, and licensing.
4. To manage Ginnie Mae's infrastructure and security operations.
5. To handle matters of interagency security agreements for data
exchange.
[[Page 29885]]
Section G
The Senior Vice President of the Office of Management Operations
retains and redelegates the authority to the Directors and staff:
1. To coordinate Ginnie Mae's administrative functions, policies,
and programs related to Human Resources management and administration.
2. To provide oversight of contract activities including reviews of
quality and internal controls.
3. To direct and coordinate all media outreach for Ginnie Mae.
III. Authority To Redelegate
Certain authority redelegated by the President of Ginnie Mae to the
Executive Vice President and Senior Vice Presidents in this notice is
non-delegable. The non-delegable authorities include, but are not
limited to: (1) Authority to issue All Participants Memoranda; (2)
Authority to approve the reservation of funds request; and (3)
Authority to approve the request for contract services for all contract
work. Duties that are delegable have been redelegated by the Senior
Vice Presidents in Part II Sections A-G above. Duties that are non-
delegable are retained by the President, Executive Vice President, and
Senior Vice Presidents.
IV. Authority Superseded
This redelegation of authority supersedes all previous
redelegations of authority from the President, Executive Vice President
and Senior Vice Presidents of Ginnie Mae. The President, Executive Vice
President and Senior Vice Presidents of Ginnie Mae may revoke the
authority authorized herein, in whole or part, at any time.
Authority: Section 7(d), Department of Housing and Urban
Development Act (42 U.S.C. 3535(d)). Section 3.05, Bylaws of the
Government National Mortgage Association, Ginnie Mae.gov. 24 CFR
part 310.
Dated: May 5, 2016.
Theodore W. Tozer,
President, Government National Mortgage Association.
[FR Doc. 2016-11358 Filed 5-12-16; 8:45 am]
BILLING CODE 4210-67-P