[Federal Register Volume 76, Number 168 (Tuesday, August 30, 2011)]
[Notices]
[Pages 53931-53933]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-22177]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5538-D-03]


Consolidated Redelegation of Authority for the Government 
National Mortgage Association

AGENCY: Government National Mortgage Association, HUD.

ACTION: Notice of Delegation of Authority.

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SUMMARY: In this notice, the President of GNMA retains authority and 
redelegates authority granted to the Government National Mortgage 
Association (GNMA) to the Executive Vice President and other 
subordinate employees.

DATES: Effective Date: August 19, 2011.

FOR FURTHER INFORMATION CONTACT: Gregory A. Keith, Senior Vice 
President, Chief Risk Officer, Government National Mortgage 
Association, Department of Housing and Urban Development, Potomac 
Center South, 550 12th Street, SW., 3rd Floor, Washington, DC 20024, 
telephone number 202-475-4918. (This is not a toll-free number). 
Persons with hearing- or speech-impairments may access this number 
though TTY by calling the toll-free Federal Relay Service at 1-800-877-
8339.

SUPPLEMENTARY INFORMATION: By separate notice published in the Federal 
Register, the Secretary issued a consolidated delegation of authority 
to the President of GNMA. In that notice, the GNMA President was given 
authority to redelegate the authorities delegated to the President by 
the Secretary.\1\
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    \1\ By regulations enacted in 2010 the Secretary adopted GNMA 
Bylaws, which were last published, in their entirety, in the Code of 
Federal Regulations in 1995. See 24 CFR Sec.  310.1(2010); See also 
24 CFR part 310 (1995). The GNMA Bylaws separately provide GNMA's 
President with other significant authority. Id. These delegations do 
not supersede or rescind the authority contained in the Bylaws.
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    Part I of this notice contains concurrent redelegations from the 
GNMA President to the GNMA Executive Vice President and redelegations 
from the Executive Vice President to Senior Vice Presidents.\2\ Part II 
of this notice contains redelegations from the Senior Vice Presidents 
to subordinate staff. Part III of this notice discusses the ability of 
GNMA Senior Vice Presidents to

[[Page 53932]]

redelegate the authority redelegated to them from the Executive Vice 
President and certain non-delegable duties of the Executive Vice 
President. Part IV of this notice discusses the delegations superseded 
by this redelegation.
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    \2\ The GNMA Bylaws authorize GNMA Vice Presidents to sign all 
contracts, mortgages, pledges, other documents, instruments and 
other writings that call for GNMA's execution in the conducting of 
GNMA's business. See 24 CFR part 310 Sec.  3.02. The authority 
redelegated to the Senior Vice Presidents by the Executive Vice 
President does not supersede or rescind the authority contained in 
the Bylaws.
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I. Authority Redelegated

Section A. GNMA President Retains and Redelegates Concurrent Authority 
to the Executive Vice President

    The President of GNMA hereby retains and redelegates to the GNMA 
Executive Vice President concurrent authority with the President. The 
Executive Vice President is authorized to perform all duties of the 
GNMA President in place of the President. The Executive Vice President 
is also authorized to perform the functions delegated by the Secretary 
to the GNMA President, except the authority to waive HUD regulations 
when the President is not absent from office, as that term is defined 
in 66 FR 13944; and 73 FR 76674.

Section B. GNMA Executive Vice President Retains and Redelegates 
Authority to the Senior Vice Presidents

    The Executive Vice President of GNMA hereby retains and redelegates 
to the Senior Vice Presidents the authority to approve or deny staff 
requests for travel; and the authority to approve staff's request for 
the reimbursement of approved travel. Additionally, the Senior Vice 
Presidents are authorized to perform the below enumerated functions.
    1. The Senior Vice President of the Office of Mortgage-Backed 
Securities is hereby delegated to handle matters related to the 
Mortgage-Backed Securities Program, which includes but is not limited 
to, the authority:
    a. To approve new issuer applicants.
    b. To notify an issuer of its high delinquency levels.
    c. To approve streamlined commitment authority request.
    d. To issue termination letters to issuers that have no GNMA 
portfolio and requested a voluntary termination from the GNMA program.
    e. To issue a 30-day Notice of Intent to Default to GNMA issuers.
    f. To execute cross default agreements provided by related issuers.
    g. To accept a corporate guaranty and legal opinion when related 
issuers are precluded from executing a cross default agreement by their 
regulators.
    h. To accept a corporate guaranty from issuers in instances where 
GNMA, in its discretion, deems that a corporate guaranty is necessary 
and has notified the issuer accordingly.
    i. To extend the timeframe for issuers to resolve field review 
findings.
    j. To approve exceptions to program pooling and pool administration 
requirements.
    k. To approve document custodian exceptions.
    l. To approve a request to extend the maturity date of a 
construction loan pool.
    m. To approve and execute the Miscellaneous Disbursement Vouchers.
    n. To approve an issuer's request to issue a Project Loan 
Certificate that contains two different interest rates applicable to 
different portions of the same underlying mortgage collateral.
    o. To correct mortgage assignments, promissory notes or other 
documents which erroneously transfer the loans contained in a defaulted 
portfolio to GNMA.
    p. To execute Limited Powers of Attorneys.
    q. To collect claims, compromise claims and write-off debts.
    r. To make determinations on litigation matters, legal fees, etc. 
for loans contained in defaulted issuer's portfolios.
    2. The Senior Vice President of the Office of Capital Markets is 
hereby delegated to handle matters related to the Multiclass Securities 
Program.
    3. The Senior Vice President of the Office of Finance is hereby 
delegated to handle finance matters related to GNMA, which includes but 
is not limited to, the authority:
    a. To certify on HUD Forms 718/720 that funds are available for 
commitments of contracts.
    b. To execute Secure Payment System-Financial Management Services 
210CO designating individuals as certifying officers.
    c. To certify vouchers for payments.
    d. To sign checks drawn on the United States Treasury.
    e. To designate, delegate and revoke authority of specifically 
designated staff members to use the U.S. Treasury's Secure Payment 
System.
    f. To designate specific staff members to serve as data entry 
operators for purposes of creating and modifying Secure Payment System 
request and transmitting to the certifying officer for payments.
    4. The Senior Vice President of Office of Program Operations is 
hereby delegated to handle matters related to GNMA Program Operations, 
which includes but is not limited to, the authority:
    a. To approve any enhancements to GNMA's business applications used 
to administer the GNMA mortgage-backed securities program.
    b. To approve a refund to the issuer for an overpayment of fees for 
commitment authority, pool transfers and guaranty fees.
    c. To reassign mortgages not a part of a defaulted issuer's 
portfolio and were assigned to GNMA in error.
    d. To authorize the early termination of a GNMA pool.
    e. To authorize reimbursement to GNMA's Central Paying Agent for 
the funds that it forwarded to issuers to cover the interest that was 
forgiven under the Soldiers and Sailors Credit Relief Act.
    f. To issue pool numbers.
    5. The Senior Vice President/Chief Risk Officer is hereby delegated 
the following authority:
    a. To approve a request for special servicing reviews to be 
conducted.
    b. To approve an issuer's non-streamlined commitment authority 
request.
    c. To determine the remedy for an issuer's failure to timely file 
its annual audited financial statement.
    d. To approve an issuer's request to exceptions on Letters of 
Credit requirements.
    e. To approve an issuer's request to transfer its issuer 
responsibilities.
    f. To approve an issuer's request to extend its approvals to other 
programs.
    g. To approve pledge of servicing requests and execute 
Acknowledgement Agreements.

II. Authority Redelegated to Other Positions Within GNMA

Section A

    The Senior Vice President of the Office of Mortgage-Backed 
Securities hereby retains and redelegates the following duties to 
directors, assistant vice presidents and other staff members.
1. Directors
    a. To extend the timeframe for issuers to resolve field review 
findings.
    b. To notify an issuer of its high delinquency levels.
    c. To approve streamlined commitment authority request.
    d. To approve document custodian exception issues.
    e. To approve a request to extend the maturity date of a 
construction loan pool.
    f. To approve and execute Miscellaneous Disbursement Vouchers.
    g. To approve exceptions to program pooling and pool administration 
requirements.
    h. To correct mortgage assignments, promissory notes or other 
documents which erroneously transfer loans contained in a defaulted 
portfolio to GNMA.

[[Page 53933]]

2. Assistant Vice Presidents and Directors
    a. To collect claims, compromise claims and write-off debts.
    b. To make determinations on litigation matters, legal fees, etc. 
for loans contained in defaulted issuers' portfolios.
    c. To execute Limited Powers of Attorneys.
    3. Staff. To approve an issuer's request to issue a Project Loan 
Certificate that contains two different interest rates applicable to 
different portions of the same underlying mortgage collateral.

Section B

    The Senior Vice President of the Office of Capital Markets retains 
and redelegates the following duties to the directors and securities 
market specialists:
1. Directors
a. To sign all contracts and other documents, instruments and writings 
that call for execution by GNMA in order to affix the GNMA guaranty on 
a multiclass securities transaction, including the Sponsor Agreement in 
the form specified in the Multiclass Securities Guide.
    b. To execute the Real Estate Mortgage Investment Conduit Guaranty 
Agreement in the form specified in the Multiclass Securities Guide.
2. Directors or Securities Market Specialists
    To execute the Transaction Initiation Letter in the form specified 
by the Multiclass Securities Guide.

Section C

    The Senior Vice President of the Office of Finance retains and 
redelegates the following authority to the directors and specifically 
designated staff members:
1. Directors
    a. To certify that funds are available for commitments of contracts 
on HUD Forms 718/720, Reservation of Funds--Procurement Funds 
Commitment.
    b. To certify vouchers for payment.
2. Specifically Designated Staff Members
    a. To sign checks drawn on the United States Treasury.
    b. To serve as data entry operators for purposes of creating and 
modifying Secure Payment System request and transmitting to the 
certifying officer for payments.

Section D

    The Senior Vice President of Office of Program Operations retains 
and redelegates the following authority to directors and staff:
1. Directors
    a. To reassign mortgages not a part of a defaulted issuer's 
portfolio and were assigned to GNMA in error.
    b. To authorize the early termination of GNMA pools.
    c. To authorize reimbursement to GNMA's Central Paying Agent for 
the funds that it forwarded to issuers to cover the interest that was 
forgiven under the Soldiers and Sailors Credit Relief Act.
2. Staff
    To issue pool numbers.

III. Authority to Redelegate

    Certain authority redelegated by the President of GNMA to the 
Executive Vice President in this notice is non-delegable. The non-
delegable authorities include, but are not limited to, (1) Authority to 
issue All Participants Memoranda; (2) Authority to approve the 
reservation of funds request; (3) Authority to approve the request for 
contract services for all contract work; (4) Authority to issue a 
letter of involuntary extinguishment to a GNMA issuer; and (5) 
Authority to initiate and impose a civil money penalty.
    Certain authority redelegated by the Executive Vice President to 
certain Senior Vice Presidents in this notice is non-delegable. Duties 
that are delegable have been redelegated by the Senior Vice Presidents 
in Part II Sections A-D above. Duties that are non-delegable are 
retained by the Senior Vice Presidents.

IV. Authority Superseded

    This redelegation of authority supersedes all previous delegations 
of authority from the GNMA President to the Executive Vice President 
and from the Executive Vice President to the Senior Vice Presidents. 
This redelegation also supersedes all previous delegations from GNMA 
Senior Vice Presidents to subordinate staff.
    The GNMA President, Executive Vice President and Senior Vice 
Presidents may revoke the authority authorized herein, in whole or 
part, at any time.

    Authority: Section 7(d), Department of Housing and Urban 
Development Act (42 U.S.C. 3535(d)); GNMA Bylaws, 24 CFR part 310.

    Dated: August 19, 2011.
Theodore W. Tozer,
President, Government National Mortgage Association.
[FR Doc. 2011-22177 Filed 8-29-11; 8:45 am]
BILLING CODE 4210-67-P