OMB notes that some changes were made to this collection outside of the PRA approval process and were thus a violation. OMB requests that FHFA clear any future revisions through the process outlined in 5 CFR 1320.
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
04/30/2020
36 Months From Approved
04/30/2017
24,030
0
28,000
12,030
0
14,000
0
0
0
The Federal Housing Finance Agency (FHFA) is required to conduct a monthly mortgage market survey under section 1324 of the Housing and Economic Recovery Act of 2008 (HERA). As part of that mandate, FHFA must collect information on the characteristics of individual subprime and nontraditional mortgages, as well as on the characteristics of borrowers on such mortgages, including information on the creditworthiness of those borrowers and information sufficient to determine whether those borrowers would have qualified for prime lending. The National Survey of Mortgage Originations (NSMO) questionnaire is designed to elicit this information directly from borrowers, who are likely to be the most reliable and accessible-and, in some cases, the only-source for this information. In addition, the questionnaire is designed to elicit more complete information on mortgage terms, mortgaged properties, and borrowers' household demographics than can be obtained from the existing sources. FHFA's intention is that the information obtained from the NSMB, in combination with that obtained from the existing sources, will make the National Mortgage Database a high quality, and timely resource for information on developments in the residential mortgage finance market. The NSMB will be especially critical in ensuring that the National Mortgage Database contains uniquely comprehensive information on the range of nontraditional and subprime mortgage products being offered, the methods by which these mortgages are being marketed and the characteristics, and particularly creditworthiness, of borrowers for these types of loans. These data will enable FHFA to fulfill its regulator mandate set out in HERA and support general rulemaking.
FHFA has decreased the estimated total annual burden hours to 12,030 from the 14,000 that were shown in the Supporting Statement submitted in connection with the 2013 clearance of this information collection. In 2013, FHFA estimated that the NSMO questionnaire would be sent to 7,000 recipients every quarter. Item #12 in this Supporting Statement reflects the fact that the survey has been, and will continue to be, sent to 6,000 recipients per quarter. This resulted in a decrease of 2,000 hours- from 14,000 to 12,000- in the annual burden associated with the conduct of the survey. The additional 30 hours in the current burden estimate relate to the pretesting of the survey questions, for which FHFA did not request clearance in 2013.
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:
(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;
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.
NSMO SS#10--NMDB Stakeholder Contact List v16.pdf
Pre-Testing of Survey Materials