2013-09132. Notice of Proposed Information Collection; Comment Request: Ginnie Mae Multiclass Securities Program Documents (Forms and Electronic Data Submissions)

AGENCY:

Office of the President of Government National Mortgage Association, 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. HUD is soliciting public comments on the subject proposal.

DATES:

Comments Due Date: June 17, 2013 .

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: Colette Pollard, Q, Administrator Support Specialist, Department of Housing and Urban Development, 451 7th Street SW., Room 4160, Washington, DC 20410; email: [e-mail]; telephone [phone], ext. 3400. This is not a toll-free number. Copies of available documents submitted to OMB may be obtained from Ms. Pollard.

FOR FURTHER INFORMATION CONTACT:

Debra Murphy or Victoria Vargas, Ginnie Mae, 451 7th Street SW., Room B-133, Washington, DC 20410; emails—[e-mail]; telephone [phone] or [e-mail]; telephone—[phone]. These are not toll-free numbers); the Ginnie Mae Web site at www.ginniemae.gov for other available information.

SUPPLEMENTARY INFORMATION:

HUD 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.

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 securities (“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	3840
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	1920
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
Subtotal				2763.75		11917.35
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
Subtotal				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	3040
Subtotal				760		4020.4
Total Annual Responses				3756.25
Total Burden Hours						16933.05

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

Dated: April 10, 2013.

Mary K. Kinney,

Executive Vice President, Government National Mortgage Association.