[Federal Register Volume 81, Number 121 (Thursday, June 23, 2016)]
[Notices]
[Pages 40897-40899]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-14926]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5912-N-01]


60-Day Notice of Proposed Information Collection Ginnie Mae 
Multiclass Securities Program Documents (Forms and Electronic Data 
Submissions)

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: Comments Due Date: August 22, 2016.

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: Anna Guido., QDAM, Information 
Reports Management Officer, Department of Housing and Urban 
Development, 451 7th Street SW., L'Enfant Plaza Building, Room 4186, 
Washington, DC 20410; email: [email protected]; telephone (202) 708-
2384. This is not a toll-free number. Copies of available documents 
submitted to OMB may be obtained from Ms. Guido.

FOR FURTHER INFORMATION CONTACT: Shalei Choi, Ginnie Mae, 451 7th 
Street SW., Room B-133, Washington, DC 20410; email_
[email protected]; telephone--(202) 475-7820; (this is not a toll-
free number); the Ginnie Mae Web site at www.ginniemae.gov for other 
available information.

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).

A. Overview of Information Collection

    Title of Proposal: Ginnie Mae Multiclass Securities Program 
Documents. (Forms and Electronic Data Submissions).
    OMB Control Number, if applicable: 2503-0030.
    Type of Information Collection: Extension of a currently approved.
    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

[[Page 40898]]

Ginnie Mae's commitment authority to guarantee mortgage-backed 
(``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
                                                  Number of      annual       Total      Estimated    Estimated
     Type of information         (Prepared by)    potential    frequency      annual      average       annual
          collection                               sponsors       per       responses      hourly       burden
                                                               respondant                  burden       hours
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                                                REMIC Securities
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Pricing Letter...............  Sponsor.........           18            8          144          0.5           72
Structured Term Sheet........  Sponsor.........           18            8          144            3          432
Trust (REMIC) Agreement......  Attorney for               18            8          144            1          144
                                Sponsor.
Trust Opinion................  Attorney for               18            8          144            4          576
                                Sponsor.
MX Trust Agreement...........  Attorney for               18            8          144         0.16        23.04
                                Sponsor.
MX Trust Opinion.............  Attorney for               18            8          144            4          576
                                Sponsor.
RR Certificate...............  Attorney for               18            8          144         0.08        11.52
                                Sponsor.
Sponsor Agreement............  Attorney for               18            8          144         0.05          7.2
                                Sponsor.
Table of Contents............  Attorney for               18            8          144         0.33        47.52
                                Sponsor.
Issuance Statement...........  Attorney for               18            8          144          0.5           72
                                Sponsor.
Tax Opinion..................  Attorney for               18            8          144            4          576
                                Sponsor.
Transfer Affidavit...........  Attorney for               18            8          144         0.08        11.52
                                Sponsor.
Supplemental Statement.......  Attorney for               18         0.25          4.5            1          4.5
                                Sponsor.
Final Data Statements          Attorney for               18            8          144           32         4608
 (attached to closing letter).  Sponsor.
Accountants' Closing Letter..  Accountant......           18            8          144            8         1152
Accountants' OSC Letter......  Accountant......           18            8          144            8         1152
Structuring Data.............  Accountant......           18            8          144            8         1152
Financial Statements.........  Accountant......           18            8          120            1          120
Principal and Interest Factor  Trustee.........           18            8          144           16         2304
 File Specifications.
Distribution Dates and         Trustee.........           18            8          144         0.42        60.48
 Statement.
Term Sheet...................  Sponsor.........           18            8          144            2          288
New Issue File Layout........  Trustee.........           18            8          144            4          576
Flow of Funds................  Attorney for               18            8          144         0.16        23.04
                                Trustee.
Trustee Receipt..............  Trustee Attorney           18            8          144            2          288
                                                ----------------------------------------------------------------
    Subtotal.................  ................  ...........  ...........       3292.5  ...........     14276.82
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                                               Platinum Securities
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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 Factor  Trustee.........           19           10          190           16         3040
 File Specifications.
                                                ----------------------------------------------------------------
    Subtotal.................  ................  ...........  ...........          760  ...........       4020.4
                                                ----------------------------------------------------------------
        Total Annual           ................  ...........  ...........       4052.5  ...........  ...........
         Responses.
            Total Burden       ................  ...........  ...........  ...........  ...........     18297.22
             Hours.
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Calculation of Burden Hours:
    Sponsors x Frequency per
     Year = Est. Annual
     Frequency.
    Est. Annual Frequency x
     Est. Average Completion
     Time = Est. Annual
     Burden Hours.
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[[Page 40899]]

B. Solicitation of Public Comment

    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.

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

    Dated: June 17, 2016.
Gregory Keith,
Acting Executive Vice President, Government National Mortgage 
Association.
[FR Doc. 2016-14926 Filed 6-22-16; 8:45 am]
 BILLING CODE 4210-67-P