Submission for OMB Review; Comment Request

FEDERAL HOUSING FINANCE BOARD

[No. 99-N-13]

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

[[Page 54022]]

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 November 30, 1999.

DATES: Interested persons may submit comments on or before November 4,

1999.

ADDRESSES: Submit comments to the Office of Information and Regulatory

Affairs of OMB, Attention: Desk Officer for the Federal Housing Finance

Board, Washington, DC 20503. Address requests for copies of the

information collection and supporting documentation to Elaine L. Baker,

Secretary to the Board, by telephone at 202/408-2837, by electronic

mail at [email protected], or by regular mail at the Federal Housing

Finance Board, 1777 F Street, NW, Washington, DC 20006.

FOR FURTHER INFORMATION CONTACT: Jonathan F. Curtis, Senior Financial

Analyst, Policy Development and Analysis Division, Office of Policy,

Research and Analysis, by telephone at 202/408-2866, by electronic mail

at [email protected], or by regular mail at the Federal Housing Finance

Board, 1777 F Street, NW, Washington, DC 20006.

SUPPLEMENTARY INFORMATION:

A. Need for and Use of Information Collection

Section 10b of the Federal Home Loan Bank Act (Bank Act) authorizes

the Federal Home Loan Banks (FHLBanks) to make advances under certain

circumstances to certified nonmember mortgagees. See 12 U.S.C. 1430b.

In order to be certified as a nonmember mortgagee, an applicant must

meet the eligibility requirements set forth in section 10b of the Bank

Act. Subpart B of part 935 of the Finance Board's regulations

implements the statutory eligibility requirements an applicant must

meet in order to be certified as a nonmember mortgagee and establishes

uniform review criteria the FHLBanks must use in evaluating

applications. See 12 CFR 935.20-935.24. More specifically, Sec. 935.22

of the rule implements the statutory eligibility requirements and

provides guidance to an applicant on how it may satisfy the

requirements. 12 CFR 935.22. Under Sec. 935.23, the FHLBanks have

authority to approve or deny all applications for certification as a

nonmember mortgagee, subject to the statutory and regulatory

requirements. 12 CFR 935.23. Section 935.23 also permits an applicant

to appeal a FHLBank's decision to deny certification to the Finance

Board. Section 935.24 of the rule establishes the terms and conditions

under which a FHLBank may make advances to a nonmember mortgagee. 12

CFR 935.24. Section 935.24 also imposes on a certified nonmember

mortgagee a continuing obligation to provide information necessary to

determine if it remains in compliance with applicable statutory and

regulatory requirements.

The information collection contained in Sec. 935.22 through

Sec. 935.24 of the rule is necessary to enable, and is used by the

FHLBanks to determine whether a respondent satisfies the statutory and

regulatory requirements to be certified initially and maintain its

status as a nonmember mortgagee eligible to receive FHLBank advances.

The Finance Board requires and uses the information collection to

determine whether to uphold or overrule a FHLBank's decision to deny

nonmember mortgagee certification to an applicant.

The OMB number for the information collection is 3069-005. The OMB

clearance for the information collection expires on November 30, 1999.

The likely respondents include applicants for nonmember mortgagee

certification and certified nonmember mortgagees.

B. Burden Estimate

The Finance Board estimates the total annual average number of

applicants at six, with one response per applicant. The estimate for

the average hours per application is ten hours. The estimate for the

annual hour burden for applicants is 60 hours (6 applicants x 1

response per applicant x approximately 10 hours).

The Finance Board estimates the total annual average number of

certified nonmember mortgagees at 43, with 1 response per mortgagee.

The estimate for the average hours per certified nonmember mortgagee

response is 0.5 hours. The estimate for the annual hour burden for

certified nonmember mortgagees is 21.5 hours (43 certified nonmember

mortgagees x 1 response per mortgagee x approximately 0.5 hours).

The Finance Board estimates that the total annual hour burden for

all respondents is 81.5 hours (6 applicants x 1 response per

applicant x approximately 10 hours + 43 certified nonmember

mortgagees x 1 response per mortgagee x approximately 0.5 hours).

C. Comment Request

In accordance with the requirements of 5 CFR 1320.8(d), the Finance

Board published a request for public comments regarding this

information collection in the Federal Register on June 16, 1999. See 64

FR 32235 (June 16, 1999). The 60-day comment period closed on August

16, 1999. 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 Finance Board functions,

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 27, 1999.

William W Ginsberg,

Managing Director.

[FR Doc. 99-25746 Filed 10-4-99; 8:45 am]

BILLING CODE 6725-01-P