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

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




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.


Comments Due Date: April 5, 2010.


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; telephone (202) 708-5564. This is not a toll-free number. Copies of available documents submitted to OMB may be obtained from Ms. McKinney.

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

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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. Start Printed Page 53371721(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 sponsorsEstimated annual frequency per respondentTotal annual responsesEst. average hrly burdenEst. annual burden hrs
REMIC Securities
OID/Prices LetterSponsor1581200.560
Final Structure SheetSponsor1581203360
Trust (REMIC) AgreementAttorney for Sponsor1581201120
Trust OpinionAttorney for Sponsor1581204480
MX Trust AgreementAttorney for Sponsor1581200.1619.2
MX Trust OpinionAttorney for Sponsor1581204480
RR CertificateAttorney for Sponsor1581200.089.6
Sponsor AgreementAttorney for Sponsor1581200.056
Table of ContentsAttorney for Sponsor1581200.3339.6
Issuance StatementAttorney for Sponsor1581200.560
Tax OpinionAttorney for Sponsor1581204480
Transfer AffidavitAttorney for Sponsor1581200.089.6
Supplemental StatementAttorney for Sponsor150.253.7513.75
Final Data Statements (attached to closing letter)Accountant for Sponsor158120323,840
Accountants' Closing LetterAccountant1581208960
Accountants' OCS LetterAccountant1581208960
Structuring DataAccountant1581208960
Financial StatementsAccountant1581201120
Principal and Interest Factor File SpecificationsTrustee158120161,920
Distribution Dates and StatementTrustee1581200.4250.4
Term SheetAccountant for Sponsor1581202240
New Issue File LayoutTrustee1581204480
Flow of FundsAttorney for Sponsor1581200.1619.2
Trustee ReceiptAttorney for Sponsor1581202240
SMBS Securities
OID/Prices LetterSponsor101100.55
Final Structure SheetSponsor10110330
Trust (REMIC) AgreementAttorney for Sponsor10110110
Trust OpinionAttorney for Sponsor10110440
MX Trust AgreementAttorney for Sponsor101100.161.6
MX Trust OpinionAttorney for Sponsor10110440
RR CertificateAttorney for Sponsor101100.080.8
Sponsor AgreementAttorney for Sponsor101100.050.5
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Table of ContentsAttorney for Sponsor101100.333.3
Issuance StatementAttorney for Sponsor101100.55
Tax OpinionAttorney for Sponsor10110440
Transfer AffidavitAttorney for Sponsor101100.080.8
Supplemental StatementAttorney for Sponsor100.252.512.5
Final Data Statements (attached to closing letter)Accountant for Sponsor1011032320
Accountants' Closing LetterAccountant10110880
Accountants' OCS LetterAccountant10110880
Structuring DataAccountant10110880
Financial StatementsAccountant10110110
Principal and Interest Factor File SpecificationsTrustee1011016160
Distribution Dates and StatementTrustee101100.424.2
Term SheetSponsor10110220
New Issue File LayoutTrustee10110440
Flow of FundsAttorney for Sponsor101100.161.6
Trustee ReceiptAttorney for Sponsor10110220
Platinum Securities
Deposit AgreementDepositor19101901190
MBS ScheduleDepositor19101900.1630.4
New Issue File LayoutDepositor19101904760
Principal and Interest Factor File SpecificationsTrustee1910190163,040
Total Burden Hours16,933.05

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.

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

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Dated: January 26, 2010.

Mary K. Kinney,

Executive Vice President, Government National Mortgage Association.

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