[Federal Register Volume 61, Number 105 (Thursday, May 30, 1996)]
[Notices]
[Pages 27076-27077]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-13504]
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FEDERAL HOUSING FINANCE BOARD
[No. 96-N-3]
Proposed Collection; Comment Request
AGENCY: Federal Housing Finance Board.
ACTION: Notice.
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SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995, the Federal Housing Finance Board (Finance Board) hereby
gives notice that it is seeking public comments concerning extension by
the Office of Management and Budget (OMB) of the previously approved
information collection entitled ``Advances to Nonmember Mortgagees.''
DATES: Interested persons may submit comments on or before July 29,
1996.
ADDRESSES: Written comments and requests for copies of the information
collection should be addressed to Elaine L. Baker, Executive Secretary,
(202) 408-2837, Federal Housing Finance Board, 1777 F Street, N.W.,
Washington, D.C. 20006.
FOR FURTHER INFORMATION CONTACT: Julie Paller, Financial Analyst, (202)
408-2842, or Janice A. Kaye, Attorney-Advisor, (202) 408-2505, Federal
Housing Finance Board, 1777 F Street, N.W., Washington, D.C. 20006.
SUPPLEMENTARY INFORMATION:
A. Need For and Use of Information Collection -
Section 10b(a) of the Federal Home Loan Bank Act (Bank Act) permits
the Federal Home Loan Banks (FHLBanks) to make advances under certain
circumstances to qualified nonmember mortgagees. See 12 U.S.C.
1430b(a). Section 10b(b) establishes special expanded collateral
requirements for advances to qualified nonmember mortgagees that are
state housing finance agencies (SHFAs). Id. Sec. 1430b(b). The
information collection contained in section 935.22 of the Finance
Board's regulations, 12 CFR 935.22, is necessary to enable the Finance
Board to determine whether a respondent satisfies the statutory and
regulatory requirements to qualify initially and maintain its status as
a nonmember mortgagee or a SHFA nonmember mortgagee eligible to receive
FHLBank advances. -
The OMB number for the information collection is 3069-0005. The OMB
clearance for the information collection expires on September 30, 1996.
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In order to qualify for FHLBank advances, the Finance Board or its
designee must certify a respondent as an eligible nonmember mortgagee.
12 CFR 935.22(c)(1). The Finance Board uses the information collection
to determine whether a respondent meets the nonmember mortgagee
eligibility requirements. The information collection requires each
respondent to submit documentation to the FHLBank from which it seeks
advances that shows: (1) it is chartered under law and has succession;
(2) it is subject, pursuant to statute or regulation, to the inspection
and supervision of a federal, state, or local government agency; (3)
its principal activity in the mortgage field consists of lending its
own funds; (4) it is approved by the Department of Housing and Urban
Development as a ``mortgagee'' under Title II of the National Housing
Act; (5) advances may be safely made to it, as determined by the
FHLBank; and (6) where applicable, it qualifies as a SHFA as defined in
12 CFR 935.1. See 12 CFR 935.22(c)(2), (3). The FHLBank then must
submit the information collected along with its review of the
applicant's financial condition to the Finance Board for review and
approval. Id. Sec. 935.22(c)(5). The Finance Board reviews the
information and notifies the FHLBank of its determination regarding the
[[Page 27077]]
applicant's eligibility to receive advances as a nonmember mortgagee.
Id. Sec. 935.22(c)(6). -
Once certified, a nonmember mortgagee has a continuing obligation
to promptly notify its FHLBank of any changes in its status as a
nonmember mortgagee. Id. Sec. 935.22(f)(1). In addition, from time to
time a FHLBank may require a nonmember mortgagee to provide evidence
that it continues to satisfy all nonmember mortgagee qualifications and
requirements. Id. Sec. 935.22(g).
B. Burden Estimate -
The total annual average number of respondents is estimated at ten,
with one response per respondent. The average hours per response is
estimated at ten hours. The total annual burden is estimated at 100
hours (10 respondents x 1 response/respondent x approximately 10
hours).
C. Comment Request -
Written comments are requested on: (1) whether the collection of
information is necessary for the proper performance of the functions of
the Finance Board, including whether the information has practical
utility; (2) the accuracy of the Finance Board's estimates of the
burdens of the collection of information; (3) ways to enhance the
quality, utility, and clarity of the information collected; and (4)
ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology.
Dated May 22, 1996.
By the Federal Housing Finance Board.
Rita I. Fair,
Managing Director.
[FR Doc. 96-13504 Filed 5-29-96; 8:45 am]
BILLING CODE 6725-01-U
