[Federal Register Volume 65, Number 27 (Wednesday, February 9, 2000)]
[Notices]
[Pages 6356-6357]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-2962]


-----------------------------------------------------------------------

DEPARTMENT OF COMMERCE

Census Bureau


2001 Residential Finance Survey

ACTION:  Proposed collection; comment request.

-----------------------------------------------------------------------

SUMMARY:  The Department of Commerce, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the general public 
and other federal agencies to take this opportunity to comment on 
proposed and/or continuing information collections, as required by the 
Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A).

DATES:  Written comments must be submitted on or before April 10, 2000.

ADDRESSES:  Direct all written comments to Linda Engelmeier, 
Departmental Forms Clearance Officer, Department of Commerce, Room 
5027, 14th and Constitution Avenue, NW, Washington, DC 20230, or by e-
mail at [email protected].

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the information collection instruments and instructions 
should be directed to Walter L. Busse, U.S. Census Bureau, Housing and 
Household Economic Statistics Division, Room 1445-3, Washington, DC 
20233-8500, and telephone (301)457-3220.

SUPPLEMENTARY INFORMATION:

I. Abstract

    The U.S. Census Bureau has conducted the Residential Finance Survey 
(RFS) every 10 years as part of the decennial census since 1950. The 
RFS is the only survey designed to collect and produce data about the 
financing of nonfarm, privately-owned residential properties.
    The RFS does the following:
     Collects, tabulates, and presents data for properties, the 
standard unit of reference for financial transactions related to 
housing. In most other demographic surveys, the unit of reference is 
the person, household, or housing unit;
     Provides the only source of information on property, 
mortgage, and financial characteristics for multi-unit rental 
properties.; and
     Conducts interviews of property owners and mortgage 
lenders, resulting in more accurate information on property and 
mortgage characteristics.
    Some uses of the RFS data are:
     As benchmark data for estimates of several economic 
aggregates prepared by the Bureau of Economic Analysis, such as the 
gross domestic product (GDP) and the national income accounts;
     As the only source of information on the acquisition, 
financing, and ownership of multifamily rental properties;
     As source of data for developing benchmark per-unit 
estimates of rents collected, operating expenses, and capital 
expenditures on different classes of rental properties;
     As the basis for developing an estimate of the number of 
age-restricted housing units and other categories of seniors' housing 
units, and to study how they are financed;
     As data to help the Department of Housing and Urban 
Development regulate the Government Sponsored Enterprises and to 
monitor these organizations' progress in reaching established goals, 
such as to expand housing opportunities for working class and low-
income families, and for families in underserved communities;
     As a source of information on the sources and uses of 
mortgage credit in rural areas and the rates and terms relative to 
metropolitan areas;
     As a source of data on credit extensions of individuals 
and on residential investor-property finance;
     As the only source of information on non-traditional 
sources of mortgage credit, such as individuals, trust funds, and 
philanthropic organizations;
     As the basis for studying the role second mortgages, 
mortgage refinancings, and home equity loans play in financing 
modeling;
     As an excellent and comprehensive source of information on 
the ability of all Americans to have equal access to mortgage credit; 
and
     As the basis for strategic planning and business decisions 
by firms involved with housing or mortgage credit.
    We are undertaking several steps to make sure that the content for 
the 2001 RFS addresses the changes that occurred in the mortgage 
industry during the 1990s. This includes bringing together a group of 
primary RFS data users and mortgage finance experts from in and out of 
government to develop the questionnaire content. We are also conducting 
cognitive testing with property owners and mortgage lenders to obtain 
their input on the RFS content and collection procedures, and to 
improve the validity of the questions asked.

II. Method of Collection

    In the RFS, we select a sample of addresses identified in Census 
2000. From this sample, we first decide if a property is a homeowner 
property or a rental property. This determines the type of 
questionnaire the respondent will complete. A homeowner property is 
defined as one having fewer than five units where the owner of the 
property lives in one of the units. A rental property is one with five 
or more units or a property of fewer than five units with none being 
owner occupied. Condominium apartments are homeowner properties if the 
owner lives in the unit and rental properties if the owner does not 
live in the unit.

Forms

    We anticipate using the following four questionnaires to collect 
data for the 2001 RFS.
     An ``owner seeker'' letter will be mailed to units at 
basic street addresses having two or more housing units in order to 
identify the name and address of the owner or the owner's agent and to 
determine if the property is a homeowner property or a rental property.
     A homeowner questionnaire will be mailed to all addresses 
with only one unit, to all mobile homes, and to units identified on the 
``owner seeker'' letter as having fewer than five units, one of which 
is owner occupied. If the property is mortgaged, the respondent will be 
asked to report the person or institution to whom mortgage payments are 
made.
     A rental and vacant property questionnaire will be mailed 
to owners or agents of properties with five or more housing units or 
those with fewer than five units when none is owner occupied as 
indicated by responses on the ``owner seeker'' letter and the homeowner 
questionnaire. As with the homeowner questionniare, the respondents are 
asked to whom mortgage payments are made.
     A lender questionnaire will be mailed to financial 
institutions, government agencies, firms or individuals to whom 
mortgage payments are made, as indicated on the homeowner and the 
rental and vacant

[[Page 6357]]

property questionnaires. The questionnaire is designed to collect data 
on both first and junior (second or third) mortgages, including home 
equity lines of credit.

Timing

    The ``owner seeker'' letters and the first round of the homeowner 
questionnaires are scheduled for mailout in early 2001. A second 
mailing of the homeowner questionnaires (those identified by the owner 
seeker letter) is expected in early spring 2001. The rental and vacant 
property questionnaires are scheduled for initial mailing in early 
2001. The lender questionnaires are to be mailed in two primary cycles, 
the first in summer 2001 and the second in early fall 2001, with 
possible additional smaller mailings from follow-up operations.

Enumeration

    The RFS is essentially a centralized mail-out/mail-back operation. 
We will limit our field interviewing for property owners to cases in 
which the owner was either not identified or failed to respond to the 
original mailed questionnaires and follow-up letters. Follow-up 
interviewing of lenders will occur in two stages. For financial 
institutions, follow-up telephone inquiries will be made. Follow-up for 
mortgages held by individuals will involve a telephone call and, if 
necessary, a personal visit by Census Bureau field representatives from 
the 12 census regional offices.

III. Data

    OMB Number: Not available.
    Form Number:

D-2900 (Homeowner Questionnaire)
D-2901 (Rental and Vacant Property Qustionnaire)
D-2902 (Lender Questionnaire)
D-2905(L) (Owner Seeker Letter)

    Type of Review: Regular submission.
    Affected Public: Individual property owners and lending 
institutions.
    Estimated Number of Respondents:

D-2900--35,000 respondents
D-2901--35,000 respondents
D-2902--50,000 respondents
 D-2905(L)--210,000 respondents

    Estimated Time Per Response:

    D-2900 @ 30 minutes/response = 17,500 hours
    D-2901 @ 45 minutes/response = 26,250 hours
    D-2902 @ 30 minutes/response = 25,000 hours
    D-2905(L) @ 2.5 minutes/response = 8,750 hours

    Estimated Total Annual Burden Hours: 77,500 hours.
    Estimated Total Annual Cost: The only cost to a respondent is the 
time necessary to respond to this survey. There is no monetary cost to 
the respondent.
    Respondent's Obligation: Mandatory.
    Legal Authority: Title 13, U.S.C., Section 141 and Section 1113(d) 
of the Right to Financial Privacy Act (12 U.S.C. Section 3413(d)).

IV. Request for Comments

    Comments are invited on: (a) Whether the proposed collection of the 
information is necessary for the proper performance of the functions of 
the agency, including whether the information shall have practical 
utility; (b) the accuracy of the agency's estimate of the burden 
(including hours and cost) of the proposed collection of information; 
(c) ways to enhance the quality, utility, and clarity of the 
information to be collected; and (d) 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 submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of this information 
collection; they also will become a matter of public record.

    Dated: February 3, 2000.
Linda Engelmeier,
Departmental Forms Clearance Officer, Office of the Chief Information 
Officer.
[FR Doc. 00-2962 Filed 2-8-00; 8:45 am]
BILLING CODE 3510-07-P