[Federal Register Volume 61, Number 180 (Monday, September 16, 1996)]
[Notices]
[Page 48696]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-23662]
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FEDERAL HOUSING FINANCE BOARD
[No. 96-N-6]
Submission for OMB Review; 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 has submitted the information collection entitled
``Advances to Nonmember Mortgagees'' to the Office of Management and
Budget (OMB) for review and approval of a three-year extension of the
OMB control number, which is due to expire on September 30, 1996.
DATES: Interested persons may submit comments on or before October 16,
1996.
ADDRESSES: Comments may be submitted to the Office of Information and
Regulatory Affairs of OMB, Attention: Desk Officer for the Federal
Housing Finance Board, Washington, D.C. 20503. Requests for copies of
the information collection and supporting documentation 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.
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
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
In accordance with the requirements of 5 CFR Sec. 1320.8(d), the
Finance Board published a request for public comments regarding this
information collection in the Federal Register on May 30, 1996. See 61
FR 27076 (May 30, 1996). The 60-day comment period closed on July 29,
1996. The Finance Board received no public comments. 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. Comments may be submitted to OMB in writing at
the address listed above.
By the Federal Housing Finance Board.
Dated: September 10, 1996.
Rita I. Fair,
Managing Director.
[FR Doc. 96-23662 Filed 9-13-96; 8:45 am]
BILLING CODE 6725-01-U
