[Federal Register: August 25, 2003 (Volume 68, Number 164)]
[Notices]
[Page 51026-51028]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr25au03-51]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-4821-N-03]
Ginnie Mae Mortgage-Backed Securities Guide 5550.3, Revision 1
(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: Comment Due Date: October 24, 2003.
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 &
Urban Development, 451-7th Street, SW, Room 6206, Washington, DC 20410.
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.
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 Mortgage-Backed Securities Guide
5500.3, Revision 1 (Forms and Electronic Data Submissions).
OMB Control Number, if applicable: New Approval Number.
Description of the need for the information proposed use: Ginnie
Mae's Mortgage-Backed Securities Guide 5500.3, Revision 1 (``Guide'')
provides instructions and guidance to participants in the Ginnie Mae
Mortgage-Backed Securities (``MBS'') programs ``Ginnie Mae I and Ginnie
Mae II''). Participants in the Ginnie Mae I program issue securities
backed by single-family or multifamily loans. Participants in the
Ginnie Mae II program issue securities backed by single-family loans.
The Ginnie Mae II MBS are modified pass-through MBS on which registered
holders receive an aggregate principal and interest payment from a
central paying agent on all of their Ginnie Mae II MBS. The Ginnie Mae
II MBS also allow small issuers who do not meet the minimum dollar pool
requirements of the Ginnie Mae I MBS to participate in the secondary
mortgage market. In addition, the Ginnie Mae II MBS permit the
securitization of adjustable rate mortgages (``ARMs''). Any requirement
in a document created under a Ginnie Mae MBS program is effective as of
the date of the Guide, including amendments. Included in the Guide are
Appendices. The Appendices include the forms or documents needed to
comply with program requirements.
Agency form numbers, if applicable: 11700, 11702, 11704, 11707,
11710 A-E, 11714, 11714SN, 11705, 11706, 11708, 11709, 11709A, 11715,
11720, 11712-I, 11712-II, 11717, 11717-II, 1724, 11728, 11728-II, 1731,
1734, 11747, 11747-II and 11772-II, 11732, 11711A, 11711B, 11748C, and
11748A.
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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Frequency of
Form Title No. of responses per Total annual Hours per Total annual
respondents year responses response hours
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11700............................. Letter of Transmittal 300 4 1,200 0.17 204
11702............................. Resolution of Board 300 1 300 0.17 51
of Directors and
Certificate of
Authorized
Signatures.
11704............................. Commitment to 300 4 1,200 0.25 300
Guaranty Mortgage-
Backed Securities.
11705............................. Schedule of 300 91.4 27,442 0.0166 456
Subscribers and
Ginnie Mae Guaranty
Agreement.
11706............................. Schedule of Pooled 300 91.4 27,442 0.0166 456
Mortgages.
11707............................. Master Servicing 300 1 300 0.17 51
Agreement.
11708............................. Document Release 300 10 3,000 0.2 600
Request.
[[Page 51027]]
11709............................. Master Agreement for 30 1 300 0.03 9
Servicer's Principal
and Interest
Custodial Account.
11715............................. Master Custodial 300 1 30 0.25 75
Agreement.
11720............................. Master Agreement for 300 1 300 0.2 60
Servicer's Escrow
Custodial Account.
11732............................. Custodian's 250 1 250 0.0166 4
Certification for
Construction
Securities.
11709-A........................... ACH Debit 300 1 300 0.25 75
Authorization.
11710, A, B, C, and E............. Issuer's Monthly 300 17,513.57 5,254,071 0.0166 87,218
Accounting Reports.
11710 D........................... Issuer's Monthly 300 16.88 5,064 0.0166 84
Summary Reports.
11711A and 11711B................. Release of Security 300 91.4 27,442 0.0166 456
Interest and
Certification and
Agreement.
11712-I, 11712-II, 11717, 11717- Ginnie Mae I and II 300 91.4 27,442 0.25 6,861
II, 1724, 11728, 11728-II, 1731, Prospectus Forms.
1734, 11747, 11747-II and 11722-
II.
11714 and 11714SN................. Issuer's Monthly 300 886.8 266,040 0.0166 4,416
Remittance Advice
and Issuer's Monthly
Serial Note
Remittance Advice.
11714 A and C..................... Addendum to Monthly 300 8 2,406 0.0166 40
Accounting Report--
Adjustable Rate
Mortgage Loan
Package and
Graduated Payment
Mortgage or Growing
Equity Mortgage Pool
or Loan Package
Composition.
Monthly Loan Level 300 12 3,600 4 14,400
Reporting.
Financial Statements 300 1 300 1 300
and Audit Reports.
Mortgage Bankers 278 4 1,112 0.5 556
Financial Reporting
Form.
Soldiers' and 173 162 28,026 0.034 953
Sailors' Quarterly
Reimbursement
Request and SSCRA
Loan Eligibility
Information.
[[Page 51028]]
Form Letter for Loan 1,000 1 1,000 0.25 250
Repurchase.
Certification 14 1 14 0.0166 0
Requirements for the
Pooling of
Multifamily Mature
Loan Program.
Request for 60 1 60 0.25 15
Reimbursement of
Mortgage Insurance
Claim Costs.
Collection of 300 12 3,600 91.4 27,442
Remaining Principal
Balances.
Data Verification 300 2 600 0.08 48
Form.
Electronic Data 300 1 300 0.25 75
Interchange System
Agreement.
Enrollment 300 1 300 0.25 75
Administrator
Signatories for
Issuers and Document
Custodians.
Corporate Agreement.. 10 1 10 0.25 3
Cross Default 10 1 10 0.25 3
Agreement.
Transfer Agreements 180 1 15 0.25 4
and Assignment
Agreements.
Pool Advance 10 1 10 0.25 3
Agreement.
Excess Funds 10 1 10 0.25 3
Agreement.
Acknowledgement 10 1 10 0.25 3
Agreement and
Accompanying
Documents--Pledge of
Servicing.
Supervisory agreement 10 1 10 0.25 3
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Total....................... ..................... 246 ................. 5,683,879 ................. 145,570
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Calculations:
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Total Annual Responses x Hours per Response = Total Annual Hours
Estimated Cost to Respondents:
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1. Mortgage industry employee salary: $25.00 per hour
$25.00 x Total Annual Hours = Cost
Estimated Annual Cost to the Government:
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1. Ginnie Mae employee salary: $29.00 per hour
$29.00 x Total Annual Hours = Cost
2. Contractor Expense is based on contract award
Status of the proposed information collection: New Collection.
Authority: Section 3506 of the Paperwork Reduction Act of 1995,
44 U.S.C. Chapter 35, as amended.
Dated: August 19, 2003.
George S. Anderson,
Executive Vice President, Ginnie Mae.
[FR Doc. 03-21635 Filed 8-22-03; 8:45 am]
BILLING CODE 4210-66-M