[Federal Register Volume 60, Number 24 (Monday, February 6, 1995)]
[Notices]
[Pages 7058-7059]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-2850]



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FEDERAL HOUSING FINANCE BOARD

[No. 95-N-02]


Monthly Survey of Rates and Terms On Conventional, 1-Family, 
Nonfarm Mortgage Loans

AGENCY: Federal Housing Finance Board.

ACTION: Notice.

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SUMMARY: The Federal Housing Finance Board (Housing Finance Board) 
hereby gives notice that it has submitted to the Office of Management 
and Budget (OMB) a request for review and approval of an extension of a 
currently approved information collection titled ``Monthly Survey of 
Rates and Terms on Conventional, 1-Family, Nonfarm Mortgage Loans,'' in 
accordance with the requirements of the Paperwork Reduction Act of 
1980.

DATES: Interested persons are invited to submit comments on or before 
April 7, 1995.

ADDRESSES: Written comments should be addressed to the Office of 
Information and Regulatory Affairs, Attention: Milo Sunderhof, Desk 
Officer, Federal Housing Finance Board, 726 Jackson Place, NW., Room 
3208, New Executive Office Building, Washington, DC 20503. Requests for 
copies of the information collection and supporting documentation 
should be addressed to Elaine L. Baker, (202) 408-2837, Executive 
Secretariat, Federal Housing Finance Board, 1777 F Street, NW., 
Washington, DC 20006.

FOR FURTHER INFORMATION CONTACT: Joseph A. McKenzie, Associate 
Director, Housing Finance Directorate, (202) 408-2845; Eric M. 
Raudenbush, Attorney-Advisor, Office of General Counsel, (202) 408-
2932, Federal Housing Finance Board, 1777 F Street, NW., Washington, DC 
20006.

SUPPLEMENTARY INFORMATION: The information collection described below 
has been submitted to OMB for review in order to obtain a renewal of 
OMB approval prior to expiration of the currently assigned OMB control 
number (3069-0001) on March 31, 1995.

Title of Information Collection: Monthly Survey of Rates and Terms on 
Conventional, 1-Family, Nonfarm Mortgage Loans
Form Number: FHFB 10-91
OMB Number: 3069-0001
Expiration Date of Clearance: March 31, 1995
Frequency of Response: Monthly
Respondents: A sample of savings associations, mortgage companies, 
commercial banks, and savings banks.
Need For and Use of Information Collection: The Housing Finance Board 
uses the results of the information collection to maintain a monthly 
survey of mortgage interest rates. The Federal National Mortgage 
Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation 
(Freddie Mac) use the average single-family house price from the survey 
to determine the maximum size of single-family loans that they can 
purchase or guarantee, pursuant to 12 U.S.C. 1454(a)(2) and 1717(b)(2).

    Furthermore, Section 402(e)(3) of the Financial Institutions, 
Reform, Recovery, and Enforcement Act of 1989, Pub. L. No. 101-73, 103 
State. 183 (1989), requires the Chairman of the Housing Finance Board 
to take whatever action as may be necessary to ensure that adjustable-
rate mortgage (ARM) indexes formerly published by the Federal Home Loan 
Bank Board (FHLBB) or the Federal Savings and Loan Insurance 
Corporation (FSLIC) continue to be published. An ARM index--the 
National Average Contract Mortgage Rate for the Purchase of Previously 
Occupied Homes by Combined Lenders--is derived from the survey data.
    More recently, the 1994 HUD appropriation act linked the ``high-
cost area limits'' for Federal Housing Administration (FHA)-insured 
mortgages to the purchase-price limitations of Fannie Mae and Freddie 
Mac. See Department of Veterans Affairs and Housing and Urban 
Development, and Independent Agencies Appropriations Act, Pub. L. 103-
327, 108 Stat. 2298 (1994). In addition, the Internal Revenue Service 
(IRS) uses the data from this survey to determine the ``safe-harbor'' 
limits for mortgages purchased with the proceeds of mortgage revenue 
bond issues. See 26 CFR Section 6a.103A-2(f)(5).
    The information is also used for general statistical purposes and 
program evaluation, and by economic policy makers to determine trends 
in the mortgage markets, including interest rates, down payments, terms 
to maturity, terms on ARMs, and initial fees and charges on mortgage 
loans. The data may be provided to Federal banking agencies for 
research purposes. Information from the survey is regularly published 
in the popular and trade press, in Housing Finance Board releases, and 
in several publications of other Federal agencies.
    The survey provides the only consistent source of information on 
mortgage interest rates and terms and house prices for areas smaller 
than the entire country.

                                                            Estimated Annual Reporting Burden                                                           
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                                      Annual No.                                                                                                        
   Annual No.            x          responses per          =           Total annual          x          Avg. hrs. per          =           Total annual 
   respondents                        respondent                        responses                          response                           hours     
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550.............                              12                             6,600                               1.0                             6,600  
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[[Page 7059]]

    Dated: January 30, 1995.

Federal Housing Finance Board.
Rita I. Fair,
Managing Director.
[FR Doc. 95-2850 Filed 2-3-95; 8:45 am]
BILLING CODE 6725-01-M