[Federal Register Volume 84, Number 213 (Monday, November 4, 2019)]
[Notices]
[Pages 59412-59414]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-23961]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-7020-N-02]


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

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: January 3, 2020.

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 website 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).
    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.

[[Page 59413]]

    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 (``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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                                             Number of       Frequency    Responses  per    Burden hour   Annual  burden    Hourly cost
         Information collection             respondents      response          annum       per response         hrs        per response     Annual cost
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                                                                    REMIC Securities
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Pricing Letter..........................              18              10             180             0.5              90             $43          $3,870
Structured Term Sheet...................              18              10             180               3             540              43          23,220
Trust (REMIC) Agreement.................              18              10             180               1             180              43           7,740
Trust Opinion...........................              18              10             180               4             720              43          30,960
MX Trust Agreement......................              18              10             180            0.16            28.8              43           1,238
MX Trust Opinion........................              18              10             180               4             720              43          30,960
RR Certificate..........................              18              10             180            0.08            14.4              43             619
Sponsor Agreement.......................              18              10             180            0.05               9              43             387
Table of Contents.......................              18              10             180            0.33            59.4              43           2,554
Issuance Statement......................              18              10             180             0.5              90              43           3,870
Tax Opinion.............................              18              10             180               4             720              43          30,960
Transfer Affidavit......................              18              10             180            0.08            14.4              43             619
Supplemental Statement..................              18            0.25             4.5               1             4.5              43             194
Final Data Statements (attached to                    18              10             180              32           5,760              43         247,680
 closing letter)........................
Accountants' Closing Letter.............              18              10             180               8           1,440              43          61,920
Accountants' OSC Letter.................              18              10             180               8           1,440              43          61,920
Structuring Data........................              18              10             180               8           1,440              43          61,920
Financial Statements....................              18              10             180               1             180              43           7,740
Principal and Interest Factor File                    18              10             180              16           2,880              43         123,840
 Specifications.........................
Distribution Dates and Statement........              18              10             180            0.42            75.6              43           3,251
Term Sheet..............................              18              10             180               2             360              43          15,480
New Issue File Layout...................              18              10             180               4             720              43          30,960
Flow of Funds...........................              18              10             180            0.16            28.8              43           1,238
Trustee Receipt.........................              18              10             180               2             360              43          15,480
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    Subtotal............................  ..............  ..............        4,144.50  ..............       17,874.90  ..............         768,621
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                                                                   Platinum Securities
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Deposit Agreement.......................              19              10             190               1             190              43           8,170
MBS Schedule............................              19              10             190            0.16            30.4              43           1,307
New Issue File Layout...................              19              10             190               4             760              43          32,680

[[Page 59414]]

 
Principal and Interest Factor File                    19              10             190              16           3,040              43         130,720
 Specifications.........................
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    Subtotal............................  ..............  ..............             760  ..............        4,020.40  ..............         172,877
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        Total Annual Responses..........  ..............  ..............        4,904.50  ..............  ..............  ..............  ..............
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        Total Burden Hours..............  ..............  ..............  ..............  ..............       21,895.30  ..............  ..............
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        Total Cost......................  ..............  ..............  ..............  ..............  ..............  ..............         941,498
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    Status of the proposed information collection: Reinstatement, with 
change, of a previously approved collection.

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

    Dated: September 26, 2019.
John Getchis,
Senior Vice President, Office of Capital Markets, Government National 
Mortgage Association.
[FR Doc. 2019-23961 Filed 11-1-19; 8:45 am]
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