Skip to Content

Notice

Notice of Proposed Information Collection: Comment Request; Ginnie Mae Multiclass Securities Program Documents

Document Details

Information about this document as published in the Federal Register.

Published Document

This document has been published in the Federal Register. Use the PDF linked in the document sidebar for the official electronic format.

Start Preamble

AGENCY:

Office of the President of Government National Mortgage Association (Ginnie Mae), HUD.

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.

DATES:

Comment Due Date: November 10, 2003.

Start Printed Page 53189

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: Sonya Suarez, Office of Program Operations, Department of Housing and Urban Development, 451—7th Street, SW., Room 6206, Washington, DC 20410.

Start Further Info

FOR FURTHER INFORMATION CONTACT:

Sonya Suarez, Ginnie Mae, (202) 708-2884 (this is not a toll-free number) for copies of the proposed forms and other available documents.

End Further Info End Preamble Start Supplemental 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).

The 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.

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 Single Class 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 securities (“MBS”) pursuant to 306(g)(2) of the NHA (12 U.S.C. 1271(g)(2)). Since the multiclass securities 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 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 residential 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 and Platinum securities.

Agency form numbers, if applicable: Not applicable.

Members of affected public: For-profit business (mortgage companies, thrift, 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 collectionType of information collection (prepared by)Number of participants/respondentsFrequency per year information submittedEstimated annual frequencyEstimated average time to complete informationEstimated annual burden hours
REMIC Securities:
Pricing LetterSponsor16101600.550
Structured Term SheetSponsor16101603300
Trust AgreementAttorney for Sponsor16101601100
Trust OpinionAttorney for Sponsor16101604400
MX Trust AgreementAttorney for Sponsor16101600.1616
MX Trust OpinionAttorney for Sponsor16101604400
RR CertificateAttorney for Sponsor16101600.088
Sponsor AgreementAttorney for Sponsor16101600.055
Table of ContentsAttorney for Sponsor16101600.3333
Issuance StatementAttorney for Sponsor16101600.550
Tax OpinionAttorney for Sponsor16101604400
Transfer AffidavitAttorney for Sponsor16101600.088
Supplemental StatementAttorney for Sponsor16101601100
Final Data Statements (attached to closing letter)Attorney for Sponsor1610160323200
Accountants' Closing LetterAccountant16101608800
Accountants' OSC LetterAccountant16101608800
Structuring DataAccountant16101608800
Financial StatementsAccountant16101601160
Start Printed Page 53190
Principal and Interest Factor File SpecificationsTrustee1610160161600
Distribution Dates and StatementTrustee16101600.4242
Term SheetTrustee16101602200
New Issue File LayoutTrustee16101604400
Flow of FundsAttorney for Trustee16101600.1616
Trustee ReceiptTrustee Attorney16101602200
Data Verification FormTrustee16101601160
Total400016057.6
Platinum Securities:
Deposit AgreementDepositor16101601100
MBS ScheduleDepositor16101600.1616
New Issue File LayoutDepositor16101604400
Principal and Interest Factor File SpecificationsTrustee1610160162560
Data Verification FormTrustee16101601160
Total8003398.4
Total Burden Hours480019456

Calculation of Burden Hours:

Participants × 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 previously approved collection for which approval has expired.

Start Authority

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

End Authority Start Signature

Dated: September 2, 2003.

George S. Anderson,

Executive Vice President, Ginnie Mae.

End Signature End Supplemental Information

[FR Doc. 03-22834 Filed 9-8-03; 8:45 am]

BILLING CODE 4210-66-M