[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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