[Federal Register: October 5, 1999 (Volume 64, Number 192)] [Notices] [Page 54021-54022] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr05oc99-93] ======================================================================= ----------------------------------------------------------------------- FEDERAL HOUSING FINANCE BOARD [No. 99-N-13] 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 [[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 bakere@fhfb.gov, 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 curtisj@fhfb.gov, 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