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Notice

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

Action

Notice.

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.

 

Table of Contents Back to Top

DATES: Back to Top

Comments Due Date: April 5, 2010.

ADDRESSES: Back to Top

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: Leroy McKinney, Jr., QDAM, Information Reports Management Officer, Department of Housing and Urban Development, 451 7th Street, SW., L'Enfant Plaza Building, Room 800a, Washington, DC 20410; e-mail Leroy.McKinney.jr@hud.gov; telephone (202) 708-5564. This is not a toll-free number. Copies of available documents submitted to OMB may be obtained from Ms. McKinney.

FOR FURTHER INFORMATION CONTACT: Back to Top

Victoria Vargas, Ginnie Mae, 451 7th Street, SW., Room B-133, Washington, DC 20410; e-mail—Victoria_Vargas@hud.gov; telephone—(202) 475-6752; fax—(202) 485-0225 (this is not a toll-free number); the Ginnie Mae Web site at http://www.ginniemae.gov for other available information.

SUPPLEMENTARY INFORMATION: Back to Top

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 affected 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.

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: 2503-0017.

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:

Type of information collection (Prepared by) Number of potential sponsors Estimated annual frequency per respondent Total annual responses Est. average hrly burden Est. annual burden hrs
REMIC Securities            
OID/Prices Letter Sponsor 15 8 120 0.5 60
Final Structure Sheet Sponsor 15 8 120 3 360
Trust (REMIC) Agreement Attorney for Sponsor 15 8 120 1 120
Trust Opinion Attorney for Sponsor 15 8 120 4 480
MX Trust Agreement Attorney for Sponsor 15 8 120 0.16 19.2
MX Trust Opinion Attorney for Sponsor 15 8 120 4 480
RR Certificate Attorney for Sponsor 15 8 120 0.08 9.6
Sponsor Agreement Attorney for Sponsor 15 8 120 0.05 6
Table of Contents Attorney for Sponsor 15 8 120 0.33 39.6
Issuance Statement Attorney for Sponsor 15 8 120 0.5 60
Tax Opinion Attorney for Sponsor 15 8 120 4 480
Transfer Affidavit Attorney for Sponsor 15 8 120 0.08 9.6
Supplemental Statement Attorney for Sponsor 15 0.25 3.75 1 3.75
Final Data Statements (attached to closing letter) Accountant for Sponsor 15 8 120 32 3,840
Accountants' Closing Letter Accountant 15 8 120 8 960
Accountants' OCS Letter Accountant 15 8 120 8 960
Structuring Data Accountant 15 8 120 8 960
Financial Statements Accountant 15 8 120 1 120
Principal and Interest Factor File Specifications Trustee 15 8 120 16 1,920
Distribution Dates and Statement Trustee 15 8 120 0.42 50.4
Term Sheet Accountant for Sponsor 15 8 120 2 240
New Issue File Layout Trustee 15 8 120 4 480
Flow of Funds Attorney for Sponsor 15 8 120 0.16 19.2
Trustee Receipt Attorney for Sponsor 15 8 120 2 240
Total 2,763.75 11,917.35
SMBS Securities            
OID/Prices Letter Sponsor 10 1 10 0.5 5
Final Structure Sheet Sponsor 10 1 10 3 30
Trust (REMIC) Agreement Attorney for Sponsor 10 1 10 1 10
Trust Opinion Attorney for Sponsor 10 1 10 4 40
MX Trust Agreement Attorney for Sponsor 10 1 10 0.16 1.6
MX Trust Opinion Attorney for Sponsor 10 1 10 4 40
RR Certificate Attorney for Sponsor 10 1 10 0.08 0.8
Sponsor Agreement Attorney for Sponsor 10 1 10 0.05 0.5
Table of Contents Attorney for Sponsor 10 1 10 0.33 3.3
Issuance Statement Attorney for Sponsor 10 1 10 0.5 5
Tax Opinion Attorney for Sponsor 10 1 10 4 40
Transfer Affidavit Attorney for Sponsor 10 1 10 0.08 0.8
Supplemental Statement Attorney for Sponsor 10 0.25 2.5 1 2.5
Final Data Statements (attached to closing letter) Accountant for Sponsor 10 1 10 32 320
Accountants' Closing Letter Accountant 10 1 10 8 80
Accountants' OCS Letter Accountant 10 1 10 8 80
Structuring Data Accountant 10 1 10 8 80
Financial Statements Accountant 10 1 10 1 10
Principal and Interest Factor File Specifications Trustee 10 1 10 16 160
Distribution Dates and Statement Trustee 10 1 10 0.42 4.2
Term Sheet Sponsor 10 1 10 2 20
New Issue File Layout Trustee 10 1 10 4 40
Flow of Funds Attorney for Sponsor 10 1 10 0.16 1.6
Trustee Receipt Attorney for Sponsor 10 1 10 2 20
Total 232.5 995.3
Platinum Securities            
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 File Specifications Trustee 19 10 190 16 3,040
Total 760 4,020.4
Total Burden Hours 16,933.05

Calculation of Burden Hours:

Sponsors × Frequency per Year = Estimated Annual Frequency.

Estimated Annual Frequency × Estimated Average Completion Time = Estimated Annual Burden Hours.

Status of the proposed information collection: Reinstatement, with change, of a previously approved collection.

Authority: Back to Top

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

Dated: January 26, 2010.

Mary K. Kinney,

Executive Vice President, Government National Mortgage Association.

[FR Doc. 2010-2111 Filed 2-1-10; 8:45 am]

BILLING CODE 4210-67-P

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