Submission for OMB Review; Comment Request

FEDERAL HOUSING FINANCE BOARD

[No. 96-N-6]

Submission for OMB Review; Comment Request

AGENCY: Federal Housing Finance Board.

ACTION: Notice.

-----------------------------------------------------------------------

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