[Federal Register Volume 61, Number 105 (Thursday, May 30, 1996)] [Notices] [Pages 27076-27077] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 96-13504] ======================================================================= ----------------------------------------------------------------------- FEDERAL HOUSING FINANCE BOARD [No. 96-N-3] Proposed Collection; Comment Request AGENCY: Federal Housing Finance Board. ACTION: Notice. ----------------------------------------------------------------------- SUMMARY: In accordance with the requirements of the Paperwork Reduction Act of 1995, the Federal Housing Finance Board (Finance Board) hereby gives notice that it is seeking public comments concerning extension by the Office of Management and Budget (OMB) of the previously approved information collection entitled ``Advances to Nonmember Mortgagees.'' DATES: Interested persons may submit comments on or before July 29, 1996. ADDRESSES: Written comments and requests for copies of the information collection should be addressed to Elaine L. Baker, Executive Secretary, (202) 408-2837, Federal Housing Finance Board, 1777 F Street, N.W., Washington, D.C. 20006. FOR FURTHER INFORMATION CONTACT: Julie Paller, Financial Analyst, (202) 408-2842, or Janice A. Kaye, Attorney-Advisor, (202) 408-2505, Federal Housing Finance Board, 1777 F Street, N.W., Washington, D.C. 20006. SUPPLEMENTARY INFORMATION: A. Need For and Use of Information Collection - Section 10b(a) of the Federal Home Loan Bank Act (Bank Act) permits the Federal Home Loan Banks (FHLBanks) to make advances under certain circumstances to qualified nonmember mortgagees. See 12 U.S.C. 1430b(a). Section 10b(b) establishes special expanded collateral requirements for advances to qualified nonmember mortgagees that are state housing finance agencies (SHFAs). Id. Sec. 1430b(b). The information collection contained in section 935.22 of the Finance Board's regulations, 12 CFR 935.22, is necessary to enable the Finance Board to determine whether a respondent satisfies the statutory and regulatory requirements to qualify initially and maintain its status as a nonmember mortgagee or a SHFA nonmember mortgagee eligible to receive FHLBank advances. - The OMB number for the information collection is 3069-0005. The OMB clearance for the information collection expires on September 30, 1996. - In order to qualify for FHLBank advances, the Finance Board or its designee must certify a respondent as an eligible nonmember mortgagee. 12 CFR 935.22(c)(1). The Finance Board uses the information collection to determine whether a respondent meets the nonmember mortgagee eligibility requirements. The information collection requires each respondent to submit documentation to the FHLBank from which it seeks advances that shows: (1) it is chartered under law and has succession; (2) it is subject, pursuant to statute or regulation, to the inspection and supervision of a federal, state, or local government agency; (3) its principal activity in the mortgage field consists of lending its own funds; (4) it is approved by the Department of Housing and Urban Development as a ``mortgagee'' under Title II of the National Housing Act; (5) advances may be safely made to it, as determined by the FHLBank; and (6) where applicable, it qualifies as a SHFA as defined in 12 CFR 935.1. See 12 CFR 935.22(c)(2), (3). The FHLBank then must submit the information collected along with its review of the applicant's financial condition to the Finance Board for review and approval. Id. Sec. 935.22(c)(5). The Finance Board reviews the information and notifies the FHLBank of its determination regarding the [[Page 27077]] applicant's eligibility to receive advances as a nonmember mortgagee. Id. Sec. 935.22(c)(6). - Once certified, a nonmember mortgagee has a continuing obligation to promptly notify its FHLBank of any changes in its status as a nonmember mortgagee. Id. Sec. 935.22(f)(1). In addition, from time to time a FHLBank may require a nonmember mortgagee to provide evidence that it continues to satisfy all nonmember mortgagee qualifications and requirements. Id. Sec. 935.22(g). B. Burden Estimate - The total annual average number of respondents is estimated at ten, with one response per respondent. The average hours per response is estimated at ten hours. The total annual burden is estimated at 100 hours (10 respondents x 1 response/respondent x approximately 10 hours). C. Comment Request - Written comments are requested on: (1) whether the collection of information is necessary for the proper performance of the functions of the Finance Board, including whether the information has practical utility; (2) the accuracy of the Finance Board's estimates of the burdens of the collection of information; (3) ways to enhance the quality, utility, and clarity of the information collected; and (4) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Dated May 22, 1996. By the Federal Housing Finance Board. Rita I. Fair, Managing Director. [FR Doc. 96-13504 Filed 5-29-96; 8:45 am] BILLING CODE 6725-01-U