[Federal Register Volume 64, Number 192 (Tuesday, October 5, 1999)]
[Notices]
[Pages 54021-54022]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-25746]


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FEDERAL HOUSING FINANCE BOARD

[No. 99-N-13]


Submission for OMB Review; Comment Request

AGENCY: Federal Housing Finance Board.

ACTION: Notice.

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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 has submitted

[[Page 54022]]

the information collection entitled ``Advances to Nonmember 
Mortgagees'' to the Office of Management and Budget (OMB) for review 
and approval of a three-year extension of the OMB control number, which 
is due to expire on November 30, 1999.

DATES: Interested persons may submit comments on or before November 4, 
1999.

ADDRESSES: Submit comments to the Office of Information and Regulatory 
Affairs of OMB, Attention: Desk Officer for the Federal Housing Finance 
Board, Washington, DC 20503. Address requests for copies of the 
information collection and supporting documentation to Elaine L. Baker, 
Secretary to the Board, by telephone at 202/408-2837, by electronic 
mail at [email protected], or by regular mail at the Federal Housing 
Finance Board, 1777 F Street, NW, Washington, DC 20006.

FOR FURTHER INFORMATION CONTACT: Jonathan F. Curtis, Senior Financial 
Analyst, Policy Development and Analysis Division, Office of Policy, 
Research and Analysis, by telephone at 202/408-2866, by electronic mail 
at [email protected], or by regular mail at the Federal Housing Finance 
Board, 1777 F Street, NW, Washington, DC 20006.

SUPPLEMENTARY INFORMATION:

A. Need for and Use of Information Collection

    Section 10b of the Federal Home Loan Bank Act (Bank Act) authorizes 
the Federal Home Loan Banks (FHLBanks) to make advances under certain 
circumstances to certified nonmember mortgagees. See 12 U.S.C. 1430b. 
In order to be certified as a nonmember mortgagee, an applicant must 
meet the eligibility requirements set forth in section 10b of the Bank 
Act. Subpart B of part 935 of the Finance Board's regulations 
implements the statutory eligibility requirements an applicant must 
meet in order to be certified as a nonmember mortgagee and establishes 
uniform review criteria the FHLBanks must use in evaluating 
applications. See 12 CFR 935.20-935.24. More specifically, Sec. 935.22 
of the rule implements the statutory eligibility requirements and 
provides guidance to an applicant on how it may satisfy the 
requirements. 12 CFR 935.22. Under Sec. 935.23, the FHLBanks have 
authority to approve or deny all applications for certification as a 
nonmember mortgagee, subject to the statutory and regulatory 
requirements. 12 CFR 935.23. Section 935.23 also permits an applicant 
to appeal a FHLBank's decision to deny certification to the Finance 
Board. Section 935.24 of the rule establishes the terms and conditions 
under which a FHLBank may make advances to a nonmember mortgagee. 12 
CFR 935.24. Section 935.24 also imposes on a certified nonmember 
mortgagee a continuing obligation to provide information necessary to 
determine if it remains in compliance with applicable statutory and 
regulatory requirements.
    The information collection contained in Sec. 935.22 through 
Sec. 935.24 of the rule is necessary to enable, and is used by the 
FHLBanks to determine whether a respondent satisfies the statutory and 
regulatory requirements to be certified initially and maintain its 
status as a nonmember mortgagee eligible to receive FHLBank advances. 
The Finance Board requires and uses the information collection to 
determine whether to uphold or overrule a FHLBank's decision to deny 
nonmember mortgagee certification to an applicant.
    The OMB number for the information collection is 3069-005. The OMB 
clearance for the information collection expires on November 30, 1999.
    The likely respondents include applicants for nonmember mortgagee 
certification and certified nonmember mortgagees.

B. Burden Estimate

    The Finance Board estimates the total annual average number of 
applicants at six, with one response per applicant. The estimate for 
the average hours per application is ten hours. The estimate for the 
annual hour burden for applicants is 60 hours (6 applicants  x  1 
response per applicant  x  approximately 10 hours).
    The Finance Board estimates the total annual average number of 
certified nonmember mortgagees at 43, with 1 response per mortgagee. 
The estimate for the average hours per certified nonmember mortgagee 
response is 0.5 hours. The estimate for the annual hour burden for 
certified nonmember mortgagees is 21.5 hours (43 certified nonmember 
mortgagees  x  1 response per mortgagee  x  approximately 0.5 hours).
    The Finance Board estimates that the total annual hour burden for 
all respondents is 81.5 hours (6 applicants  x  1 response per 
applicant  x  approximately 10 hours + 43 certified nonmember 
mortgagees  x  1 response per mortgagee  x  approximately 0.5 hours).

C. Comment Request

    In accordance with the requirements of 5 CFR 1320.8(d), the Finance 
Board published a request for public comments regarding this 
information collection in the Federal Register on June 16, 1999. See 64 
FR 32235 (June 16, 1999). The 60-day comment period closed on August 
16, 1999. The Finance Board received no public comments. Written 
comments are requested on: (1) Whether the collection of information is 
necessary for the proper performance of Finance Board functions, 
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. Comments may be submitted to OMB in writing at 
the address listed above.

    By the Federal Housing Finance Board.

    Dated: September 27, 1999.
William W Ginsberg,
Managing Director.
[FR Doc. 99-25746 Filed 10-4-99; 8:45 am]
BILLING CODE 6725-01-P