[Federal Register Volume 72, Number 122 (Tuesday, June 26, 2007)]
[Notices]
[Pages 35048-35049]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-12279]


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FEDERAL HOUSING FINANCE BOARD

[No. 2007-N-09]


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) is 
submitting the information collection entitled ``Monthly Survey of 
Rates and Terms on Conventional, 1-Family, Nonfarm Loans,'' commonly 
known as the Monthly Interest Rate Survey or MIRS to the Office of 
Management and Budget (OMB) for review and approval of a 3-year 
extension of the OMB control number, 3069-0001, which is due to expire 
on July 31, 2007.

DATES: Interested persons may submit comments on or before July 26, 
2007.

ADDRESSES: Send comments to the Office of Information and Regulatory 
Affairs of the Office of Management and Budget, Attention: Desk Officer 
for the Federal Housing Finance Board, Washington, DC 20503.

FOR FURTHER INFORMATION OR COPIES OF THE COLLECTION CONTACT: David 
Roderer, Senior Financial Analyst, Risk Monitoring Division, Office of 
Supervision, by e-mail at [email protected], by telephone at 202-408-
2540, or by regular mail at the Federal Housing Finance Board, 1625 Eye 
Street NW., Washington, DC 20006.

SUPPLEMENTARY INFORMATION:

A. Need For and Use of Information Collection

    The Finance Board's predecessor, the former Federal Home Loan Bank 
Board (FHLBB), first provided data concerning a survey of mortgage 
interest rates in 1963. No statutory or regulatory provision explicitly 
required the FHLBB to conduct the MIRS although references to the MIRS 
did appear in several federal and state statutes. Responsibility for 
conducting the MIRS was transferred to the Finance Board upon 
dissolution of the FHLBB in 1989. See Financial Institutions Reform, 
Recovery and Enforcement Act of 1989 (FIRREA), Pub. L. 101-73, tit. IV, 
sec. 402(e)(3)-(4), 103 Stat. 183, codified at 12 U.S.C. 1437 note, and 
tit. VII, sec. 731(f)(1), (f)(2)(B), 103 Stat. 433 (Aug. 9, 1989). In 
1993, the Finance Board

[[Page 35049]]

promulgated a final rule describing the method by which it conducts the 
MIRS. See 58 FR 19195 (Apr. 13, 1993), codified at 12 CFR 906.3. Since 
its inception, the MIRS has provided the only consistent source of 
information on mortgage interest rates and terms and house prices for 
areas smaller than the entire country.
    Statutory references to the MIRS include the following:
     Pursuant to their respective organic statutes, Fannie Mae 
and Freddie Mac use the MIRS results as the basis for the annual 
adjustments to the maximum dollar limits for their purchase of 
conventional mortgages. See 12 U.S.C. 1454(a)(2) and 1717(b)(2). The 
Fannie Mae and Freddie Mac limits were first tied to the MIRS by the 
Housing and Community Development Act of 1980. See Pub. L. 96-399, tit. 
III, sec. 313(a)-(b), 94 Stat. 1644-1645 (Oct. 8, 1980). At that time, 
the nearly identical statutes required Fannie Mae and Freddie Mac to 
base the dollar limit adjustments on ``the national average one-family 
house price in the monthly survey of all major lenders conducted by the 
[FHLBB].'' See 12 U.S.C. 1454(a)(2) and 1717(b)(2) (1989). When 
Congress abolished the FHLBB in 1989, it replaced the reference to the 
FHLBB in the Fannie Mae and Freddie Mac statutes with a reference to 
the Finance Board. See FIRREA, tit. VII, sec. 731(f)(1), (f)(2)(B), 103 
Stat. 433.
     Also in 1989, Congress required the Chairperson of the 
Finance Board to take necessary actions to ensure that indices used to 
calculate the interest rate on adjustable rate mortgages (ARMs) remain 
available. See FIRREA, tit. IV, sec. 402(e)(3)-(4), 103 Stat. 183, 
codified at 12 U.S.C. 1437 note. At least one ARM index, known as the 
National Average Contract Mortgage Rate for the Purchase of Previously 
Occupied Homes by Combined Lenders, is derived from the MIRS data. The 
statute permits the Finance Board to substitute a substantially similar 
ARM index after notice and comment only if the new ARM index is based 
upon data substantially similar to that of the original ARM index and 
substitution of the new ARM index will result in an interest rate 
substantially similar to the rate in effect at the time the new ARM 
index replaces the existing ARM index. See 12 U.S.C. 1437 note.
     Congress indirectly connected the high cost area limits 
for mortgages insured by the Federal Housing Administration (FHA) of 
the Department of Housing and Urban Development to the MIRS in 1994 
when it statutorily linked these FHA insurance limits to the purchase 
price limitations for Fannie Mae. See Pub. L. 103-327, 108 Stat. 2314 
(Sept. 28, 1994), codified at 12 U.S.C. 1709(b)(2)(A)(ii).
     The Internal Revenue Service uses the MIRS data in 
establishing ``safe-harbor'' limitations for mortgages purchased with 
the proceeds of mortgage revenue bond issues. See 26 CFR 6a.103A-
2(f)(5).
     Statutes in several states and U.S. territories, including 
California, Michigan, Minnesota, New Jersey, Wisconsin and the Virgin 
Islands, refer to, or rely upon, the MIRS. See, e.g., Cal. Civ. Code 
1916.7 and 1916.8 (mortgage rates); Iowa Code 534.205 (1995) (real 
estate loan practices); Mich. Comp. Laws 445.1621(d) (mortgage index 
rates); Minn. Stat. 92.06 (payments for state land sales); N.J. Rev. 
Stat. 31:1-1 (interest rates); Wis. Stat. 138.056 (variable loan 
rates); V.I. Code Ann. tit. 11, sec. 951 (legal rate of interest).
    The Finance Board uses the information collection to produce the 
MIRS and for general statistical purposes and program evaluation. 
Economic policy makers use the MIRS data 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. 
Other federal banking agencies use the MIRS results for research 
purposes. Information concerning the MIRS is regularly published on the 
Finance Board's website (www.fhfb.gov/mirs) and in press releases, in 
the popular trade press, and in publications of other federal agencies.
    The likely respondents include a sample of savings associations, 
mortgage companies, commercial banks, and savings banks. The 
information collection requires each respondent to complete FHFB Form 
10-91 or a submission using the MIRS software on a monthly basis.
    The OMB number for the information collection is 3069-0001. The OMB 
clearance for the information collection expires on July 31, 2007.

B. Burden Estimate

    The Finance Board estimates the total annual number of respondents 
at 200, with 6 responses per respondent. The estimate for the average 
hours per response is 30 minutes. The estimate for the total annual 
hour burden is 600 hours (200 respondents x 6 responses x 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 April 11, 2007. See 
72 FR 18246 (April 11, 2007). The 60-day comment period closed on June 
11, 2007. The Finance Board received no comments.
    The Finance Board requests written comments on the following: (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.

    Dated: June 19, 2007.

    By the Federal Housing Finance Board.
Neil R. Crowley,
Acting General Counsel.
 [FR Doc. E7-12279 Filed 6-25-07; 8:45 am]
BILLING CODE 6725-01-P