[Federal Register Volume 82, Number 100 (Thursday, May 25, 2017)]
[Notices]
[Pages 24127-24128]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-10728]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2017-N-05]


Proposed Collection; Comment Request

AGENCY: Federal Housing Finance Agency.

ACTION: 60-day notice of submission of information collection for 
approval from Office of Management and Budget.

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SUMMARY: In accordance with the requirements of the Paperwork Reduction 
Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA or the 
Agency) is seeking public comments concerning an information collection 
known as the ``Monthly Survey of Rates and Terms on Conventional 1-
Family Nonfarm Mortgage Loans (MIRS),'' which has been assigned control 
number 2590-0004 by the Office of Management and Budget (OMB). FHFA 
intends to submit the information collection to OMB for review and 
approval of a three-year extension of the control number, which is due 
to expire on July 31, 2017.

DATES: Interested persons may submit comments on or before July 24, 
2017.

ADDRESSES: Submit comments to FHFA, identified by ``Proposed 
Collection; Comment Request: `Monthly Survey of Rates and Terms on 
Conventional 1-Family Nonfarm Mortgage Loans (MIRS), (No. 2017-N-05)' 
'' by any of the following methods:
     Agency Web site: www.fhfa.gov/open-for-comment-or-input.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments. If you submit your 
comment to the Federal eRulemaking Portal, please also send it by email 
to FHFA at [email protected] to ensure timely receipt by the agency.
     Mail/Hand Delivery: Federal Housing Finance Agency, Eighth 
Floor, 400 Seventh Street SW., Washington, DC 20219, ATTENTION: 
Proposed Collection; Comment Request: ``Monthly Survey of Rates and 
Terms on Conventional 1-Family Nonfarm Mortgage Loans (MIRS), (No. 
2017-N-05)''.
    We will post all public comments we receive without change, 
including any personal information you provide, such as your name and 
address, email address, and telephone number, on the FHFA Web site at 
http://www.fhfa.gov. In addition, copies of all comments received will 
be available for examination by the public on business days between the 
hours of 10 a.m. and 3 p.m., at the Federal Housing Finance Agency, 
Eighth Floor, 400 Seventh Street SW., Washington, DC 20219. To make an 
appointment to inspect comments, please call the Office of General 
Counsel at (202) 649-3804.

FOR FURTHER INFORMATION CONTACT: David L. Roderer, Senior Financial 
Analyst, [email protected], (202) 649-3206; or Eric Raudenbush, 
Associate General Counsel, [email protected], (202) 649-3084 
(these are not toll-free numbers); Federal Housing Finance Agency, 400 
Seventh Street SW., Washington, DC 20219. The Telecommunications Device 
for the Hearing Impaired is (800) 877-8339.

SUPPLEMENTARY INFORMATION: 

A. Need for and Use of the Information Collection

    FHFA's Monthly Survey of Rates and Terms on Conventional 1-Family 
Nonfarm Mortgage Loans, commonly referred to as the ``Monthly Interest 
Rate Survey'' or ``MIRS,'' is a monthly survey of mortgage lenders that 
solicits information on the terms and conditions on all conventional, 
single-family, fully amortized, purchase-money mortgage loans closed 
during the last five working days of the preceding month. The MIRS 
collects monthly information on interest rates, loan terms, and house 
prices by property type (i.e., new or previously occupied), by loan 
type (i.e., fixed- or adjustable-rate), and by lender type (i.e., 
mortgage companies, savings associations, commercial banks, and savings 
banks), as well as information on 15-year and 30-year fixed-rate loans. 
In addition, the survey collects quarterly information on conventional 
loans by major metropolitan area and by Federal Home Loan Bank 
district. The MIRS does not collect information on loans insured by the 
Federal Housing Administration (FHA) or guaranteed by the Veterans 
Administration (VA), loans secured by multifamily property or 
manufactured housing, or loans created by refinancing another mortgage. 
The MIRS is the most timely and comprehensive source of information on 
conventional mortgage rates and terms in the United States.
    The MIRS originated with one of FHFA's predecessor agencies, the 
former Federal Home Loan Bank Board (FHLBB), in the 1960s and was 
conducted by the former Federal Housing Finance Board from 1989 through 
2008. Data collected through the MIRS was used to derive the FHLBB's 
National Average Contract Mortgage Rate for the Purchase of Previously 
Occupied Homes by Combined Lenders (ARM Index), which was used by 
lenders to set mortgage rates on adjustable rate mortgages (ARMs). For 
a period of years, Fannie Mae and Freddie Mac were required by statute 
to use the data collected through the MIRS in making annual adjustments 
to their conforming loan limits.
    Since 2008, FHFA has continued to conduct the MIRS and to produce 
the ARM Index.\1\ For various reasons, the number of loans reported to 
MIRS has fallen dramatically over the long term, which has resulted in 
the data sample sizes becoming deficient.\2\ Although the volume of 
loans reported has increased moderately over the last several years, 
FHFA possesses limited means to compel survey recipients to provide 
additional data. Despite this, the agency believes it has a legal 
obligation to continue to carry out the survey, and its results 
continue to be relied upon by many outside parties.
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    \1\ The MIRS and the ARM Index are described at 12 CFR 906.5.
    \2\ All publications of MIRS data include a note stating, ``The 
indices are based on a small monthly survey of mortgage lenders, 
which may not be representative. The sample is not a statistical 
sample but is rather a convenience sample.''
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    While adjustments in the Enterprises' conforming loan limits are no 
longer based solely on data collected through the MIRS, MIRS data 
remains one of the factors that FHFA is required to consider in 
assessing the national average one-family house price for purposes of 
making those adjustments.\3\ A few lenders use FHFA's ARM Index, 
derived from MIRS data, to set interest rates on fixed rate loans. In 
addition, businesses, trade associations, and government agencies at 
both the federal and state level rely upon the MIRS data for various 
business and regulatory purposes. For example, economic policy makers 
have used 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, such as the Board of Governors of the Federal Reserve 
System and the Council of Economic Advisors, have used the MIRS results 
for research purposes. The Bureau of Economic Analysis of the U.S. 
Department of Commerce uses MIRS as

[[Page 24128]]

a key component of some of the economic statistics it is responsible 
for tracking. In addition, statutes in several states and U.S. 
territories refer to, or rely upon, the MIRS or the ARM Index for 
various purposes.\4\
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    \3\ See 12 U.S.C. 4542.
    \4\ See, e.g., Cal. Civ. Code Sec. Sec.  1916.7(b)(5)(A) and 
1916.8(b)(1) (mortgage rates); Mich. Comp. Laws Sec.  445.1621(d), 
445.1624 (mortgage index rates); N.J. Rev. Stat. 31:1-1(d) (interest 
rates); Wis. Stat. Sec.  138.056(1)(a) (variable loan rates); V.I. 
Code Ann. tit. 11, Sec.  951(b)(2) (legal rate of interest).
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    The OMB control number for this information collection is 2590-
0004. The current clearance for the information collection expires on 
July 31, 2017.

B. Burden Estimate

    The Agency received a total of 1,369 monthly MIRS data submissions 
from 45 unique survey respondents over the period 2014-2016, 
representing an average of 456.3 monthly submissions per year from all 
respondents. Based on that figure and the expectation that it may 
receive slightly fewer data submissions going forward as compared to 
the last three years, FHFA estimates that it will receive an average of 
450 data submissions annually over the next three years.
    Most MIRS respondents submit their monthly MIRS data electronically 
through FHFA's MIRS web interface. Several, primarily larger, 
respondents transmit an electronic data file to FHFA, which then 
uploads the data to the same web interface. A few respondents still 
elect to complete FHFA Form #075 and submit it by facsimile. FHFA 
believes that, on average, a respondent will spend 20 minutes 
transmitting each monthly MIRS data set.
    Thus, FHFA estimates that the annualized hour burden on all 
respondents imposed by this information collection over the next three 
years will be 150 hours (450 submissions x 0.33 hours).

C. Comments Request

    FHFA requests written comments on the following: (1) Whether the 
collection of information is necessary for the proper performance of 
FHFA functions, including whether the information has practical 
utility; (2) the accuracy of FHFA'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: May 19, 2017.
Kevin Winkler,
Chief Information Officer, Federal Housing Finance Agency.
[FR Doc. 2017-10728 Filed 5-24-17; 8:45 am]
BILLING CODE 8070-01-P