[Federal Register Volume 68, Number 164 (Monday, August 25, 2003)]
[Notices]
[Pages 51026-51028]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-21635]



[[Page 51026]]

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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4821-N-03]


Ginnie Mae Mortgage-Backed Securities Guide 5550.3, Revision 1 
(Forms and Electronic Data Submissions); Notice of Proposed Information 
Collection: Comment Request

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: Comment Due Date: October 24, 2003.

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:
    Sonya Suarez, Office of Program Operations, Department of Housing & 
Urban Development, 451-7th Street, SW, Room 6206, Washington, DC 20410.

FOR FURTHER INFORMATION CONTACT: Sonya Suarez, Ginnie Mae, (202) 708-
2884 (this is not a toll-free number) for copies of the proposed forms 
and other available documents.

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).
    The Notice is soliciting comments from members of the public and 
affected 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.
    This Notice also lists the following information:
    Title of Proposal: Ginnie Mae Mortgage-Backed Securities Guide 
5500.3, Revision 1 (Forms and Electronic Data Submissions).
    OMB Control Number, if applicable: New Approval Number.
    Description of the need for the information proposed use: Ginnie 
Mae's Mortgage-Backed Securities Guide 5500.3, Revision 1 (``Guide'') 
provides instructions and guidance to participants in the Ginnie Mae 
Mortgage-Backed Securities (``MBS'') programs ``Ginnie Mae I and Ginnie 
Mae II''). Participants in the Ginnie Mae I program issue securities 
backed by single-family or multifamily loans. Participants in the 
Ginnie Mae II program issue securities backed by single-family loans. 
The Ginnie Mae II MBS are modified pass-through MBS on which registered 
holders receive an aggregate principal and interest payment from a 
central paying agent on all of their Ginnie Mae II MBS. The Ginnie Mae 
II MBS also allow small issuers who do not meet the minimum dollar pool 
requirements of the Ginnie Mae I MBS to participate in the secondary 
mortgage market. In addition, the Ginnie Mae II MBS permit the 
securitization of adjustable rate mortgages (``ARMs''). Any requirement 
in a document created under a Ginnie Mae MBS program is effective as of 
the date of the Guide, including amendments. Included in the Guide are 
Appendices. The Appendices include the forms or documents needed to 
comply with program requirements.
    Agency form numbers, if applicable: 11700, 11702, 11704, 11707, 
11710 A-E, 11714, 11714SN, 11705, 11706, 11708, 11709, 11709A, 11715, 
11720, 11712-I, 11712-II, 11717, 11717-II, 1724, 11728, 11728-II, 1731, 
1734, 11747, 11747-II and 11772-II, 11732, 11711A, 11711B, 11748C, and 
11748A.
    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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                                                                                 Frequency of
               Form                         Title                No. of         responses per       Total annual        Hours per         Total annual
                                                              respondents            year            responses           response            hours
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11700.............................  Letter of Transmittal                300                  4              1,200               0.17                204
11702.............................  Resolution of Board                  300                  1                300               0.17                 51
                                     of Directors and
                                     Certificate of
                                     Authorized
                                     Signatures.
11704.............................  Commitment to                        300                  4              1,200               0.25                300
                                     Guaranty Mortgage-
                                     Backed Securities.
11705.............................  Schedule of                          300               91.4             27,442             0.0166                456
                                     Subscribers and
                                     Ginnie Mae Guaranty
                                     Agreement.
11706.............................  Schedule of Pooled                   300               91.4             27,442             0.0166                456
                                     Mortgages.
11707.............................  Master Servicing                     300                  1                300               0.17                 51
                                     Agreement.
11708.............................  Document Release                     300                 10              3,000                0.2                600
                                     Request.

[[Page 51027]]

 
11709.............................  Master Agreement for                  30                  1                300               0.03                  9
                                     Servicer's Principal
                                     and Interest
                                     Custodial Account.
11715.............................  Master Custodial                     300                  1                 30               0.25                 75
                                     Agreement.
11720.............................  Master Agreement for                 300                  1                300                0.2                 60
                                     Servicer's Escrow
                                     Custodial Account.
11732.............................  Custodian's                          250                  1                250             0.0166                  4
                                     Certification for
                                     Construction
                                     Securities.
11709-A...........................  ACH Debit                            300                  1                300               0.25                 75
                                     Authorization.
11710, A, B, C, and E.............  Issuer's Monthly                     300          17,513.57          5,254,071             0.0166             87,218
                                     Accounting Reports.
11710 D...........................  Issuer's Monthly                     300              16.88              5,064             0.0166                 84
                                     Summary Reports.
11711A and 11711B.................  Release of Security                  300               91.4             27,442             0.0166                456
                                     Interest and
                                     Certification and
                                     Agreement.
11712-I, 11712-II, 11717, 11717-    Ginnie Mae I and II                  300               91.4             27,442               0.25              6,861
 II, 1724, 11728, 11728-II, 1731,    Prospectus Forms.
 1734, 11747, 11747-II and 11722-
 II.
11714 and 11714SN.................  Issuer's Monthly                     300              886.8            266,040             0.0166              4,416
                                     Remittance Advice
                                     and Issuer's Monthly
                                     Serial Note
                                     Remittance Advice.
11714 A and C.....................  Addendum to Monthly                  300                  8              2,406             0.0166                 40
                                     Accounting Report--
                                     Adjustable Rate
                                     Mortgage Loan
                                     Package and
                                     Graduated Payment
                                     Mortgage or Growing
                                     Equity Mortgage Pool
                                     or Loan Package
                                     Composition.
                                    Monthly Loan Level                   300                 12              3,600                  4             14,400
                                     Reporting.
                                    Financial Statements                 300                  1                300                  1                300
                                     and Audit Reports.
                                    Mortgage Bankers                     278                  4              1,112                0.5                556
                                     Financial Reporting
                                     Form.
                                    Soldiers' and                        173                162             28,026              0.034                953
                                     Sailors' Quarterly
                                     Reimbursement
                                     Request and SSCRA
                                     Loan Eligibility
                                     Information.

[[Page 51028]]

 
                                    Form Letter for Loan               1,000                  1              1,000               0.25                250
                                     Repurchase.
                                    Certification                         14                  1                 14             0.0166                  0
                                     Requirements for the
                                     Pooling of
                                     Multifamily Mature
                                     Loan Program.
                                    Request for                           60                  1                 60               0.25                 15
                                     Reimbursement of
                                     Mortgage Insurance
                                     Claim Costs.
                                    Collection of                        300                 12              3,600               91.4             27,442
                                     Remaining Principal
                                     Balances.
                                    Data Verification                    300                  2                600               0.08                 48
                                     Form.
                                    Electronic Data                      300                  1                300               0.25                 75
                                     Interchange System
                                     Agreement.
                                    Enrollment                           300                  1                300               0.25                 75
                                     Administrator
                                     Signatories for
                                     Issuers and Document
                                     Custodians.
                                    Corporate Agreement..                 10                  1                 10               0.25                  3
                                    Cross Default                         10                  1                 10               0.25                  3
                                     Agreement.
                                    Transfer Agreements                  180                  1                 15               0.25                  4
                                     and Assignment
                                     Agreements.
                                    Pool Advance                          10                  1                 10               0.25                  3
                                     Agreement.
                                    Excess Funds                          10                  1                 10               0.25                  3
                                     Agreement.
                                    Acknowledgement                       10                  1                 10               0.25                  3
                                     Agreement and
                                     Accompanying
                                     Documents--Pledge of
                                     Servicing.
                                    Supervisory agreement                 10                  1                 10               0.25                  3
                                   ------------------------
      Total.......................  .....................                246  .................          5,683,879  .................            145,570
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    Calculations:
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    Total Annual Responses x Hours per Response = Total Annual Hours

    Estimated Cost to Respondents:
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    1. Mortgage industry employee salary: $25.00 per hour

    $25.00 x Total Annual Hours = Cost
    Estimated Annual Cost to the Government:
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    1. Ginnie Mae employee salary: $29.00 per hour

    $29.00 x Total Annual Hours = Cost
    2. Contractor Expense is based on contract award
    Status of the proposed information collection: New Collection.

    Authority: Section 3506 of the Paperwork Reduction Act of 1995, 
44 U.S.C. Chapter 35, as amended.

    Dated: August 19, 2003.
George S. Anderson,
Executive Vice President, Ginnie Mae.
[FR Doc. 03-21635 Filed 8-22-03; 8:45 am]
BILLING CODE 4210-66-M