[Federal Register Volume 81, Number 121 (Thursday, June 23, 2016)]
[Notices]
[Pages 40897-40899]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-14926]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5912-N-01]
60-Day Notice of Proposed Information Collection Ginnie Mae
Multiclass Securities Program Documents (Forms and Electronic Data
Submissions)
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 Date: August 22, 2016.
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: Anna Guido., QDAM, Information
Reports Management Officer, Department of Housing and Urban
Development, 451 7th Street SW., L'Enfant Plaza Building, Room 4186,
Washington, DC 20410; email: [email protected]; telephone (202) 708-
2384. This is not a toll-free number. Copies of available documents
submitted to OMB may be obtained from Ms. Guido.
FOR FURTHER INFORMATION CONTACT: Shalei Choi, Ginnie Mae, 451 7th
Street SW., Room B-133, Washington, DC 20410; email_
[email protected]; telephone--(202) 475-7820; (this is not a toll-
free number); 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).
A. Overview of Information Collection
Title of Proposal: Ginnie Mae Multiclass Securities Program
Documents. (Forms and Electronic Data Submissions).
OMB Control Number, if applicable: 2503-0030.
Type of Information Collection: Extension of a currently approved.
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
[[Page 40898]]
Ginnie Mae's commitment authority to guarantee mortgage-backed
(``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 Estimated Estimated
Type of information (Prepared by) potential frequency annual average annual
collection sponsors per responses hourly burden
respondant burden hours
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REMIC Securities
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Pricing Letter............... Sponsor......... 18 8 144 0.5 72
Structured Term Sheet........ Sponsor......... 18 8 144 3 432
Trust (REMIC) Agreement...... Attorney for 18 8 144 1 144
Sponsor.
Trust Opinion................ Attorney for 18 8 144 4 576
Sponsor.
MX Trust Agreement........... Attorney for 18 8 144 0.16 23.04
Sponsor.
MX Trust Opinion............. Attorney for 18 8 144 4 576
Sponsor.
RR Certificate............... Attorney for 18 8 144 0.08 11.52
Sponsor.
Sponsor Agreement............ Attorney for 18 8 144 0.05 7.2
Sponsor.
Table of Contents............ Attorney for 18 8 144 0.33 47.52
Sponsor.
Issuance Statement........... Attorney for 18 8 144 0.5 72
Sponsor.
Tax Opinion.................. Attorney for 18 8 144 4 576
Sponsor.
Transfer Affidavit........... Attorney for 18 8 144 0.08 11.52
Sponsor.
Supplemental Statement....... Attorney for 18 0.25 4.5 1 4.5
Sponsor.
Final Data Statements Attorney for 18 8 144 32 4608
(attached to closing letter). Sponsor.
Accountants' Closing Letter.. Accountant...... 18 8 144 8 1152
Accountants' OSC Letter...... Accountant...... 18 8 144 8 1152
Structuring Data............. Accountant...... 18 8 144 8 1152
Financial Statements......... Accountant...... 18 8 120 1 120
Principal and Interest Factor Trustee......... 18 8 144 16 2304
File Specifications.
Distribution Dates and Trustee......... 18 8 144 0.42 60.48
Statement.
Term Sheet................... Sponsor......... 18 8 144 2 288
New Issue File Layout........ Trustee......... 18 8 144 4 576
Flow of Funds................ Attorney for 18 8 144 0.16 23.04
Trustee.
Trustee Receipt.............. Trustee Attorney 18 8 144 2 288
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Subtotal................. ................ ........... ........... 3292.5 ........... 14276.82
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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 Trustee......... 19 10 190 16 3040
File Specifications.
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Subtotal................. ................ ........... ........... 760 ........... 4020.4
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Total Annual ................ ........... ........... 4052.5 ........... ...........
Responses.
Total Burden ................ ........... ........... ........... ........... 18297.22
Hours.
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Calculation of Burden Hours:
Sponsors x Frequency per
Year = Est. Annual
Frequency.
Est. Annual Frequency x
Est. Average Completion
Time = Est. Annual
Burden Hours.
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[[Page 40899]]
B. Solicitation of Public Comment
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 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.
Authority: Section 3506 of the Paperwork Reduction Act of 1995,
44 U.S.C. Chapter 35 as amended.
Dated: June 17, 2016.
Gregory Keith,
Acting Executive Vice President, Government National Mortgage
Association.
[FR Doc. 2016-14926 Filed 6-22-16; 8:45 am]
BILLING CODE 4210-67-P