[Federal Register Volume 81, Number 93 (Friday, May 13, 2016)]
[Notices]
[Pages 29883-29885]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-11358]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5931-D-01]


Consolidated Redelegation of Authority for the Government 
National Mortgage Association (Ginnie Mae)

AGENCY: Office of the President of the Government National Mortgage 
Association, HUD.

ACTION: Notice of delegation of authority.

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

DATES: Effective Date: May 5, 2016.

FOR FURTHER INFORMATION CONTACT: Office of the Senior Vice President 
and 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 a notice published in the Federal 
Register on August 30, 2011 (76 FR 53931), the Secretary issued a 
consolidated delegation of authority to the President of Ginnie Mae. In 
that notice, the President of Ginnie Mae was given authority to 
redelegate the authorities delegated to the President by the 
Secretary.\1\ Part I of this notice contains concurrent redelegations 
from the President of Ginnie Mae to the 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 the Senior Vice Presidents to 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 provides that this delegation supersedes all previous 
redelegations from the President, Executive Vice President and Senior 
Vice Presidents and authorizes those parties to revoke the authority 
contained in this delegation.
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    \1\ The Ginnie Mae Bylaws separately provide the President of 
Ginnie Mae with other significant authority. These delegations do 
not supersede or rescind the authority contained in the Bylaws. The 
Ginnie Mae Bylaws are available at http://www.ginniemae.gov/inside_gnma/executive_leadership/Documents/ginniemae_bylaws_april2016.pdf.
    \2\ The Ginnie Mae Bylaws authorize Ginnie Mae Vice Presidents 
to sign all contracts not subject to the Federal Acquisition 
Regulation, mortgages, pledges, other documents, instruments and 
other writings that call for Ginnie Mae's execution in the 
conducting of Ginnie Mae's business. 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. The President of Ginnie Mae Retains and Redelegates 
Concurrent Authority to the Executive Vice President

    The President of Ginnie Mae hereby retains and redelegates to the 
Executive Vice President concurrent authority with the President. The 
Executive Vice President is authorized to perform all duties of the 
President of Ginnie Mae in place of the President. The Executive Vice 
President is also authorized to perform the functions delegated by the 
Secretary to the President of Ginnie Mae, except the authority to waive 
HUD regulations. The authority to waive regulations is reserved for the 
President of Ginnie Mae pursuant to the Department of Housing and Urban 
Development Act (42 U.S.C. 3535(q)). If the President is absent from 
office, the person authorized to act in the President's absence may 
exercise the waiver authority of the President consistent with HUD's 
policies and procedures (73 FR 76674 and 66 FR 13944).

Section B. The Executive Vice President of Ginnie Mae Retains and 
Redelegates Authority to the Senior Vice Presidents

    The Executive Vice President of Ginnie Mae hereby retains and 
redelegates to the Senior Vice Presidents the authority to perform the 
below enumerated functions.
    1. The Senior Vice President of the Office of Enterprise Risk is 
hereby delegated to handle matters related to Operational, 
Counterparty, Market and Credit Risk which includes, but is not limited 
to, the authority:
    a. To establish, oversee and maintain all appropriate risk 
management policies, activities, and controls for Ginnie Mae, including 
analyzing the risk profile of business units, carrying out risk 
management and evaluation functions, and performing risk assessments.
    b. To approve pool transfers, non-streamlined commitment authority, 
subservicing arrangements, and acceptance of corporate guaranty.
    c. To approve waivers of net worth, liquidity requirements, and 
errors and omissions fidelity insurance.
    d. To negotiate and approve asset dispositions.
    2. The Senior Vice President of the Office of Issuer and Portfolio 
Management is hereby delegated to handle matters related to the 
Mortgage-Backed Securities (MBS) Program, which includes, but is not 
limited to, the authority:
    a. To oversee the activities and performance of issuers 
participating in the MBS Program.
    b. To determine the manner of issuers' participation in the MBS 
Program.
    c. To approve the ability of institutions to participate as issuers 
in the MBS Program.
    d. To render decisions concerning the compliance of issuers with 
MBS Program requirements.
    e. To make determinations related to the servicing of loans 
contained in defaulted portfolios.
    f. To approve subservicing arrangements and asset disposition.
    g. To initiate and impose civil money penalties.
    h. To establish and maintain policies and procedures for claims 
collection and coordinate claims collection activities.
    3. The Senior Vice President of the Office of Capital Markets is 
hereby delegated to handle matters related to the Multiclass Securities 
Program, which includes, but is not limited to, the authority:
    a. To oversee the operation and management of the Multiclass 
Securities Program.
    b. To execute documents necessary to the administration of the 
Multiclass Securities Program.
    c. To execute the Transaction Initiation Letter, Sponsor Agreement, 
and Guaranty Agreement.
    4. The Senior Vice President of the Office of Chief Financial 
Officer is hereby delegated to handle finance matters related to Ginnie 
Mae, which includes, but is not limited to, the authority:
    a. To develop and maintain a financial management system to 
administer and coordinate the financial and accounting functions for 
Ginnie Mae.

[[Page 29884]]

    b. To be responsible for the financial management needs of Ginnie 
Mae, to report to the Congress and to external agencies on financial 
management performance, Ginnie Mae financial statements, and other 
information requests required by law and regulation.
    c. To establish and maintain policies and procedures for claims 
collection and coordinate claims collection activities.
    d. To appoint Disbursement and Certifying Officers to approve the 
disbursal of Ginnie Mae funds.
    e. To certify funds are available for commitments of contracts.
    f. To execute Secure Payment System-Financial Management Services 
designating individuals as certifying officers.
    g. To certify vouchers for payments.
    h. To designate, delegate, and revoke authority of designated staff 
members to use the U.S. Treasury's Secure Payment System.
    5. The Senior Vice President of the Office of Securities Operations 
is hereby delegated to handle matters related to Ginnie Mae Program 
Operations, which includes, but is not limited to, the authority:
    a. To conduct the issuance of single class securities and follow on 
bond administration functions, i.e., factor reporting, collection of 
principal and interest payments from issuers, outstanding securities, 
remaining principle balance corrections, etc.
    b. To approve any enhancement to Ginnie Mae's business applications 
used to administer Ginnie Mae's Mortgage-Backed Securities program.
    c. To approve the early termination of a Ginnie Mae pool.
    d. To assign mortgages.
    6. The Senior Vice President of the Office of Enterprise Data and 
Technology Solutions is hereby delegated to handle matters related to 
the information, technology, and security management of all Ginnie Mae 
systems, which includes, but is not limited to, the authority:
    a. To certify and accredit Ginnie Mae business applications;
    b. To ensure security of Ginnie Mae business applications;
    c. To handle matters related to the procurement of hardware, 
software, and licensing.
    d. To manage Ginnie Mae's infrastructure and security operations.
    e. To handle matters of interagency security agreements for data 
exchange.
    7. The Senior Vice President of the Office of Management Operations 
is hereby delegated to handle matters related to Administrative 
Management, Procurement, and Communications, which includes, but is not 
limited to, the authority:
    a. To coordinate administrative functions, policies, and programs 
related to Human Resources management and administration.
    b. To provide oversight of contract activities including reviews of 
quality and internal controls.
    c. To direct and coordinate all media outreach for Ginnie Mae.

II. Authority Redelegated to Other Positions Within Ginnie Mae

Section A

    The Senior Vice President of Office of Enterprise Risk retains and 
redelegates the authority to Directors and staff to handle matters 
related to Operational, Counterparty, Market and Credit Risk:
    1. To establish, oversee, and maintain all appropriate risk 
management policies, activities, and controls for Ginnie Mae, including 
analyzing the risk profile of business units, carrying out risk 
management and evaluation functions, and performing risk assessments.
    2. To approve new issuer applications.

Section B

    The Senior Vice President of the Office of Issuer Portfolio 
Management hereby retains and redelegates the authority to Directors 
and staff:
    1. To oversee the activities and performance of issuers 
participating in the MBS Program.
    2. To determine the manner of issuers' participation in the MBS 
Program.
    3. To approve the ability of institutions to participate as issuers 
in the MBS Program.
    4. To render decisions concerning the compliance of issuers with 
MBS Program requirements.
    5. To make determinations about the servicing of loans contained in 
defaulted portfolios.
    6. To approve subservicing arrangements and asset disposition.
    7. To establish and maintain policies and procedures for claims 
collection and coordinate claims collection activities.

Section C

    The Senior Vice President of the Office of Capital Markets retains 
and redelegates the authority to the Deputies, Directors, and 
securities market specialists:
    1. To oversee the operation and management of the Multiclass 
Securities Program.
    2. To execute documents necessary to the administration of the 
Multiclass Securities Program.
    3. To execute the Transaction Initiation Letter, Sponsor Agreement, 
and Guaranty Agreement.

Section D

    The Senior Vice President of the Office of Chief Financial Officer 
retains and redelegates the authority to Directors and specifically 
designated staff members:
    1. To develop and maintain a financial management system to 
administer and coordinate the financial and accounting functions for 
Ginnie Mae.
    2. To be responsible for the financial management needs of Ginnie 
Mae, to report to the Congress and to external agencies on financial 
management performance, Ginnie Mae financial statements, and other 
information requests required by law and regulation.
    3. To establish and maintain policies and procedures for claims 
collection and coordinate claims collection activities.
    4. To certify on funds available for commitments of contracts.
    5. To certify vouchers for payments.
    6. To execute Secure Payment System-Financial Management Services.

Section E

    The Senior Vice President of Office of Securities Operations 
retains and redelegates the authority to directors and staff:
    1. To conduct the issuance of single class securities and follow on 
bond administration functions, i.e., factor reporting, collection of 
principal and interest payments from issuers to investors, payments to 
investors, disclosures on outstanding securities.
    2. To approve any enhancements to Ginnie Mae business applications 
used to administer Ginnie Mae's MBS program.
    3. To approve the early termination of a Ginnie Mae pool.
    4. To assign mortgages.

Section F

    The Senior Vice President of Office of Enterprise Data and 
Technology Solutions retains and redelegates the authority to Directors 
and staff:
    1. To certify and accredit Ginnie Mae business applications.
    2. To ensure security of Ginnie Mae business applications.
    3. To handle matters related to the procurement of hardware, 
software, and licensing.
    4. To manage Ginnie Mae's infrastructure and security operations.
    5. To handle matters of interagency security agreements for data 
exchange.

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Section G

    The Senior Vice President of the Office of Management Operations 
retains and redelegates the authority to the Directors and staff:
    1. To coordinate Ginnie Mae's administrative functions, policies, 
and programs related to Human Resources management and administration.
    2. To provide oversight of contract activities including reviews of 
quality and internal controls.
    3. To direct and coordinate all media outreach for Ginnie Mae.

III. Authority To Redelegate

    Certain authority redelegated by the President of Ginnie Mae to the 
Executive Vice President and Senior Vice Presidents 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; and (3) 
Authority to approve the request for contract services for all contract 
work. Duties that are delegable have been redelegated by the Senior 
Vice Presidents in Part II Sections A-G above. Duties that are non-
delegable are retained by the President, Executive Vice President, and 
Senior Vice Presidents.

IV. Authority Superseded

    This redelegation of authority supersedes all previous 
redelegations of authority from the President, Executive Vice President 
and Senior Vice Presidents of Ginnie Mae. The President, Executive Vice 
President and Senior Vice Presidents of Ginnie Mae 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)). Section 3.05, Bylaws of the 
Government National Mortgage Association, Ginnie Mae.gov. 24 CFR 
part 310.

    Dated: May 5, 2016.
Theodore W. Tozer,
President, Government National Mortgage Association.
[FR Doc. 2016-11358 Filed 5-12-16; 8:45 am]
 BILLING CODE 4210-67-P