Supporting Statement A_Renumb Attach #10--ASMB 30-day PRA Notice

Renumb_SS#10--ASMB 30-day PRA Notice.pdf

American Survey of Mortgage Borrowers (ASMB)

Supporting Statement A_Renumb Attach #10--ASMB 30-day PRA Notice

OMB: 2590-0015

⚠️ Notice: This form may be outdated. More recent filings and information on OMB 2590-0015 can be found here:

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Federal Register / Vol. 81, No. 57 / Thursday, March 24, 2016 / Notices
Interested parties are
invited to submit written comments to
the FDIC by any of the following
methods:
• http://www.FDIC.gov/regulations/
laws/federal/.
• Email: [email protected]. Include
the name and number of the collection
in the subject line of the message.
• Mail: Gary A. Kuiper
(202.898.3877), Counsel, MB–3016 or
Manuel E. Cabeza (202.898.3767),
Counsel MB–3105, Federal Deposit
Insurance Corporation, 550 17th Street
NW., Washington, DC 20429.

ADDRESSES:

• Hand Delivery: Comments may be
hand-delivered to the guard station at
the rear of the 17th Street Building
(located on F Street), on business days
between 7:00 a.m. and 5:00 p.m.
All comments should refer to the
relevant OMB control number. A copy
of the comments may also be submitted
to the OMB desk officer for the FDIC:
Office of Information and Regulatory
Affairs, Office of Management and
Budget, New Executive Office Building,
Washington, DC 20503.

Gary
Kuiper or Manuel Cabeza, at the FDIC
address above.
SUPPLEMENTARY INFORMATION: Proposal
to renew the following currentlyapproved collection of information:
Title: Qualifications for Failed Bank
Acquisitions.
OMB Number: 3064–0169.
Form Numbers: None.
Affected Public: Private sector and
insured state nonmember banks and
savings associations.
Burden Estimate:
FOR FURTHER INFORMATION CONTACT:

Number of
respondents

Responses
per year

Total hours

Investor Reports on Affiliates (reporting burden) ............................................
Maintenance of Business Books (record keeping burden) .............................
Disclosures Regarding Investors and Entities in Ownership Chain (reporting
burden) .........................................................................................................

20
5

2
2

12
4

480
40

≤320

Total Burden Hours ..................................................................................

........................

840

General Description: The FDIC’s
policy statement on Qualifications for
Failed Bank Acquisitions provides
guidance to private capital investors
interested in acquiring or investing in
failed insured depository institutions
regarding the terms and conditions for
such investments or acquisitions. The
information collected pursuant to the
policy statement allows the FDIC to
evaluate, among other things, whether
such investors (and their related
interests) could negatively impact the
Deposit Insurance Fund, increase
resolution costs, or operate in a manner
that conflict with statutory safety and
soundness principles and compliance
requirements.
Request for Comment

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Average hours
per response

Dated at Washington, DC, this 21st day of
March 2016.

17:44 Mar 23, 2016

[FR Doc. 2016–06648 Filed 3–23–16; 8:45 am]
BILLING CODE 6714–01–P

FEDERAL HOUSING FINANCE
AGENCY
[No. 2016–N–03]

Proposed Collection; Comment
Request
Federal Housing Finance
Agency.
ACTION: 30-day Notice of Submission of
Information Collection for Approval
from Office of Management and Budget.
AGENCY:

In accordance with the
requirements of the Paperwork
Reduction Act of 1995 (PRA), the
Federal Housing Finance Agency (FHFA
or the Agency) is seeking public
comments concerning the information
collection known as the ‘‘American
Survey of Mortgage Borrowers’’ (in a
prior PRA Notice, this information
collection was referred to as the
‘‘National Survey of Existing Mortgage
Borrowers’’). This is a new collection
that has not yet been assigned a control
number by the Office of Management
and Budget (OMB). FHFA intends to
submit the information collection to
OMB for review and approval of a threeyear control number.
DATES: Interested persons may submit
comments on or before April 25, 2016.
ADDRESSES: Submit comments to the
Office of Information and Regulatory
SUMMARY:

Comments are invited on: (a) Whether
the collection of information is
necessary for the proper performance of
the FDIC’s functions, including whether
the information has practical utility; (b)
the accuracy of the estimates of the
burden of the collection of information,
including the validity of the
methodology and assumptions used; (c)
ways to enhance the quality, utility, and
clarity of the information to be
collected; and (d) 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. All comments will become
a matter of public record.

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Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.

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Affairs of the Office of Management and
Budget, Attention: Desk Officer for the
Federal Housing Finance Agency,
Washington, DC 20503, Fax: (202) 395–
3047, Email: OIRA_submission@
omb.eop.gov. Please also submit
comments to FHFA, identified by
‘‘Proposed Collection; Comment
Request: ‘American Survey of Mortgage
Borrowers, (No. 2016–N–03)’ ’’ by any of
the following methods:
• Agency Web site: www.fhfa.gov/
open-for-comment-or-input.
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments. If
you submit your comment to the
Federal eRulemaking Portal, please also
send it by email to FHFA at
[email protected] to ensure
timely receipt by the Agency.
• Mail/Hand Delivery: Federal
Housing Finance Agency, Eighth Floor,
400 Seventh Street SW., Washington,
DC 20219, ATTENTION: Proposed
Collection; Comment Request:
‘‘American Survey of Mortgage
Borrowers, (No. 2016–N–03)’’.
We will post all public comments we
receive without change, including any
personal information you provide, such
as your name and address, email
address, and telephone number, on the
FHFA Web site at http://www.fhfa.gov.
In addition, copies of all comments
received will be available for
examination by the public on business
days between the hours of 10 a.m. and
3 p.m., at the Federal Housing Finance
Agency, Eighth Floor, 400 Seventh
Street SW., Washington, DC 20219. To
make an appointment to inspect

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Federal Register / Vol. 81, No. 57 / Thursday, March 24, 2016 / Notices

comments, please call the Office of
General Counsel at (202) 649–3804.
FOR FURTHER INFORMATION CONTACT:
Forrest Pafenberg, Supervisory Policy
Analyst, Office of the Chief Operating
Officer, by email at Forrest.Pafenberg@
fhfa.gov or by telephone at (202) 649–
3129; or Eric Raudenbush, Assistant
General Counsel, by email at
[email protected] or by
telephone at (202) 649–3084, (these are
not toll-free numbers), Federal Housing
Finance Agency, 400 Seventh Street
SW., Washington, DC 20219. The
Telecommunications Device for the Deaf
is (800) 877–8339.
SUPPLEMENTARY INFORMATION:

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A. Need For and Use of the Information
Collection
FHFA is seeking OMB clearance
under the PRA for a new collection of
information known as the ‘‘American
Survey of Mortgage Borrowers’’
(ASMB).1 The ASMB will be a periodic,
voluntary survey of individuals who
currently have a first mortgage loan
secured by single-family residential
property. The survey questionnaire will
consist of approximately 90 questions
designed to learn directly from mortgage
borrowers about their mortgage
experience, any challenges they may
have had in maintaining their mortgage
and, where applicable, terminating a
mortgage. It will request specific
information on: The mortgage; the
mortgaged property; the borrower’s
experience with the loan servicer; and
the borrower’s financial resources and
financial knowledge. FHFA is also
seeking clearance to pretest the survey
questionnaire and related materials from
time to time through the use of focus
groups. A draft of the survey
questionnaire appears at the end of this
notice.
The ASMB will be a component of the
larger ‘‘National Mortgage Database’’
(NMDB) Project, which is a multi-year
joint effort of FHFA and the Consumer
Financial Protection Bureau (CFPB)
(although the ASMB is being sponsored
only by FHFA). The NMDB Project is
designed to satisfy the Congressionallymandated requirements of section
1324(c) of the Federal Housing
Enterprises Financial Safety and
Soundness Act of 1992, as amended by
the Housing and Economic Recovery
Act of 2008.2 Section 1324(c) requires
that FHFA conduct a monthly survey to
1 In the initial PRA Notice published in the
Federal Register for this information collection, the
survey was referred to as the ‘‘National Survey of
Existing Mortgage Borrowers.’’ See 80 FR 69664
(Nov. 10, 2015).
2 12 U.S.C. 4544(c).

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collect data on the characteristics of
individual prime and subprime
mortgages, and on the borrowers and
properties associated with those
mortgages, in order to enable it to
prepare a detailed annual report on the
mortgage market activities of the Federal
National Mortgage Association (Fannie
Mae) and the Federal Home Loan
Mortgage Corporation (Freddie Mac) for
review by the appropriate Congressional
oversight committees. Section 1324(c)
also authorizes and requires FHFA to
compile a database of timely and
otherwise unavailable residential
mortgage market information to be made
available to the public.
In order to fulfill those and other
statutory mandates, as well as to
support policymaking and research
efforts, FHFA and CFPB committed in
July 2012 to fund, build and manage the
NMDB Project. When fully complete,
the NMDB will be a de-identified loanlevel database of closed-end first-lien
residential mortgages. It will: (1) Be
representative of the market as a whole;
(2) contain detailed, loan-level
information on the terms and
performance of mortgages, as well as
characteristics of the associated
borrowers and properties; (3) be
continually updated; (4) have an
historical component dating back before
the financial crisis of 2008; and (5)
provide a sampling frame for surveys to
collect additional information.
The core data in the NMDB are drawn
from a random 1-in-20 sample of all
closed-end first-lien mortgage files
outstanding at any time between
January 1998 and the present in the files
of Experian, one of the three national
credit repositories. A random 1-in-20
sample of mortgages newly reported to
Experian is added each quarter. The
NMDB also draws information on
mortgages in the NMDB datasets from
other existing sources, including the
Home Mortgage Disclosure Act (HMDA)
database that is maintained by the
Federal Financial Institutions
Examination Council (FFIEC), property
valuation models, and data files
maintained by Fannie Mae and Freddie
Mac and by federal agencies. Currently,
FHFA obtains additional data from its
quarterly National Survey of Mortgage
Borrowers (NSMB), which provides
critical and timely information on
newly-originated mortgages and those
borrowing that are not available from
any existing source, including: The
range of nontraditional and subprime
mortgage products being offered, the
methods by which these mortgages are

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being marketed, and the characteristics
of borrowers for these types of loans.3
While the quarterly NSMB provides
information on newly-originated
mortgages, it does not solicit borrowers’
experience with maintaining their
existing mortgages; nor is detailed
information on that topic available from
any other existing source. The ASMB
will solicit such information, including
information on borrowers’ experience
with maintaining a mortgage under
financial stress, their experience in
soliciting financial assistance, their
success in accessing federally-sponsored
programs designed to assist them, and,
where applicable, any challenges they
may have had in terminating a mortgage
loan. The ASMB questionnaire will be
sent out to a stratified random sample
of 10,000 borrowers in the NMDB. The
ASMB assumes a 25 percent overall
response rate, which would yield 2,500
survey responses.
The information collected through the
ASMB questionnaire will be used, in
combination with information obtained
from existing sources in the NMDB, to
assist FHFA in understanding how the
performance of existing mortgages is
influencing the residential mortgage
market, what different borrower groups
are discussing with their servicers when
they are under financial stress, and
consumers’ opinions of federallysponsored programs designed to assist
them. This important, but currently
unavailable, information will assist the
Agency in the supervision of its
regulated entities (Fannie Mae, Freddie
Mac, and the Federal Home Loan Banks)
and in the development and
implementation of appropriate and
effective policies and programs. The
information may also be used for
research and analysis by other federal
agencies that have regulatory and
supervisory responsibilities/mandates
related to mortgage markets and to
provide a resource for research and
analysis by academics and other
interested parties outside of the
government.
FHFA expects that, in the process of
developing the initial and any
subsequent ASMB survey
questionnaires and related materials, it
will sponsor one or more focus groups
to pretest those materials. Such
pretesting will ultimately help to ensure
that the survey respondents can and
will answer the survey questions and
will provide useful data on their
experiences with maintaining their
existing mortgages. FHFA will use
3 OMB has cleared the NSMB under the PRA and
assigned it control no. 2590–0012. The current
OMB clearance expires on December 31, 2016.

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Federal Register / Vol. 81, No. 57 / Thursday, March 24, 2016 / Notices
information collected through the focus
groups to assist in drafting and
modifying the survey questions and
instructions, as well as the related
communications, to read in the way that
will be most readily understood by the
survey respondents and that will be
most likely to elicit usable responses.
Such information will also be used to
help the Agency decide on how best to
organize and format the survey
questionnaire.
B. Burden Estimate
While FHFA currently has firm plans
to conduct the survey only once—in the
second quarter of 2016—it may decide
to conduct further periodic ASMB
surveys once the first survey is
completed. The Agency therefore
estimates that the survey will be
conducted, on average, once annually
over the next three years and that it will
conduct pre-testing on each set of
annual survey materials. FHFA has
analyzed the hour burden on members
of the public associated with conducting
the survey (5,000 hours) and with pretesting the survey materials (24 hours)
and estimates the total annual hour
burden imposed on the public by this
information collection to be 5,024
hours. The estimate for each phase of
the collection was calculated as follows:

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I. Conducting the Survey
FHFA estimates that the ASMB
questionnaire will be sent to 10,000
recipients each time it is conducted.
Although the Agency expects only 2,500
of those surveys to be returned, it
assumes that all of the surveys will be
returned for purposes of this burden
calculation. Based on the reported
experience of respondents to the
quarterly NSMB questionnaire, which
contains a similar number of questions,
FHFA estimates that it will take each
respondent 30 minutes to complete each
survey, including the gathering of
necessary materials to respond to the
questions. This results in a total annual
burden estimate of 5,000 hours for the

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survey phase of this collection (1 survey
per year × 10,000 respondents per
survey × 30 minutes per respondent =
5,000 hours).
II. Pre-Testing the Materials
FHFA estimates that it will sponsor
two focus groups prior to conducting
each survey, with 12 participants in
each focus group, for a total of 24 focus
group participants. It estimates the
participation time for each focus group
participant to be one hour, resulting in
a total annual burden estimate of 24
hours for the pre-testing phase of the
collection (2 focus groups per year × 12
participants in each group × 1 hour per
participant = 24 hours).
C. Comment Request
Comments Received in Response to the
Initial Notice
In accordance with the requirements
of 5 CFR 1320.8(d), FHFA published a
request for public comments regarding
this information collection in the
Federal Register on November 10,
2015.4 The 60-day comment period
closed on January 11, 2016. FHFA
received two comment letters—one from
an individual and one from a group of
trade associations representing various
constituencies in the financial services
industry. The letter from the individual
was not responsive to any of the
questions in the notice and contained
no comments relating to the ASMB, the
NMBD Project, or any issues arising
under the PRA.
The trade associations’ letter raised
two issues that are relevant to the
compliance of the ASMB with the PRA.
First, the trade associations asserted that
the information FHFA seeks to collect
through the ASMB is, or could soon be,
available from other sources and urged
the Agency ‘‘to again review existing
surveys and data collection efforts to
identify redundancies.’’ The letter cites
numerous existing sources of
4 See

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15709

quantitative data about mortgage
borrowers, loan terms, mortgaged
properties and the origination and
maintenance of first lien mortgages.
However, most of the data sources cited
are those from which the NMDB has
drawn the bulk of its existing data. None
of those sources (nor any other sources
of which FHFA is aware) provide the
type of qualitative information regarding
borrowers’ experience with maintaining
a mortgage or their interactions with
mortgage servicers that FHFA seeks to
obtain through this information
collection.
Second, noting that the draft ASMB
questionnaire published with the initial
PRA Notice in the Federal Register was
not the final version of the survey
instrument, the trade associations urged
FHFA ‘‘to solicit additional public input
on the substance of the survey when it
is complete and before FHFA puts it
into use.’’ An updated draft of the
survey questionnaire appears at the end
of this notice. The trade associations, as
well as any other interested parties, will
have 30 days within which to review
the updated survey and to provide
comments to both OMB and FHFA.
Further Comments Requested in
Response to This Notice
FHFA requests written comments on
the following: (1) Whether the collection
of information is necessary for the
proper performance of FHFA functions,
including whether the information has
practical utility; (2) The accuracy of
FHFA’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 survey
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Dated: March 17, 2016.
Kevin Winkler,
Chief Information Officer, Federal Housing
Finance Agency.

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1.

Federal Register / Vol. 81, No. 57 / Thursday, March 24, 2016 / Notices
Looking back to January 1, 2015 did you have
at least one mortgage loan on a residence that
was outstanding at that time (could be your
home or house lived in by other~)?
D Yes 7

If you had more than one mortgage loan
outstanding on January 1, 2015, please

refer to your experience with a first lien
on a property, NOT a second lien, home
equity loan, or a home equity line of credit
(HELOC). If you had more than one such
mortgage please refer to the one with the
largest balance.
D

No~

Did we mail this survey to the address of the
house or property that has this mortgage?
DYes
DNo

When did you take out this mortgage?
year

What was the amount of this loan (the dollar
amount you borrowed)?

D Don'tknow

Including you, how many people signed/
co-signed for this mortgage?
D 1

D 2

D 3

D 4 or more

9. Does/did this mortgage have any of the
following features?
Yes

A prepayment penalty (foe if the
mortgage is paid ojfearly)
An escrow account for taxes
and/or homeowner insurance
An adjustable rate (one that can
change over the life of the loan)
A balloon payment
Interest-only monthly payments

Don't
No Know

D
D
D

In January 2015, what was the monthly
payment (including the amount paid to escrow
for taxes and insurance, if any)?

D
D

11. Overall, how satisfied were you at the time you
took out this mortgage that it was the one with
the ...
Not
Very Somewhat At All

Best terms to fit your needs
Lowest interest rate you could
qualify for
Lowest closing cost

D
D

$_________ . 00

D Don'tknow

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Lender/broker you used
Application process
Documentation process required
for the loan
Loan closing process
Information in mortgage
disclosure documents
Timeliness of mortgage
disclosure documents
Settlement agent

$____________ 00

D Don'tknow

Not
Very Somewhat At All

To purchase the property
To refinance or modify an earlier mortgage
Permanent financing of a constmction loan
New loan on a mortgage-free property
Some other purpose (specify) - - - - - -

month

10. When you took out this mortgage, how satisfied
were you with the ...

3. What was the primary purpose of the
mortgage you had on January 1, 2015?
Mark one answer.
D
D
D
D
D

In January 2015, what was the interest rate on
this mortgage?

If you did not have a mortgage loan

outstanding please return the blank
questionnaire so we know the survey does
not apply to you. The money enclos~d is
yours to keep.
2.

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Federal Register / Vol. 81, No. 57 / Thursday, March 24, 2016 / Notices

12. What type of house is/was on the property
associated with the mortgage you had on
January 1, 2015? Mark one answer.

18. Thinking about the neighborhood where this
property is located, how have the following
changed in the last couple of years?

D Single-family detached house
Townhouse, row house, or villa
Mobile home or manufactured home
2-unit, 3-unit, or 4-unit dwelling
Condo, apartment house, or co-op
Unit in a partly commercial structure
Other (specify) _ _ _ _ _ _ __

D
D
D
D
D
D

Significant Little/No Significant
Increase Change Decrease

13. When did you buy or acquire this
property? If you refinanced, the date you
originally acquired the property.
___./

$_ _ _ _ _ _ .00

D Don'tknow

15. About how much do you think this property is
worth today; that is, what could it sell for now?
$_ _ _ _ _ _ .00

D Don'tknow

D Primary residence (where you spent the majority of
your time)
Seasonal or second home
Home for other relatives
Rental or investor property
Other (specify) _ _ _ _ _ __

D
D

D
D
D
D

No longer have the property

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D
D
D
D
D

Increase a lot
Increase a little
Remain about the same
Decrease a little
Decrease a lot

D Become more desirable
D Stay about the same
D Become less desirable

D No Skip to Q23 on page 3
D Yes

D Primary residence (where you spend the
majority ofyour time)
Seasonal or second home
Home for other relatives
Rental or investor property
Other (specify) _ _ _ _ _ _ __

19. What do you think will happen to the prices of
homes in this neighborhood over the next
couple of years?

21. At any time did the loan servicer, the company
where you send your monthly payments, of the
loan you had in January 2015, change?

17. How do you use this property today?
Mark one answer.

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D
D
D

20. In the next couple of years, how do you expect
the overall desirability of living in this
neighborhood to change?

16. How did you use this property on January 1,
2015? Mark one answer.

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D
D
D

year

14. What was the purchase price of this property,
or if you built it, the construction and land
cost?

D
D
D
D

D
D
D

22. When the servicer changed ...
Did the new servicer inform you when
and where to send your payments?
Did the due date or frequency of
payments change?
Were payments applied correctly?

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Yes

D
D

EN24MR16.003

month

Number of homes for sale
Number of vacant homes
Number of homes for rent
Number of foreclosures or
short sales
House prices
Overall desirability of
living there

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Federal Register / Vol. 81, No. 57 / Thursday, March 24, 2016 / Notices

23. Thinking about the current servicer (or last one
if you no longer have this loan) do they or did
they ...
Send out monthly statements
Apply payments correctly
Provide clear information on how to
contact them

Yes

D
D

Yes

D
D
D

Got help from family or friends
Borrowed money (e.g. credit cards,
payday loans)
Reduced monthly e.x:penses
Sold other assets
Loan or cash out of a retirement account
Rented part of the house
Increased work hours
Found a better paying job
Found a second job
Spouse or partner started working
Consolidated debt
File or considered filing for bankruptcy
Put the property on the market, but did not
receive an acceptable offer
Other (specify)

D None of the above

24. Did this servicer ever contact you other than to
provide regular statements?
DYes
DNo
25. Did you ever contact this servicer to ...
Confirm receipt of a payment
Correct errors in your file
Ask about escrow or property taxes
Ask about pre-paying or paying more
than the required regular payment

26. At any point during the past several years, did
you face any difficulties making payments on
the loan you had in January 2015?
D No Skip to Q40 on page 4
DYes

27. Were these difficulties serious enough that
you or your lender/servicer had concerns
that you might not be able to afford the
mortgage or continue living in your home?

Yes

D
D
D
D
D
D
D
D
D
D
D

D
D

30. When you faced these difficulties, what
happened to the mortgage payments?
D Still made all the payments on time
D Made (at least) one late payment but did not miss
any payment
D Missed (at least) one payment but did not stop
paying
D Stopped paying altogether
31. Did you ever speak with the servicer?
D Yes Skip to Q34 on page 4

DYes
D No

D No

28. Thinking about the most serious of these
occasions, did any of these factors contribute or
not contribute to your difficulties?
Job loss
Business failure
Separation or divorce
Illness, disability or death of someone
in your household
Disaster affecting this property
A change in mortgage payments
Unexpected expenses
Large credit card debt
Something else (specify)

Yes

D
D
D

D
D
D
D
D
D

32. Did the servicer ever attempt to contact
you?
DYes
D No
33. Did you try to reach the servicer but they
did not respond?
DYes
D No

Now skip to Q36 on page 4

D None of the above

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29. Did you do any of the following when you had
concerns or difficulties paying this mortgage?

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38. How well did you understand the options
presented to you by the lender/servicer?

34. When you talked with your mortgage
lender/servicer, did you talk or not talk about
each of the following?
No

D
D
D
D
D
D

Yes

35. Did the lender/servicer offer you ...
A program to modify the terms of your

mortgage to make it more affordable
A way to sell the house to satisfy the
mortgage
A way to give the house to the lender
to satisfy the mortgage

36. What action, if any, was taken to address the
payment difficulties? Mark one answer.

OVery

39. Did you seek input or not about possible steps
to address your payment difficulties with any of
the following?
Mortgage lender/servicer
Family
Friends
Housing/credit counselor
Lawyer
Financial planner
Banker
Other (specify)

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D Yes

D
D
D
D
D
D
D
D

41. What type of counseling or course did you
participate in?
Before During After Did
taking
loan
taking not
out loan process out loan do

Credit counseling
Home buying
counseling
Credit /financial
management course
Home buying
course

42. If you participated, how was the course or
counseling provided?

Yes

D
D

Frm 00037

Yes

40. In the course of taking out or paying the
mortgage you had in January 2015, did you
ever talk to a counselor or take a course about
home buying or managing your finances?

37. Were any of the following a challenge to you in
taking steps in response to payment difficulties?

VerDate Sep<11>2014

D Not at all

D No Skip to Q45 on page 5

D Refinanced with a special government program
(e.g. HARP, FHA short refi)
D Other refinance
D Kept loan and obtained mortgage assistance
with a government program
D Kept loan and eliminated second lien loans
with a government program
D Modified the existing loan
D Returned home to lender to cancel mortgage debt
(deed-in-lieu)
D Sold home at reduced price agreed to by lender
(short sale)
D Sold home- regular sale
D Home was taken in foreclosure
D Other (specify) _ _ _ _ _ _ __
D No action taken

I didn't know how or where to apply
for programs
I thought the application process for
programs was too much trouble
Tdidn't think Tcould qualify for any program
I was turned down for the programs
I applied to
Other problem (specify)

D Somewhat

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One-on-one Group On the
in person session phone Online

Credit counseling
Home buying
counseling
Credit /financial
management course
Home buying
course

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EN24MR16.005

Refinancing
Loan modification
Government programs
Housing/credit counseling
Debt consolidation
Borrowing money
Other (specify)

Yes

15714

Federal Register / Vol. 81, No. 57 / Thursday, March 24, 2016 / Notices

43. In total, how many hours did you spend in
counseling or working through the courses?
D
D
D
D

50. What was the outcome resulting from your
considering to refinance?
D

Less than 3 hours
3-6 hours
7-12 hours
More than 12 hours

decided not to refinance

44. Overall, how helpful was the counseling or
courses?
D Very

D Somewhat

D Not at all

45. Do you still have this mortgage today (answer
no ifyou refinanced modified or paid off the loan,
sold or otherwise gave up the property)?

D
D

New loans available were not better
than what I already had
New loan not worth the cost or hassle
to refinance
Home value/appraisal too low to
qualify for a good refinance
Low credit score or other credit issues
Too much other debt
Insufficient income to qualify
Could not document income
Did not think 1 would qualify for a
good refinance
Incomplete mortgage application
Other (specify)

Yes1

46. Is the amount you owe on this mortgage
today ...
D
D
D
D
D

Applied for a loan, but was denied
Did not apply for a refinance

51. Was each ofthe following a reason or not a
reason you did not refinance this loan?

D No Skip to Q52

Applied for a loan, but withdrew the
application
Applied for a loan, it was accepted, but I

Significantly less than your property value
Slightly less than your property value
About the same as your property value
Slightly more than your property value
Significantly more than your property value

47. How likely is it that in the next couple of years
you will ...

Yes

D
D
D
D
D

D
D
D

Now please skip to Q64

Nut
Very Somewhat At All

Sell this property
Move but keep this property
Refinance the mortgage on
this property
Pay off this mortgage and own
property mortgage-free
Lose the property because you
cannot afford the payment

D
D

___/

48. At any time in the last few years, did you
consider refinancing the loan you had in
January 2015?

month

D
D

49. In considering refinancing, did you ask for
a quote from a lender or broker?

D
D

DYes
D No

I paid off the loan and kept the
property
I sold the property
The property was taken as part
of foreclosure (couldn't make
payments)
I decided to walk away and let
the lender have the property
I refinanced or modified the loan

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With the same lender you used for the
mortgage you had on January 1, 2015

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Skip to Q56
onpage6

54. Did you refinance or modify this loan ...
D

VerDate Sep<11>2014

year

53. What happened to this mortgage and/or
property?
D

D No Skip to Q64 on page 6
D Yes

asabaliauskas on DSK3SPTVN1PROD with NOTICES

52. (If you said No to Q45) You indicated you no
longer have this mortgage, when did this
happen?

15715

Federal Register / Vol. 81, No. 57 / Thursday, March 24, 2016 / Notices
D With a new lender/broker
55. How did the terms of the new loan compare to
the loan you had on Jan 1, 2015?
Higher Same Lower

Interest rate
Principal balance
Monthly payments

D
D
D

Own Skip to Q64
Rent
Live with family and
help with expenses
Live rent free with
family or friends

56. Were any of the following a reason or not a
reason you no longer have the mortgage you
had in January 2015?
Needed to reduce my total debt
Needed to reduce monthly expenses
Found a lower interest rate
Divorce or separation
Death of a household member
Illness or disability
Kept property as a rental
Wanted to rent rather than own a home
House maintenance too difficult or costly
Wanted a different house
Moved to be closer to family
Owed more on the loan than the property
was worth or could sell it for
Other (specify)

D No
61. Do you currently own or rent your primary
residence?

Yes

D
D
D
D
D
D
D
D
D
D
D

D
D

62. When do you think you might purchase
another primary residence?
D
D
D
D

63. Would any of the following events cause
you to consider or not consider buying
sooner or at all?
Increase in income/more hours at work
Improved credit score
Improved health
Paying off other debts first
Saving more for a down payment
Decrease in interest rate
Decrease in required credit score
Other (specify) _ _ _ _ __

57. Did you get advice or information from any of
the following for this loan transaction?
A credit counselor
A home ownership counselor
Family /friends
Other professi ona Is - attorney,
tax advisor, etc.
The internet

Yes

D
D
D

D
D

Yes

D
D
D
D
D
D
D
D

D Nothing, will not buy again

64. What is your current marital status?

58. Considering the circumstances around this last
loan transaction, would you say the decision
was ...
D
D

Within 1-2 years
Within 3-5 years
Not for at least 5 years
Never

Your or your family's decision
Action taken by someone else (lender/servicer)

D Married
D
D
D
D

Skip to Q66 on page 7

Separated
Never married
Divorced
Widowed

65. Do you have a partner who shares the
decision-making and responsibilities of
running your household but is not your
legal spouse?

59. Did you purchase or co-sign for any other
property around the time of this loan
transaction?

DYes

D No Skip to Q61
D Yes

D No

60. Do you use this new property as your
primary residence?
D

VerDate Sep<11>2014

Yes Skip to Q64

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15716

Federal Register / Vol. 81, No. 57 / Thursday, March 24, 2016 / Notices

Spouse/
Partner

You

66. Age at last birthday:

72. Have you ever served on active duty in the U.S.
Armed Forces? Active duty includes serving in
the US. Armed Forces as well as activation from
the Reserves or National Guard.

__ years __ years

67. Sex:
Spouse/
Partner

You

D
D

Male
Female

D
D

68. Highest level of education achieved:
Spouse/
Partner

You

D
D
D
D
D
D

Some schooling
High school graduate
Technical school
Some college
College graduate
Postgraduate studies

D
D
D
D
D
D

69. Hispanic or Latino:
Spouse/
Partner

You

D
D

Yes
No

D
D

70. Race: Mark all that apply.
Spouse/
Partner

You

White
Black or African American
American Indian or Alaska Native
Asian
Native Hawaiian or Pacific Islander

D
D
D
D
D

D
D
D
D

71. Current work status: Mark all that apply.
You

asabaliauskas on DSK3SPTVN1PROD with NOTICES

Self-employed/work for self
Employed full time
Employed part time
Retired
Temporarily laid-off or on leave
Not working for pay (student,
homemaker, disabled, unemployed)

Spouse/
Partner

D
D
D
D
D

Yes, now on active duty
Yes, on active duty in the past,
butnotnow
No, never on active duty except
for initial/basic training
No, never served in the U.S.
Armed Forces

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73. Besides you (and your spouse/partner), who
else lives in your household? Mark all that apply.
D
D
D

Children/grandchildren under age 18
Children/grandchildren age 18-22
Children/grandchildren age 23 or older
D Parents of you or your spouse or partner
D Other relatives like siblings or cousins
D Non-relatives

D No one else

74. Approximately how much is your total annual
household income from all sources (wages,
salaries, tips, interest, child support, investment
income, retirement, social security, and alimony)?
D
D
D
D
D
D

Under $35,000
$35,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 to $174,999
$175,000 or more

75. How does this total annual household income
compare to what it is in a "normal" year?
D Higher than normal
D Normal
D Lower than normal

76. Does your total annual household income
include any of the following sources?
Wages or salary
Business or self-employment
Interest or dividends
Alimony or child support
Social Security benefits

VerDate Sep<11>2014

Spouse/
Partner

You

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Yes

D
D
D
D
D

EN24MR16.008

Please answer the following questions for you and
your spouse or partner, if applicable.

15717

Federal Register / Vol. 81, No. 57 / Thursday, March 24, 2016 / Notices
77. Which one of the following best describes how
your household's income changes from month
to month, if at all?

81. Do you agree or disagree with the following
statements?
Agree

Owning a home is a good financial
investment
Most mortgage lenders generally treat
borrowers well
Most mortgage lenders would offer me
roughly the same rates and fees
Late payments will lower my
credit rating
Lenders shouldn't care about any late
payments only whether loans are
fully repaid
It is okay to default or stop making
mortgage payments if it is in the
borrower's financial interest

D Roughly the same amount each month
D Roughly the same most months, but some
unusually high or low months during the year
D Often varies quite a bit from one month to the next

78. Does anyone in your household have any of the
following?
40l(k), 403(b), IRA, or pension plan
Stocks, bonds, or mutual funds (not in
retirement accounts or pension plans)
Certificates of deposit
Investment real estate

Yes

D
D
D

79. Which one of the following statements best

D
D
D

Yes

82. Do you know anyone who ...

describes the amount of financial risk you are
willing to take when you make investments?
D

Disagree

Is behind in making their mortgage
payments
Has gone through foreclosure where
the lender took over the property
Stopped making monthly mortgage
payments, even if they could afford it,
because they owed more than the
property was worth

Take substantial risks expecting to earn substantial
returns
Take above-average risks expecting to earn aboveaverage returns
Take average risks expecting to earn average
returns
Not willing to take any financial risks

80. How well could you explain to someone the ...
83. Do you currently provide caregiving support to
Not
Very Somewhat At All

VerDate Sep<11>2014

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D
D

DYes

D No
84. Do you have any adult children living within a
few hours' drive from you?
DYes

D No
84.

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Process of taking out a mortgage
Difference between a fixed- and
an adjustable-rate mortgage
Difference between a prime and
a subprime loan
Difference between a mortgage's
interest rate and its APR
Amortization of a loan
Consequences of not making
required mortgage payments
Difference between lender's and
owner's title insurance

any family members or friends living within a
few hours' drive from you?

15718

Federal Register / Vol. 81, No. 57 / Thursday, March 24, 2016 / Notices

85. In the last couple of years, have any of the
following happened to you?
Yes
Separated/divorced
D
Married/remarried/new partner
D
D
Death of household member
Addition to your household
(not including spouse/partner)
D
Person leaving your household
(not including spouse/partner)
D
Disability or serious illness of a
household member
D
Disaster affecting a property you own
D
Disaster affecting your (or your
spouse/partner's) work
D
Move within the area (less than 50 miles) D
Moved to a new area (more than 50 miles) D
86. In the last couple of years, have any of the
following happened to you (or your
spouse/partner)?
Yes
Layoff, unemployment or reduced hours
D
Retirement
D
Promotion
D
Started a new job
D
Started a second job
D
Business failure
D
A personal financial crisis
D
Borrowed money from family or friend
D
Borrowed money from bank, credit
union or other financial institution
D
Significant decrease in the value of
your home
D
A large number of foreclosures or short
sales in your neighborhood
D

No
D
D
D
D
D
D
D
D
D
D

No
D
D
D
D
D
D
D
D
D

88. In the next couple of years, how do you expect
the following to change for you (and your
spouse/partner)?
Significant Little/No Significant
Change Decrease
Increase
Household income
D
D
D
Housing expenses
D
D
D
Non-housing expenses
D
D
D
89. How likely is it in the next couple of years you
(or your spouse/partner) will face ...
Not
Very Somewhat At All
Retirement
D
D
D
Difficulty making your
mortgage payments
D
D
D
A layoff, unemployment, or
forced reduction in hours
D
D
D
Some other personal financial
crisis
D
D
D
90. If your household faced an unexpected personal
financial crisis in the next couple of years, how
likely is it you could ...
Not
Very Somewhat At All
Pay your bills for the next 3
months without borrowing
D
D
D
Get significant financial help
D
D
D
from family or friends
Borrow enough money from
D
D
D
a bank or credit union
Significantly increase your
D
D
D
income

D
D

87. In the last couple of years, how have the
following changed for you (and your
spouse/partner)?
Significant Little/No Significant
Change Decrease
Increase
Household income
D
D
D
Housing expenses
D
D
D
Non-housing expenses
D
D
D
FEDERAL MARITIME COMMISSION

BILLING CODE 8070–01–P

Agency Information Collection
Activites; New Information Collection
Request
AGENCY:
ACTION:

VerDate Sep<11>2014

17:44 Mar 23, 2016

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Federal Maritime Commission.

Notice.

Frm 00042

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The Federal Maritime
Commission (Commission) is giving
public notice that the agency has
submitted to the Office of Management
and Budget (OMB) for approval the new
information collection described in this
notice. The public is invited to
comment on the proposed information

SUMMARY:

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[FR Doc. 2016–06590 Filed 3–23–16; 8:45 am]

File Type	application/pdf
File Modified	2016-03-24
File Created	2016-03-24