[Federal Register Volume 78, Number 75 (Thursday, April 18, 2013)]
[Notices]
[Pages 23281-23283]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-09132]



[[Page 23281]]

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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5686-N-01]


Notice of Proposed Information Collection; Comment Request: 
Ginnie Mae Multiclass Securities Program Documents (Forms and 
Electronic Data Submissions)

AGENCY: Office of the President of Government National Mortgage 
Association, 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. HUD is 
soliciting public comments on the subject proposal.

DATES: Comments Due Date: June 17, 2013.

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: Colette Pollard, Q, Administrator 
Support Specialist, Department of Housing and Urban Development, 451 
7th Street SW., Room 4160, Washington, DC 20410; email: 
[email protected]; telephone (202) 708-0306, ext. 3400. This is 
not a toll-free number. Copies of available documents submitted to OMB 
may be obtained from Ms. Pollard.

FOR FURTHER INFORMATION CONTACT: Debra Murphy or Victoria Vargas, 
Ginnie Mae, 451 7th Street SW., Room B-133, Washington, DC 20410; 
[email protected]; telephone (202) 475-4923 or [email protected]; telephone--(202) 475-6752. These are not toll-free 
numbers); the Ginnie Mae Web site at www.ginniemae.gov for other 
available information.

SUPPLEMENTARY INFORMATION: HUD 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).
    This Notice is soliciting comments from members of the public and 
affecting 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 Multiclass Securities Program 
Documents. (Forms and Electronic Data Submissions).
    OMB Control Number, if applicable: 2503-0030.
    Description of the need for the information and proposed use: This 
information collection is required in connection with the operation of 
the Ginnie Mae Multiclass Securities Program. Ginnie Mae's authority to 
guarantee multiclass instruments is contained in 306(g)(1) of the 
National Housing Act (``NHA'') (12 U.S.C. 1721(g)(1)), which authorizes 
Ginnie Mae to guarantee ``securities * * * based on or backed by a 
trust or pool composed of mortgages. * * *'' Multiclass securities are 
backed by Ginnie Mae securities, which are backed by government insured 
or guaranteed mortgages. Ginnie Mae's authority to operate a Multiclass 
Securities Program is recognized in Section 3004 of the Omnibus Budget 
Reconciliation Act of 1993 (``OBRA''), which amended 306(g)(3) of the 
NHA (12 U.S.C. 1271(g)(3)) to provide Ginnie Mae with greater 
flexibility for the Multiclass Securities Program regarding fee 
structure, contracting, industry consultation, and program 
implementation. Congress annually sets Ginnie Mae's commitment 
authority to guarantee mortgage-backed securities (``MBS'') pursuant to 
306(G)(2) of the NHA (12 U.S.C. 1271(g)(2)). Since the multiclass are 
backed by Ginnie Mae Single Class MBS, Ginnie Mae has already 
guaranteed the collateral for the multiclass instruments.
    The Ginnie Mae Multiclass Securities Program consists of Ginnie Mae 
Real Estate Mortgage Investment Conduit (``REMIC'') securities, 
Stripped Mortgage-Backed Securities (``SMBS''), and Platinum 
securities. The Multiclass Securities program provides an important 
adjunct to Ginnie Mae's secondary mortgage market activities, allowing 
the private sector to combine and restructure cash flows from Ginnie 
Mae Single Class MBS into securities that meet unique investor 
requirements in connection with yield, maturity, and call-option 
protection. The intent of the Multiclass Securities Program is to 
increase liquidity in the secondary mortgage market and to attract new 
sources of capital for federally insured or guaranteed loans. Under 
this program, Ginnie Mae guarantees, with the full faith and credit of 
the United States, the timely payment of principal and interest on 
Ginnie Mae REMIC, SMBS and Platinum securities.
    Agency form numbers, if applicable: Not applicable.
    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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                                                                  Estimated                    Est.       Est.
                                                   Number of       annual         Total      average     annual
Type of information collection    (Prepared by)    potential    frequency per     annual       hrly      burden
                                                    sponsors     respondent     responses     burden      hrs
----------------------------------------------------------------------------------------------------------------
REMIC Securities:
    OID/Prices Letter.........  Sponsor.........           15               8          120        0.5         60
    Final Structure Sheet.....  Sponsor.........           15               8          120          3        360
    Trust (REMIC) Agreement...  Attorney for               15               8          120          1        120
                                 Sponsor.
    Trust Opinion.............  Attorney for               15               8          120          4        480
                                 Sponsor.
    MX Trust Agreement........  Attorney for               15               8          120       0.16       19.2
                                 Sponsor.
    MX Trust Opinion..........  Attorney for               15               8          120          4        480
                                 Sponsor.
    RR Certificate............  Attorney for               15               8          120       0.08        9.6
                                 Sponsor.
    Sponsor Agreement.........  Attorney for               15               8          120       0.05          6
                                 Sponsor.
    Table of Contents.........  Attorney for               15               8          120       0.33       39.6
                                 Sponsor.
    Issuance Statement........  Attorney for               15               8          120        0.5         60
                                 Sponsor.

[[Page 23282]]

 
    Tax Opinion...............  Attorney for               15               8          120          4        480
                                 Sponsor.
    Transfer Affidavit........  Attorney for               15               8          120       0.08        9.6
                                 Sponsor.
    Supplemental Statement....  Attorney for               15            0.25         3.75          1       3.75
                                 Sponsor.
    Final Data Statements       Accountant for             15               8          120         32       3840
     (attached to closing        Sponsor.
     letter).
    Accountants' Closing        Accountant......           15               8          120          8        960
     Letter.
    Accountants' OCS Letter...  Accountant......           15               8          120          8        960
    Structuring Data..........  Accountant......           15               8          120          8        960
    Financial Statements......  Accountant......           15               8          120          1        120
    Principal and Interest      Trustee.........           15               8          120         16       1920
     Factor File
     Specifications.
    Distribution Dates and      Trustee.........           15               8          120       0.42       50.4
     Statement.
    Term Sheet................  Accountant for             15               8          120          2        240
                                 Sponsor.
    New Issue File Layout.....  Trustee.........           15               8          120          4        480
    Flow of Funds.............  Attorney for               15               8          120       0.16       19.2
                                 Sponsor.
    Trustee Receipt...........  Attorney for               15               8          120          2        240
                                 Sponsor.
                               ---------------------------------------------------------------------------------
        Subtotal..............  ................  ...........  ..............      2763.75  .........   11917.35
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SMBS Securities:
    OID/Prices Letter.........  Sponsor.........           10               1           10        0.5          5
    Final Structure Sheet.....  Sponsor.........           10               1           10          3         30
    Trust (REMIC) Agreement...  Attorney for               10               1           10          1         10
                                 Sponsor.
    Trust Opinion.............  Attorney for               10               1           10          4         40
                                 Sponsor.
    MX Trust Agreement........  Attorney for               10               1           10       0.16        1.6
                                 Sponsor.
    MX Trust Opinion..........  Attorney for               10               1           10          4         40
                                 Sponsor.
    RR Certificate............  Attorney for               10               1           10       0.08        0.8
                                 Sponsor.
    Sponsor Agreement.........  Attorney for               10               1           10       0.05        0.5
                                 Sponsor.
    Table of Contents.........  Attorney for               10               1           10       0.33        3.3
                                 Sponsor.
    Issuance Statement........  Attorney for               10               1           10        0.5          5
                                 Sponsor.
    Tax Opinion...............  Attorney for               10               1           10          4         40
                                 Sponsor.
    Transfer Affidavit........  Attorney for               10               1           10       0.08        0.8
                                 Sponsor.
    Supplemental Statement....  Attorney for               10            0.25          2.5          1        2.5
                                 Sponsor.
    Final Data Statements       Accountant for             10               1           10         32        320
     (attached to closing        Sponsor.
     letter).
    Accountants' Closing        Accountant......           10               1           10          8         80
     Letter.
    Accountants' OCS Letter...  Accountant......           10               1           10          8         80
    Structuring Data..........  Accountant......           10               1           10          8         80
    Financial Statements......  Accountant......           10               1           10          1         10
    Principal and Interest      Trustee.........           10               1           10         16        160
     Factor File
     Specifications.
    Distribution Dates and      Trustee.........           10               1           10       0.42        4.2
     Statement.
    Term Sheet................  Sponsor.........           10               1           10          2         20
    New Issue File Layout.....  Trustee.........           10               1           10          4         40
    Flow of Funds.............  Attorney for               10               1           10       0.16        1.6
                                 Sponsor.
    Trustee Receipt...........  Attorney for               10               1           10          2         20
                                 Sponsor.
                               ---------------------------------------------------------------------------------
        Subtotal..............  ................  ...........  ..............        232.5  .........      995.3
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Platinum Securities:
    Deposit Agreement.........  Depositor.......           19              10          190          1        190
    MBS Schedule..............  Depositor.......           19              10          190       0.16       30.4
    New Issue File Layout.....  Depositor.......           19              10          190          4        760
    Principal and Interest      Trustee.........           19              10          190         16       3040
     Factor File
     Specifications.
                               ---------------------------------------------------------------------------------
        Subtotal..............  ................  ...........  ..............          760  .........     4020.4
                               ---------------------------------------------------------------------------------
            Total Annual        ................  ...........  ..............      3756.25  .........  .........
             Responses.
                               ---------------------------------------------------------------------------------
            Total Burden Hours  ................  ...........  ..............  ...........  .........   16933.05
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Calculation of Burden Hours

    Sponsors x Frequency per Year = Estimated Annual Frequency.
    Estimated Annual Frequency x Estimated Average Completion Time = 
Estimated Annual Burden Hours.
    Status of the proposed information collection: Reinstatement, with 
change, of a previously approved collection.


[[Page 23283]]


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

    Dated: April 10, 2013.
Mary K. Kinney,
Executive Vice President, Government National Mortgage Association.
[FR Doc. 2013-09132 Filed 4-17-13; 8:45 am]
BILLING CODE 4210-67-P