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
Supporting Statements A and B.pdf Supporting Statement A	2014-05-01
Supporting Statements A and B.pdf Supporting Statement B	2014-05-01

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: 201405-2590-001
Status: Historical Active	Previous ICR Reference No: 201008-2590-002
Agency/Subagency: FHFA	Agency Tracking No: 2014-N-06
Title: Monthly Survey of Rates and Terms on Conventional 1-Family NonFarm Mortgage Loans (MIRS)
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/31/2014
	Date Received in OIRA: 05/01/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2017	36 Months From Approved
Responses	420	0	0
Time Burden (Hours)	140	0	0
Cost Burden (Dollars)	5,880	0	0

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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:
	79 FR 4907	01/30/2014
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 24726	05/01/2014
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	420	0	0	-188	0	608
Annual Time Burden (Hours)	140	0	0	-60	0	200
Annual Cost Burden (Dollars)	5,880	0	0	-1,120	0	7,000

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: Yes

Burden Reduction Due to: Using Information Technology

Short Statement: In 2012, FHFA completely revised the MIRS data submission process by establishing a web interface through which respondents can upload their monthly data. This has made it easier for respondents to submit data accurately. Most respondents now submit their MIRS data through the web interface. Several, primarily larger, respondents transmit an electronic data file to FHFA, which then uploads the data directly into its electronic database. A few respondents still elect to complete FHFA Form #075 and submit it by facsimile.

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Annual Cost to Federal Government: $20,500

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: 05/01/2014

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