03-21635. 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.

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, [phone] (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

Form	Title	No. of respondents	Frequency of responses per year	Total annual responses	Hours per response	Total annual hours
11700	Letter of Transmittal	300	4	1,200	0.17	204
11702	Resolution of Board of Directors and Certificate of Authorized Signatures	300	1	300	0.17	51
11704	Commitment to Guaranty Mortgage-Backed Securities	300	4	1,200	0.25	300
11705	Schedule of Subscribers and Ginnie Mae Guaranty Agreement	300	91.4	27,442	0.0166	456
11706	Schedule of Pooled Mortgages	300	91.4	27,442	0.0166	456
11707	Master Servicing Agreement	300	1	300	0.17	51
11708	Document Release Request	300	10	3,000	0.2	600
11709	Master Agreement for Servicer's Principal and Interest Custodial Account	30	1	300	0.03	9
11715	Master Custodial Agreement	300	1	30	0.25	75
11720	Master Agreement for Servicer's Escrow Custodial Account	300	1	300	0.2	60
11732	Custodian's Certification for Construction Securities	250	1	250	0.0166	4
11709-A	ACH Debit Authorization	300	1	300	0.25	75
11710, A, B, C, and E	Issuer's Monthly Accounting Reports	300	17,513.57	5,254,071	0.0166	87,218
11710 D	Issuer's Monthly Summary Reports	300	16.88	5,064	0.0166	84
11711A and 11711B	Release of Security Interest and Certification and Agreement	300	91.4	27,442	0.0166	456
11712-I, 11712-II, 11717, 11717-II, 1724, 11728, 11728-II, 1731, 1734, 11747, 11747-II and 11722-II	Ginnie Mae I and II Prospectus Forms	300	91.4	27,442	0.25	6,861
11714 and 11714SN	Issuer's Monthly Remittance Advice and Issuer's Monthly Serial Note Remittance Advice	300	886.8	266,040	0.0166	4,416
11714 A and C	Addendum to Monthly Accounting Report—Adjustable Rate Mortgage Loan Package and Graduated Payment Mortgage or Growing Equity Mortgage Pool or Loan Package Composition	300	8	2,406	0.0166	40
	Monthly Loan Level Reporting	300	12	3,600	4	14,400
	Financial Statements and Audit Reports	300	1	300	1	300
	Mortgage Bankers Financial Reporting Form	278	4	1,112	0.5	556
	Soldiers' and Sailors' Quarterly Reimbursement Request and SSCRA Loan Eligibility Information	173	162	28,026	0.034	953
	Form Letter for Loan Repurchase	1,000	1	1,000	0.25	250
	Certification Requirements for the Pooling of Multifamily Mature Loan Program	14	1	14	0.0166	0
	Request for Reimbursement of Mortgage Insurance Claim Costs	60	1	60	0.25	15
	Collection of Remaining Principal Balances	300	12	3,600	91.4	27,442
	Data Verification Form	300	2	600	0.08	48
	Electronic Data Interchange System Agreement	300	1	300	0.25	75
	Enrollment Administrator Signatories for Issuers and Document Custodians	300	1	300	0.25	75
	Corporate Agreement	10	1	10	0.25	3
	Cross Default Agreement	10	1	10	0.25	3
	Transfer Agreements and Assignment Agreements	180	1	15	0.25	4
	Pool Advance Agreement	10	1	10	0.25	3
	Excess Funds Agreement	10	1	10	0.25	3
	Acknowledgement Agreement and Accompanying Documents—Pledge of Servicing	10	1	10	0.25	3
	Supervisory agreement	10	1	10	0.25	3
Total		246		5,683,879		145,570

Calculations:

Total Annual Responses × Hours per Response = Total Annual Hours

Estimated Cost to Respondents:

1. Mortgage industry employee salary: $25.00 per hour

$25.00 × Total Annual Hours = Cost

Estimated Annual Cost to the Government:

1. Ginnie Mae employee salary: $29.00 per hour

$29.00 × 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.