Monthly Survey of Rates and Terms on Conventional 1-Family NonFarm Mortgage Loans (MIRS)

Forms and Documents

Document Name	Status
Form FHFA Form #075 Monthly Survey of Rates and Terms on Conventional 1-Family NonFarm Mortgage Loans (MIRS) Form	Modified
Sample Technical note and Terms of Clearance.pdf Supplementary Document	2011-03-21
MIRS Supp Statements A and B.pdf Supporting Statement A	2011-03-21
MIRS Supp Statements A and B.pdf Supporting Statement B	2011-03-21

IC Document Collections

IC ID	Document Title	Status
32138	Monthly Survey of Rates and Terms on Conventional 1-Family NonFarm Mortgage Loans (MIRS) Form	Modified

ICR Details

OMB Control No: 2590-0004	ICR Reference No: 201008-2590-002
Status: Historical Active	Previous ICR Reference No: 200902-2590-003
Agency/Subagency: FHFA	Agency Tracking No:
Title: Monthly Survey of Rates and Terms on Conventional 1-Family NonFarm Mortgage Loans (MIRS)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 03/29/2011
	Date Received in OIRA: 08/27/2010
Terms of Clearance: FHFA and OMB agree that this survey is a convenience sample, that the sample may not be representative, and that all public disclosures of this data should caveat these limitations. FHFA is given an abbreviated 18 month clearance. During this time, FHFA will seek to replace or amend this survey to correct for its limitations and will present revisions to OMB at the time of next submission.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2014	18 Months From Approved	03/31/2011
Responses	608	0	1,200
Time Burden (Hours)	200	0	600
Cost Burden (Dollars)	7,000	0	21,000

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Abstract: The MIRS provides monthly information on interest rates, loan terms, and house prices by property type (all, new, previously occupied), by loan type (fixed- or adjustable-rate), and by lender type (savings associations, mortgage companies, commercial banks, and savings banks), as well as information on 15-year and 30-year fixed-rate loans. In addition, the MIRS provides quarterly information on conventional loans by major metropolitan area and by Federal Home Loan Bank district.

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Authorizing Statute(s): US Code: 12 USC 1437 note Name of Law: Federal Home Loan Bank Act
   US Code: 12 USC 4542 Name of Law: Federal Housing Enterprises Financial Safety and Soundness Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 26756	05/12/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 52747	08/27/2010
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Monthly Survey of Rates and Terms on Conventional 1-Family NonFarm Mortgage Loans (MIRS)	FHFA Form #075	Monthly Survey of Rates and Terms on Conventional 1-Family NonFarm Mortgage Loans

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	608	1,200	0	0	-592	0
Annual Time Burden (Hours)	200	600	0	0	-400	0
Annual Cost Burden (Dollars)	7,000	21,000	0	0	-14,000	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $80,125

Does this IC contain surveys, censuses, or employ statistical methods? Yes Part B of Supporting Statement

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 08/27/2010

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