Supporting Statement for Paperwork Reduction Act Submissions
Ginnie
Mae Mortgage-Backed Securities Guide 5500.3, Revision 1
(Forms
and Electronic Data Submissions)
(OMB# 2503-0033)
A. Justification
Explain the circumstances that make the collection of information necessary. Identify any legal or administrative requirements that necessitate the collection. Attach a copy of the appropriate section of each statute and regulation mandating or authorizing the collection of information.
Ginnie Mae is a wholly owned corporation of the United States within the Department of Housing and Urban Development. Its powers are prescribed generally by Title III of the National Housing Act, as amended, 12 U.S.C. 1716 et. seq. Ginnie Mae is authorized by Section 306(g) of the National Housing Act to guarantee the timely payment of principal and interest on Mortgage-Backed Securities (MBS) secured by government home loans. These loans are insured or guaranteed by the Federal Housing Administration FHA, the U.S. Department of Housing and Urban Development’s (HUD), Office of Public and Indian Housing (PIH), the U.S. Department of Veterans Affairs’ (VA) Home Loan Program for Veterans, the U.S. Department of Agriculture’s (USDA). Rural Development Housing, and Community Facilities Programs and Rural Development Guaranteed Rural Rental Housing Program (RD) Ginnie Mae remains a self-financing, wholly owned U.S. Government Corporation within HUD. Ginnie Mae’s guaranty of mortgage-backed securities is backed by the full faith and credit of the United States. The information being collected is necessary for Ginnie Mae to be able to properly administer its Mortgage-Backed Securities programs.
Ginnie Mae seeks to renew it current’s collection. Current expiration date is October 31, 2019.
2. Indicate how, by whom and for what purpose the information is to be used. Except for a new collection, indicate the actual use the agency has made of the information received from the current collection.
Ginnie Mae’s Mortgage-Backed Securities Guide 5500.3, Revision 1 ("Guide") provides instructions and guidance to participants in the Ginnie Mae Mortgage-Backed Securities programs ("Ginnie Mae I and Ginnie Mae II"). Participants are organizations (mortgage companies, banks, etc.) that have been approved by Ginnie Mae to issue Ginnie Mae securities. Participants in the Ginnie Mae I program issue securities backed by single-family or multifamily loans. Participants in the Ginnie Mae II program issue securities backed by single-family loans. Ginnie Mae II MBS are modified pass-through mortgage-backed securities on which registered holders receive an aggregate principal and interest payment from a central paying agent on all of their Ginnie Mae II MBS. The Ginnie Mae II MBS also allow small issuers who do not meet the minimum dollar pool requirements of the Ginnie Mae I MBS to participate in the secondary mortgage market. In addition, the Ginnie Mae II MBS permit the securitization of adjustable rate mortgages ("ARMs"). Any requirement in a document created under a Ginnie Mae MBS program is effective as of the date of the Guide, including amendments. Included in the Guide are Appendices. The Appendices include the forms or documents needed to comply with program requirements. Below are the required forms or data collected to participate in the MBS programs.
The following describes how, by whom, how frequently, and for what purpose the information is to be used. The forms are available in a PDF fillable format unless stated otherwise on our website at www.ginniemae.gov.
Forms Required for Approval to Become a Ginnie Mae Issuer
Form HUD 11701/Appendix I-1/OMB No. 2502-0005 – Application for Approval Ginnie Mae Mortgage Backed Securities Issuer
The form is a used by interested parties that want to apply for approval in order to participate in the Ginnie Mae programs. The information on the form is required by 24 CFR Part 202 and Section 306(g) of the National Housing Act or by HUD Handbooks 4060.1 and 5500.3.
The form takes approximately three hours for the company to review the instructions and complete.
Form HUD 11702/Appendix I-2/ Resolution of Board of Directors and Certificate of Authorized Signatures
The form is completed by issuers to provide Ginnie Mae with a Resolution of the Board of Directors of the issuer's organization, authorizing the issuance of mortgage-backed securities and a listing of the names and genuine signatures of the individuals authorized to execute the necessary documents in connection with mortgage-backed securities at the time of application into our program(s). The form is reviewed by Ginnie Mae's pool processing agent to confirm that individuals who signed pool document submissions are authorized to do so.
Ginnie Mae requires annual updates and updates when there is a change in the authorized signers of the issuer's company or a change in the issuer’s name. The information is required by Section 306(g) of the National Housing Act or by Ginnie Mae Handbook 5500.3, Rev. 1.
The form takes approximately 5 minutes to review instructions and complete.
Appendix I-4/ Cross-Default Agreement
Cross Default Agreements are required whenever there are two or more affiliates engaged in mortgage origination, servicing, or securitization of Ginnie Mae pool or loan packages. An affiliate is defined as an entity that can exercise control or significant influence over the management or operating policies of the applicant, directly or indirectly through some type of control or ownership as defined in GAAP FAS-57.
A new Cross Default Agreement will be required if there are changes to an issuer’s name, but the affiliations remain or if there are new affiliations between Ginnie Mae issuer as a result of companies merging or buying assets. The information is required by Ginnie Mae Handbook 5500.3, Rev. 1.
The Cross-Default Agreement takes an estimated 3 minutes per response to review and sign.
Forms and Agreements Required for Processing/Issuing Ginnie Mae Pools
An issuer must apply for Commitment Authority and Pools Numbers before they can place mortgages in a Ginnie Mae Pool. The following two forms are used for this purpose.
Form HUD 11700/ Appendix II-1/ Letter of Transmittal for Commitment Authority and/or Pool Numbers
This is a multifunctional transmittal form which is completed by the issuer when requesting commitment authority and/or pool numbers. The frequency of use depends on the issuer's need for specific services from Ginnie Mae. When requesting only pool numbers, the issuer only needs to complete the HUD 11700 form. When requesting commitment authority, the isuser has to prepare the HUD 11700 and the HUD 11704.
A issuer can request both commitment authority and pool numbers within one request. If the issuer has available pool numbers, but lacks a sufficient amount of commiment authority necessary to form pools, the issuer can apply for Commitment Authority only. An issuer may need to apply for Ginnie Mae Pool Numbers only. This is done when an issuer has sufficient commitment authority available for use but needs pool numbers. There is no fee for requesting pool numbers.
There are two types of Commitment Authority a Ginne Mae issuer may apply for: 1) Single Family or Single Line Commitment Authority which expires one year from date of approval and 2) Multifamily or Multi-Line Commtment Authoirty which expires two years from date of approval.
There is only one type of Pool Numbers a Ginnie Mae issuer may apply for: Alpha-Numeric.
Pool Numbers have no expiration date and can only be used once. The information is required by Section 306(g) of the National Housing Act or by Ginnie Mae Handbook 5500.3, Rev. 1.
It is estimated that it will take approximately 2 minutes for issuers to review and complete.
This form has been automated and document reserved for business continuity only.
Appendix III-13 / Electronic Data Interchange (EDI) System Agreement
The purpose of the EDI System Agreement is to communicate to issuers the following: Ginnie Mae’s intentions and expectations about its data interchange program; logistics about the electronic exchange of documents, including general specifications (standards, document types, telecommunications method); technical specifications (acknowledgments, communications, and security); and policies and procedures and specific legal issues. The information is required by Ginnie Mae Handbook 5500.3, Rev. 1.
It is estimated that it will take 2 minute for issuers to review and complete.
Appendix III-29/System Access Forms
Ginnie Mae requires both Issuers and Document Custodians to complete this form to obtain access to Ginnie Mae’s Systems in order to access business applications that are used by program participants to conduct business with Ginnie Mae. The information is required by Ginnie Mae Handbook 5500.3, Rev. 1.
It is estimated that it will take 2 hours for issuer to review and complete.
Ginnie Mae replaced Appendix III-14 (Enrollment Administrator and GinnieNET Authorized Signatories) with Appendix III-29.
Appendix VI-14/ Multifamily Prepayment Penalty Record File Layout
Ginnie Mae issuers are required to complete monthly reporting on pool and loan level data. As part of this process, multifamily issuers are also required to submit monthly prepayment penalty data to Ginnie Mae through RFS.
It is estimated to take 3 minutes for issuers to complete reporting the information. The information is required by Section 306(g) of the National Housing Act and/or by Ginnie Mae Handbook 5500.3, Rev. 1.
Appendix VI-16/ Quarterly Custodial Account Verification Record File Layout
This form is required by any Mortgage-Backed Security Issuer with aggregate principal and interest payments due from borrowers of $100,000.00 or more in any one month as measured by the amount of the fixed installment control. The quarterly custodial account verification data must be submitted electronically or entered online to Ginnie Mae’s Reporting and Feedback System.
It is estimated to take 10 minutes for issuers to complete reporting the information. The information is required by Section 306(g) of the National Housing Act and/or by Ginnie Mae Handbook 5500.3, Rev. 1.
Ginnie Mae forms HUD 11707, 11709, 11715, and 11720 are Ginnie Mae Master Agreements. These documents, prepared by issuers, eliminate the redundant and repetitive use of the same forms each time an issuer requests that a new Ginnie Mae security be issued. The Master Agreements are the foundation for the paperless pools. They define the relationships and responsibilities of the issuer, the issuer’s sub-servicer and the issuer’s document custodian
These forms have been automated and the data is being stored electronically via Ginnie Mae’s Master Agreement Management System (“MAMS”) in the Ginnie Mae Enterprise Portal (“GMEP”). The hardcopy forms have been preserved for use in case of business continuity (“COOP”) event.
This form is to be completed by issuers and any participation agents approved to issue HMBS pools in the Ginnie Mae II MBS program. The purpose of the form is to provide assurance to Ginnie Mae that the monitoring and accounting of Participations for each of the issuer’s securities will be performed in accordance with Ginnie Mae requirements.
Ginnie Mae requires this form to be updated annually. Also, updates are required when there is a change in the authorized signers of the issuer's company, a change in the issuer’s name or a change in the issuer’s participation agents. Issuers can electronically certify that the information has not changed in MAMS.
The estimated time to complete the form is 5 minutes, which includes time for the reviewing of the instructions. The information is required by Section 306(g) of the National Housing Act or by Ginnie Mae Handbook 5500.3, Rev. 1.
This form has been automated and document reserved for reference purposes only, not valid for submission.
The form is completed by the issuer to provide assurance to Ginnie Mae that servicing of the mortgages backing the securities approved for issuance will be performed in accordance with acceptable standards of mortgage servicing. The form is used by Ginnie Mae’s pool processing agent to determine if the issuer of the pool is the sole servicer, or if the issuer has established a sub-contract servicing arrangement with another institution to perform certain servicing functions on behalf of the issuer. If the issuer chooses to use a sub-servicer, the sub-contract servicer must be an approved Ginnie Mae issuer. Issuers may use more than one sub-contract servicer, however, there can only be one sub-contract servicer for each pool or loan package. The form is required to be on file with the pool processing agent before the submission of the pools.
Ginnie Mae requires this form be updated annually. Updates are required when there is a change in the Issuers name or a change to the Issuer’s sub-servicer. Issuers can electronically certify that the information has not changed in MAMS.
The estimated time to complete the form is 1 minute, which includes time for reviewing the instructions.
The information is required by Section 306(g) of the National Housing Act or by Ginnie Mae Handbook 5500.3, Rev. 1.
This form has been automated and document reserved for reference purposes only, not valid for submission.
Form HUD 11709/Appendix III-2/ Master Agreement for Servicer's Principal and Interest Custodial Account
This form provides evidence to the existence of a master principal and interest custodial account for the deposit of funds payable on mortgages pooled and guaranteed by Ginnie Mae. This form is used in connection with issuing the mortgage-backed securities. In addition, all deposits made by the issuer are subject to draft or check by Ginnie Mae, and all such amounts shall be payable to Ginnie Mae on demand and without notice. The form is completed by the issuer and custodial bank and submitted to Ginnie Mae's pool processing agent. The agreement covers each pool or loan package that is listed on the Schedule of Subscribers and Ginnie Mae Guaranty Agreement (form HUD 11705) . The form is required to be on file with the pool processing agent before submission of pools.
Ginnie Mae must have this information in case an issuer defaults on its payments to securities holders/investors. This enables Ginnie Mae to access the funds in the account to make the payments and prevent the issuer from further access to the funds.
Ginnie Mae requires this form to be updated annually. Also, updates are required when there is a change in the issuer’s name or a change in the issuer’s principal and interest custodial account. Issuers can electronically certify that the information has not changed in MAMS.
Estimated time per response is an average of 2 minutes for completion, this includes reading the instructions, ensuring that the account numbers match the account number listed on the form HUD 11709, and signing the form. The information is required by Section 306(g) of the National Housing Act or by Ginnie Mae Handbook 5500.3, Rev.1.
This form has been automated and document reserved/saved for reference purposes only, not valid for submission.
This form is used to authorize Ginnie Mae’s Depository, as security holder of all book-entry Ginnie Mae I MBS, to make Automated Clearing House (ACH) debits against an issuer's central principal and interest (P&I) custodial account for all payments due on the securities. It also authorizes the Central Paying and Transfer Agent, (CPTA), Ginnie Mae’s agent, to initiate ACH debits against the issuer’s central P&I custodial account for all payments due on Ginnie Mae II MBS and all monthly guaranty fees due to Ginnie Mae I and II MBS. The Ginnie Mae Depository is authorized to initiate ACH debits against the central P&I custodial account at the bank referenced on the form HUD 11709 for monthly P&I payments and prepayment penalties on multifamily loans due in connection with all book-entry securities backed by Ginnie Mae I pools. Ginnie Mae requests that issuers electronically submit their form 11709-A through MAMS. Also, updates are required when there is a change in the issuer’s name or a change in the issuer’s principal and interest custodial account listed on the form HUD 11709.
Estimated time per response is an average of 2 minutes for completion, this includes reading the instructions, ensuring that the account numbers match the account number listed on the form HUD 11709, and signing the form. The information is required by Section 306(g) of the National Housing Act or by Ginnie Mae Handbook 5500.3, Rev.1.
This form is used to provide Ginnie Mae with the name of the institution(s) which will serve as the document custodian(s) for a particular Ginnie Mae issuer. The document custodian(s) physically hold the mortgage documents in safekeeping on behalf of Ginnie Mae. The form covers each pool or loan package that is listed on the form HUD 11705. Issuers may have more than one document custodian. The form sets out the terms of the custodial relationship between the issuer and the document custodian. If an issuer defaults, Ginnie Mae is able to access the mortgage documents which are the collateral backing the mortgage-backed securities and to access the funds to make payments, as well as preventing the issuer from futher access to the funds.
Ginnie Mae requires this form to be updated annually. Also, updates are required when there is a change in the issuer’s name or a change in the issuer’s Document Custodian. Issuers can electronically certify that the information has not changed in MAMS.
Completion of the form HUD 11715 is estimated to average of 2 minutes per response, including the time for the review of the instructions. The information is required by Section 306(g) of the National Housing Act or by Ginnie Mae Handbook 5500.3, Rev. 1.
This form has been automated and document reserved for reference purposes only, not valid for submission.
Form HUD 11720/Appendix III-3/ Master Agreement for Servicer's Escrow Custodial Account
This form identifies the institution which maintains the custodial account for the deposit of escrow funds received on mortgages pooled and guaranteed by Ginnie Mae in connection with the mortgage-backed securities. In addition, all deposits made by issuers are subject to draft or check by Ginnie Mae, and all such amounts are made payable to Ginnie Mae on demand and without notice. Escrow custodial accounts include all funds collected to cover expenses to be paid under the mortgage, including, but not limited to, taxes, special assessments, ground rents, other charges that are or may become first liens on the property, hazard insurance premium, and mortgage insurance permiums. Issuers may have more than one escrow custodial account. The form is completed by the issuer and custodial bank and provided to Ginnie Mae's pool processing agent. Ginnie Mae must have this form in case an issuer defaults on its payments to securities holders/investors. This enables Ginnie Mae to access the funds in the account to make the payments and prevent the issuer from further access to the funds.
Ginnie Mae requires this form to be updated annually. Also, updates are required when there is a change in the issuer’s name or a change in the issuer’s escrow custodial account. Issuers can electronically certify that the information has not changed in MAMS.
Completion of the form HUD 11720 is estimated to average of 1 minute per response, including the time for the review of the instructions.
The infomration is required by Section 306(g) of the National Housing Act or by Ginnie Mae Handbook 5500.3, Rev. 1.
Form HUD 11705/Appendix III-6/ Schedule of Subscribers and Ginnie Mae Guaranty Agreement
This form must be used by the issuer to submit pool or loan packages in either an electronic format using GinnieNet or paper format. Each time the issuer issues a new security, it agrees that the applicable Guaranty Agreement is in effect on the issue date of the securities and that it will govern all of the issuer's outstanding pool and loan packages, pooled mortgages, and securitiees whether created under the Ginnie Mae I MBS program or the Ginnie Mae II MBS program. The pool will vary as to the amount of each certificate, certificate holder, and the number of certificates for each holder. The data provided on this form is the basis for the preparation of the securities issued under each Ginnie Mae MBS pool. Upon receipt of the form, JPMorgan Chase Bank reviews the information submitted in conjunction with other documentation required for the issuance of MBS securities. The approval of this form enables the actual preparation of the securities to be issued.
It is estimated to take an average of 3 minutes to complete the form. The information is required by Section 306(g) of the National Housing Act or by Ginnie Mae Handbook 5500.3, Rev. 1.
This form is used by the issuers when using a paper format or an electronic format to submit pools to Ginnie Mae’s pool processing agent. The purpose of the Form HUD 11706 is to provide a means of identifying and controlling the mortgages that collateralize the designated MBS pools or loan packages. It provides a certification from the document custodian that certain required mortgage documents are being held by the document custodian on behalf of Ginnie Mae.
It is estimated to take an average of 5 minutes to complete the form. The information is required by Section 306(g) of the National Housing Act or by Ginnie Mae Handbook 5500.3, Rev. 1.
Form 11705-H/11706-H-Appendix III-28/ Schedule of Subscribers and Ginnie Mae Guaranty Agreement and Schedule of Pooled Mortgages
This form is used for the Ginnie Mae II and HMBS Programs. It should be used only by Ginnie Mae HMSB Issuers transmitting HMBS pool data through web-based GinnieNET. The purpose of the form is to establish the contract between the Issuer and Ginnie Mae and provide a listing of subscribers and other information needed to prepare a Ginnie Mae HMBS.
It is estimated to take an average of 3 minutes to complete each form. The information is required by Section 306(g) of the National Housing Act or by Ginnie Mae Handbook 5500.3, Rev. 1.
Form HUD 11711A/Form HUD 11711B/Appendix III-5/ Release of Security Interest and Certification and Agreement
Form HUD 11711A is used to release security interests in pooled mortgages by prior secured institutions. They are prepared by the initial financial institution securing the interest and delivered to the document custodian.
Form HUD 11711B is used by the issuer and submitted to the document custodian. This form provides certification by the issuer that the releases from Form 11711A encompass all mortgages in a pool or loan package. These forms are used in conjunction with Form HUD 11706 to initially certify or reject pool or loan packages. GinnieNet allows issuers to electronically submit these forms to their document custodian for certification.
It is estimated to take each form an average of 3 minutes to complete. The information is required by Ginnie Mae Handbook 5500.3, Rev. 1.
This form provides evidence that the document custodian: (a) is holding a certification that disbursement has been made to the mortgagor; (b) has evidence of FHA insurance inclusive of the disbursement; and (c) has evidence of title insurance coverage inclusive of the latest disbursement. This document is submitted, along with Form HUD 11705, 11706, 92403 and other documents before the initial issuance of securities.
It is estimated to take an average of 1 minute to complete the form. The information is required by Ginnie Mae Handbook 5500.3, Rev. 1.
Appendix III-21/ Certification Requirements for the Pooling of Multifamily Mature Loan Program
This document is used at the time of submission of an application for pooling mulifamily mature loan program mortgages. If the issuer submits the certification in paper format it must be on the issuer’s own letterhead, along with other required pooling documentation. However, the issuer can do the certification electronically using GinnieNet.
It is estimated to take an average of 2 minutes to complete the form. The information is required by Ginnie Mae Handbook 5500.3, Rev. 1.
Forms and Documents Required for Ginnie Mae’s Pool Administration
Form HUD 11708/Appendix V-5/ Request for Release of Documents
Mortgage documents may be released on occasion in connection with servicing, collection or prepayment in full or foreclosure of mortgages; issuers are authorized to request such documents only if the documents are necessary in carrying out such administrative actions. This form is used by Ginnie Mae issuers to request the release of mortgage documents held by the document custodian. It is also used by the document custodian to acknowledge return of the documents from the issuer to the pool file. Issuers can submit the form in either paper format or electronically using GinnieNET.
It is estimated to take an average of 3 minute to complete the form. The information is required by Section 306(g) of the National Housing Act or by Ginnie Mae Handbook 5500.3, Rev. 1.
Appendix VI-19/ Reporting and Feedback (RFS) Issuer Monthly Reort of Pool and Loan Data
Ginnie Mae issuers are required to submit pool and loan level data monthly for all pooled loans and loan packages. The report contains all non-liquidated loans as of the close of the month for which data is presented and must reconcile with the monthly accounting report in RFS. The loan level data has become an integral part of Ginnie Mae’s Portfolio Analysis Database System (GPADS), which is used to identify those issuers who represent the greatest risk of default, and thus future potential risk of financial loss to Ginnie Mae. It is estimated to take an average of 4 hours to complete the form.
Form HUD 1710C is used by issuers only if one or more project mortgages in a pool is not being amortized, or if other than the level monthly payment method is not being used on any of the project mortgages in a MBS pool. It is used by those issuers who process project loan pools. The information is required by Ginnie Mae Handbook 5500.3, Rev. 1
Appendix VI-17/ HMBS Monthly Report of Pool and Loan Level Data
To provide Ginnie Mae with information concerning HMBS pool, loan level and participation level activity. Pool, loan and participation level data must be submitted electronically to Ginnie Mae’s Reporting and Feedback System (“RFS”), HMBS Reporting Administration (“HRA”) module which is located in the Ginnie Mae Enterprise Portal.
It is estimated to take 8 minutes for issuers to complete reporting of this information. The information is required by Section 306(g) of the National Housing Act and/or by Ginnie Mae Handbook 5500.3, Rev. 1.
Form HUD 11710-D/Appendix VI-5/ Issuer’s Monthly Summary Report
The form is used by issuers to report to Ginnie Mae each month a summary of their outstanding pools or loan packages, provide a certification as to the accuracy of the reported information and to provide the format for reporting the Remaining Principals Balances of each pool. This form takes 8 minutes for issuers to complete to report the information and is submitted monthly. The information is required by Ginnie Mae Handbook 5500.3, Rev. 1
This form is used by issuers participating in the Ginnie Mae I program only. It provides a summary of information to the security holder with respect to current month’s account transactions and calculation of the security holders’ pro rata share percentage of total cash distribution. The security holder must receive this remittance advice no later than the 15th of the month. When the use of the form HUD 11714 is permitted, it may be sent along with the monthly payment of principal and interest.
The form is estimated to take 1 minute to complete. The information is required by Section 306(g) of the National Housing Act or by Ginnie Mae Handbook 5500.3, Rev. 1.
Form HUD 11714SN/Appendix VI-11/ Issuer’s Monthly Serial Note Remittance Advice
This form is used by issuers participating in Ginnie Mae’s MBS I Serial Note program only. The issuer provides a summary to the holders of Serial Note Certificates with respect to the current month’s account transactions, calculation of interest and principal to be distributed, and data with respect to the redemption of Serial Units. A separate Remittance Advice is addressed to each Serial Note Certificate holder.
The form is estimated to take 1 minute to complete. The information is required by Section 306(g) of the National Housing Act or by Ginnie Mae Handbook 5500.3, Rev. 1.
This request is submitted by the issuer to buyout or purchase defective loans that prevent final certification of pools within the allocated timeframe. The request must be on the issuer’s company letterhead and contain the required certification language. The loans which are defective are listed on an exhibit attached to the issuers letter stating the reason why FHA, VA, RHS, or PIH has not issued an MIC, LGC, or Loan Note Guaranty. Issuer requests for and Ginnie Mae approval of loan buyouts or repurchase of defective loans are done electronically.
The letter is estimated to take 2 minutes to complete. The information is required by Ginnie Mae Handbook 5500.3, Rev. 1.
Request for Reimbursement of Mortgage Insurance Claims is made by a Ginnie Mae issuer when a default involving a FHA mortgage occurs and the mortgage is part of a Ginnie Mae pool. This form is only for Ginnie Mae issuers who are approved in Ginnie Mae’s Multifamily program and involve only fully-insured FHA loans (coinsured or RHS loans are not eligible). The issuer must notify Ginnie Mae at the earliest possible date of its intent to request reimbursement of allowable mortgage insurance claim costs, and where appropriate, its intent to request that Ginnie Mae purchase debentures. Ginnie Mae will forward the forms and guidelines for the completion of the transactions.
The request is estimated to take five (5) minutes to complete.
The information is required by Ginnie Mae Handbook 5500.3, Rev. 1 and subject to the provisions of Section 1001, U.S. Code, Title 18, governing statement made to the United States Government.
Servicemembers’ Interest Shortfall Assistance
Ginnie Mae issuers that have lost money because they granted relief under the Servicemembers’ Civil Relief Act (SCRA) (formerly known as the Solders’ and Sailors’ Civil Relief Act) of 1940 may seek reimbursement from Ginnie Mae. SCRA provides that a borrower's mortgage interest rate received prior to entering the military bear an interest rate not to exceed 6% a year during the borrower's period of active military duty. Once the borrower's period of active military duty is over, the issuer is permitted thereafter to collect the rate of interest provided for in the original mortgage. Quarterly, issuers may request reimbursement of interest shortfalls from Ginnie Mae. Issuers must submit their request via SCRA Module in the Ginnie Mae Portal. In addition to electronic submissions, issuers are required to submit hard copy information. The electronic file is uploaded to Ginnie Mae's system for processing and the hard copy is needed for comparison to the orders. Also, the original signature on the hard copy provides the issuer certification that the borrower is entitled to benefits under the SCRA, and that the information submitted is correct. Issuers must provide the borrower's mortgage and military information in order to receive the benefits of a reduced interest rate. The following appendices are used for processing the SCRA requests.
Appendix XI-6/Servicemembers Civil Relief Act Loan Eligibility Information 5500.3, REV.1
This appendix is used by Ginnie Mae issuers to determine if a loan is eligible for interest rate forgiveness under the SCRA. The information is submitted quarterly. Once the loan is determined eligible, the issuer will prepare the reimbursement requests in accordance to the Quarterly Reimbursement Requests (Appendix XI-8).
The information is required by Ginnie Mae Handbook 5500.3, Rev. 1. The request is estimated to take 2 minutes to complete.
Appendix XI-8/Servicemembers Civil Relief Act Quarterly Reimbursement Request 5500.3, REV.1
This form is used by Ginnie Mae issuers for quarterly reimbursement requests on loans which are eligible for interest rate forgiveness under the SCRA. Loan eligibility information is prepared in accordance to Loan Eligibility Information (Appendix XI-6).
The information is required by Ginnie Mae Handbook 5500.3, Rev. 1. The request is estimated to take 2 minutes to complete.
Appendix XI- 9/Servicemembers Civil Relief Act Eligibility and Reimbursement Files
Appendix XI-9 provides issuers with the import file format layout to be used when requesting their Quarterly Reimbursement Requests under the SCRA.
The request is estimated to take 2 minutes to complete. The information is required by Ginnie Mae Handbook 5500.3, Rev. 1.
Ginnie Mae Appendix VIII-1/Acknowledgement Agreement and Accompanying Documents/Pledge of Servicing
Issuers seeking approval by Ginnie Mae to pledge the Issuer’s Servicing Rights for single-family and multifamily loans as security for a loan must submit a proposed Acknowledgement Agreement entered between the Issuer, the secured party and Ginnie Mae.
The request is estimated to take 1 hour. The information is required by Ginnie Mae Handbook 5500.3, Rev. 1.
Appendix VIII-3/ Assignment Agreements
This form is used by Issuers who wish to transfer/sell its serving responsibilities for some or all Ginnie Mae pools or loan packages from itself to another Ginnie Mae issuer. The agreements must be completed by the both the initial issuer (seller) , the issuer wishing to acquire the portfolio (buyer) and Ginnie Mae.
The request is estimated to take eight (8) minutes. The information is required by Ginnie Mae Handbook 5500.3, Rev. 1.
In addition to issuers filing annual audited financial statements, Ginnie Mae requires each issuer that is not regulated by FDIC, OTC, National Credit Union Association, or the Office of the Comptroller of the Currency (OCC) is required to submit quarterly, unaudited financial statements. This information is submitted electronically, and it can be accessed via WebMB @ www.mbfrf.org. This information, in conjunction with other documents, is used to review and analyze an issuer’s current financial status to obtain certain benefits of the MBS program. The Mortgage Banker’s Financial Reporting Form is a shared form with Fannie Mae Form 1002, Freddic Mac Form 1055, Ginnie Mae Form HUD 11750.
It is estimated to take ten (10) minutes for completion of the form. The information is required by Ginnie Mae Handbook 5500.3, Rev. 1.
Appendix VI-20/Electronic Submission of Issuer’s Insurance and Annual Audited Financials.
At the time of application, the applicant must provide copies of their annual financial statements for each of
the latest three years, audited and certified by an Independent Auditor in accordance with Section 2-1 of the
Consolidated Audit Guide for Auditors of HUD Programs, Handbook No. IG 2000.04 Rev. 2. If the latest
audited financial statement is six months prior to the date Ginnie Mae receives the application package, the
applicant must also provide an unaudited financial statement certified by the Chief Executive Officer. The information is required by Ginnie Mae Handbook 5500.3, Rev. 1.
Once approved, Ginnie Mae collects Financial Statements and Audit Reports annually from each issuer participating in the MBS program. The financial statements and reports must be audited and certified by an
Independent Auditor that meets the auditor qualifications set out in Chapters 1, 2, and 6 of the Consolidated
Audit Guide for Audits of HUD programs. The financial statements must include a balance sheet, statement of operations and cash flows, prepared in accordance to Generally Accepted Accounting Principles (GAAP) and Government Auditing Standards (GAS). On occasion, Ginnie Mae will request the issuer to submit internally prepared balance sheets and income statements to verify an issuer’s net worth.
Issuers are required to submit their audited financial statement and accompanying reports to Ginnie Mae within 90 days after the end of their fiscal year. The information is required by Ginnie Mae Handbook 5500,3, Rev. 1 and the Consolidated Audit Guide for Audits of HUD Programs, Handbook No. IG 2000.04, Rev. 2 (Chapters 1, 2, and 6).
The financial statement is estimated to take 1 hour to prepare.
The annual financial statements are to be prepared in electronic form and submitted via the Ginnie Mae Enterprise Portal – Independent Public Accounting (“IPA”) module.
Appendix VI-18/Widely Held Fixed Investment Trust (WHFIT)
In order to comply with the IRS WHFIT tax reporting requirement, Issuers are to submit three months of tax information once every quarter. Issuers submit this information electronically with a standard file layout in accordance with the IRS regulation, Ginnie Mae publishes this data on Ginnie Mae’s Tax and Factor reporting website.
It is estimated to eight (8) minutes for completion of the report. The information is required by Ginnie
Mae Handbook 5500.3, Rev. 1.
3. Describe whether, and to what extent, the collection of information involves the use of automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g., permitting electronic submission of responses, and the basis for the decision for adopting this means of collection. Also describe any consideration of using information technology to reduce burden.
Ginnie Mae has implemented automated and electronic means of submitting most of its collection of information in order to minimize burden.
GinnieNET:
GinnieNET is used by the issuers and document custodians to collect and retrieve information as it relates to pool processing. It is also used for the reporting of remaining principal balances to Ginnie Mae. Ginnie Mae participants must submit their monthly report of pool and loan level data via the RFS Module in Ginnie Mae’s Enterprise portal.
The following forms are submitted using GinnieNET: 11705, 11706, 11708, 11711B, 11714,
11714SN and 11732.
Ginnie Mae Enterprise Wide Portal:
Ginnie Mae’s Enterprise Wide Portal is a secure web-based system. The Ginnie Mae portal provides access to several applications, which include the following:
Reporting and Feedback System (11710-D, Appendices VI-17 and VI-19), Servicemember’s Civil Relief Act (Appendices XI-6, XI-8 and XI-9), Master Agreement Management System (11702, 11703-II, 11707, 11709,11715, and 11720)
Pool Transfer System (Appendix VIII-3)
Widely Held Fixed Investment Trust (WHIFT – Appendix VI-18)
Ginnie Mae Website:
How Do I Become an Issuer? (Form 11701)
Is this information collected elsewhere? If so, why cannot any similar information already available be used or modified.
This information collection effort does not duplicate any other effort, so it will not produce or create duplication of information.
5. Does the collection of information impact small businesses or other small entities (item 5 of OMB form 83-i)? Describe any methods used to minimize burden.
There is no significant economic impact on small businesses or entities through the collection of the information. The forms are designed to minimize burden, and Ginnie Mae is constantly reviewing its forms and processes to see how the forms and/or processes can be streamlined to further minimize burden.
Describe the consequence to Federal program or policy activities if the collection is not conducted or is conducted less frequently, as well as any technical or legal obstacles to reducing burden.
Ginnie Mae is a wholly owned corporation of the United States within the Department of Housing and Urban Development whose guaranty of mortgage-backed securities is back by the full faith and credit of the United States Government. As such, the information required from issuers is necessary for Ginnie Mae to issue mortgage-backed securities as each security is unique and determined by the information provided on the forms received from the issuers. The collections permit Ginnie Mae to verify: 1) the individuals who are signing documents on behalf of an issuer are authorized to do so; 2) the name and location of the entities responsible for the various Ginnie Mae accounts and mortgage documents, and 3) those entities that are responsible for servicing the mortgages that back the Ginnie Mae pools. Ginnie Mae needs this information to mitigate risk and evaluate its business operations, procedures and programs. Ginnie Mae also requires the collection of information to ensure that there are no deficiencies, which could affect the pass through of securities to its investors.
Explain any special circumstances requiring:
requiring respondents to report information to the agency more than quarterly;
Issuers must remain in compliance with Ginnie Mae’s program requirements to obtain certain benefits. Additionally, issuers are required to submit financial information monthly, quarterly, and annually so Ginnie Mae and/or its agents can monitor their Ginnie Mae portfolio and financial status. As part of this requirement, issuers are to maintain adequate accounting records in electronic format and hard copy to submit to Ginnie Mae or its agents as needed.
Forms/information required to be submitted monthly are as follows:
11714/Appendix VI-10 – Issuer’s Monthly Remittance Advice
11714SN/Appendix VI-11 – Issuer’s Monthly Serial Note Remittance Advice;
Appendix VI-19 – Reporting and Feedback (RFS) Issuer Monthly Report of Pool and Loan Data
Appendix VI-17 – HMBS Monthly Pool and Loan Level Report
Appendix VI-5 – Issuer’s Month Summary Report (certification)
Appendix VI-21 – HMBS Issuer’s Monthly Summary Report (certification)
Forms/information required to be submitted quarterly are as follows:
Appendix XI-6 – Servicemembers Civil Relief Act Loan Eligibility Information
Appendix XI-8 –SCRA Quarterly Reimbursement Request,
Mortgage-Bankers Financial Reporting Form (for non-regulated/supervised issuers only)
Appendix XI-9 – Servicemembers Civil Relief Act Eligibility and Reimbursement Files
Appendix VI-18 – WHFIT Tax Reporting File Layout
Forms/information required to be submitted annually are as follows:
Appendix VI-20 – Electronic Submission of Issuers’ Insurance and Annual Audited Financial Documents
Master Agreements (11702, 11703-II, 11707, 11709, 11715, 11720)
requiring respondents to prepare a written response to a collection of information in fewer than 30 days after receipt of it;
N/A
requiring respondents to submit more than an original and two copies of any document;
Most Ginnie Mae’s forms require Issuers to retain a copy of their submissions for their records. Each respective appendix will specify, when the original and copies are required.
Issuers are required to submit originals of the following:
HUD 11702/Appendix I-2 – Resolution of Board of Directors and Certificate of Authorized Signatures so Ginnie Mae or it’s pool processing agent can compare the names and signatures of the individuals authorized by the issuer to do business with Ginnie Mae.
requiring respondents to retain records other than health, medical, government contract, grant-in-aid, or tax records for more than three years;
N/A
in connection with a statistical survey, that is not designed to produce valid and reliable results than can be generalized to the universe of study;
N/A
requiring the use of a statistical data classification that has not been reviewed and approved by OMB;
N/A
that includes a pledge of confidentiality that is not supported by authority established in statute or regulation, that is not supported by disclosure and data security policies that are consistent with the pledge, or which unnecessarily impedes sharing of data with other agencies for compatible confidential use; or
N/A
requiring respondents to submit proprietary trade secret, or other confidential information unless the agency can demonstrate that it has instituted procedures to protect the information's confidentiality to the extent permitted by law.
N/A
Identify the date and page number of the Federal Register notice (and provide a copy) soliciting comments on the information. Summarize public comments and describe actions taken by the agency in response to these comments. Describe all efforts to consult with persons outside the agency to obtain there.
The attached solicitation was submitted to the Federal Register for 60 days for comments in the Federal Resister dated Friday, July 19, 2019, Vol. 84, No.139. On an on-going basis, Ginnie Mae meets with its business partners to discuss new policy, new programs and enhancements to its business processes (which include data collected from issuers), for the purpose of seeking industry input before implementation. This is done formally and informally in several arenas, through the Mortgage Bankers Association’s Ginnie Mae Liaison Committee meetings, which are held three times a year, regular issuer training sessions conducted by Ginnie Mae, and yearly on-site issuer field visits performed by Ginnie Mae account executives.
Explain any payments or gifts to respondents, other than remuneration of contractors or grantees.
There are no payments or gifts other than remuneration of contractors or grantees.
Describe any assurance of confidentiality provided to respondents and the basis for assurance in statute, regulation or agency policy.
The forms comply with the Privacy Act. The information collected contains no personal or organizational identifiers. Assurance of confidentiality is neither provided nor needed for any of these information collections. Personal identifiable information is covered under the Privacy Act of 1974 (U.S.C. 552)
Justify any questions of a sensitive nature, such as sexual, religious beliefs, and other matters that are commonly considered private.
The information collected contains no questions of a sensitive nature, therefore, no justification is required.
Estimate public burden: number of respondents, frequency of response, annual hour burden. Read the complete instructions on the form 83i. Explain how the burden was estimated. Generally, estimates should not include burden hours for customary and usual business practices.
Provide a table to describe the elements of the burden. Break out each form used.
If this collection uses more than one form, provide separate estimates for each form and aggregate the hour burdens in item 13 of OMB Form 83i; and
Provide estimates of annualized cost to respondents for the hour burdens for collections of information, identifying and using appropriate wage rate categories. The cost of contracting out or paying outside parties for information collection activities should not be included here. Instead this cost should be included in Item 13.
There are approximately 19 forms and 37 appendices included with this submission. If there are more than 10 respondents, the collection will be PRA compliant. The decrease in burden hours are a result of a decrease in the forms and appendices required from our issuers.
While most of the calculations are based on number of respondents multiplied by the frequency of response, there are several items whose calculations are based on volume. While the top part of the table shows that most of the calculations are based on number of respondents multiplied by the frequency of response, the bottom section of the table reflects items where the calculation is based on volume. We do have 468 approved Issuers, not all of them are actively pooling. We have some program participants that issue only a few pools and others that issue hundreds. Attachment A provides an estimate of the burden hours and cost to issuers and/or respondents for reviewing, collecting, and submitting the requested information.
The average hourly cost is $29 per hour. The cost to respondents is based on the average hourly wages of mortgage industry employees to review, collect and submit the information to Ginnie Mae or its agent.
Form |
Appendix No. |
Title |
No. of Respondents |
Frequency of Responses per year |
Total Annual Responses |
Hours Per Response |
Total Annual Hours |
Hourly Cost per Response |
Estimated Annual Cost to Respondents (Issuers) |
|
11700 |
II-1 |
Letter of Transmittal for Commitment Authority and/or Pool Numbers |
368.00 |
4.00 |
1,472.00 |
0.03 |
44.16 |
29.00 |
1,280.64 |
|
11701 |
I-1 |
Application for Approval Ginnie Mae Mortgage-Backed Securities Issuer |
15.00 |
1.00 |
15.00 |
3.00 |
45.00 |
29.00 |
1,305.00 |
|
11702 |
I-2 |
Resolution of Board of Directors and Certificate of Authorized Signatures |
423.00 |
1.00 |
423.00 |
0.08 |
33.84 |
29.00 |
981.36 |
|
11703-II |
I-7 |
Master Agreement for Participation Accounting |
17.00 |
1.00 |
17.00 |
0.08 |
1.36 |
29.00 |
39.44 |
|
11704 |
II-2 |
Commitment to Guaranty Mortgage-Backed Securities |
368.00 |
4.00 |
1,472.00 |
0.03 |
44.16 |
29.00 |
1,280.64 |
|
11707 |
III-1 |
Master Servicing Agreement |
423.00 |
1.00 |
423.00 |
0.02 |
8.46 |
29.00 |
245.34 |
|
11709 |
III-2 |
Master Agreement for Servicer's Principal and Interest Custodial Account |
423.00 |
1.00 |
423.00 |
0.03 |
12.69 |
29.00 |
368.01 |
|
11715 |
III-4 |
Master Custodial Agreement |
423.00 |
1.00 |
423.00 |
0.03 |
12.69 |
29.00 |
368.01 |
|
11720 |
III-3 |
Master Agreement for Servicer's Escrow Custodial Account |
3,428.00 |
1.00 |
3,428.00 |
0.02 |
68.56 |
29.00 |
1,988.24 |
|
11732 |
III-22 |
Custodian's Certification for Construction Securities |
55.00 |
1.00 |
55.00 |
0.02 |
1.10 |
29.00 |
31.90 |
|
|
VI-20 |
Electronic Submission of Issuers' Insurance and Annual Audited Financial Documents |
423.00 |
1.00 |
423.00 |
1.00 |
423.00 |
29.00 |
12,267.00 |
|
11750 |
|
Mortgage Bankers Financial Reporting Form |
368.00 |
4.00 |
1,472.00 |
0.17 |
250.24 |
29.00 |
7,256.96 |
|
11709-A |
I-6 |
ACH Debit Authorization |
423.00 |
1.00 |
423.00 |
0.03 |
12.69 |
29.00 |
368.01 |
|
11710 D |
VI-5 |
Issuer’s Monthly Summary Reports |
368.00 |
12.00 |
4,416.00 |
0.13 |
574.08 |
29.00 |
16,648.32 |
|
|
VI-21 |
HMBS issuer's Monthly Summary Report |
16.00 |
12.00 |
192.00 |
0.08 |
15.36 |
29.00 |
445.44 |
|
|
III-13 |
Electronic Data Interchage System Agreement |
15.00 |
1.00 |
15.00 |
0.03 |
0.45 |
29.00 |
13.05 |
|
|
I-4 |
Cross Default Agreement |
10.00 |
1.00 |
10.00 |
0.05 |
0.50 |
29.00 |
14.50 |
|
|
VI-18 |
WHFIT Reporting |
368.00 |
4.00 |
1,472.00 |
0.13 |
191.36 |
29.00 |
5,549.44 |
|
|
III-29 |
System Access Forms |
277.00 |
1.00 |
277.00 |
2.00 |
554.00 |
29.00 |
16,066.00 |
|
|
VIII-1 |
Ginnie Mae Acknowledgement Agreement an Accompanying Documents Pledge of Servicing |
10.00 |
1.00 |
10.00 |
1.00 |
10.00 |
29.00 |
290.00 |
|
|
VI-14 |
Multifamily Prepayment Penalty Record File Layout |
40.00 |
12.00 |
480.00 |
0.05 |
24.00 |
29.00 |
696.00 |
|
|
VI-16 |
Quarterly Custodial Account Verification Record File Layout |
368.00 |
4.00 |
1,472.00 |
0.17 |
250.24 |
29.00 |
7,256.96 |
|
|
VI-17 |
HMBS Issuer Pooling & Reporting Specification for Mortgage-Backed Securities Administration Agent |
16.00 |
12.00 |
192.00 |
0.13 |
24.96 |
29.00 |
723.84 |
|
|
VI-19 |
Reporting and Feedback (RFS) Issuer Monthly Report of Pool and Loan Data |
368.00 |
12.00 |
4,416.00 |
4.00 |
17,664.00 |
29.00 |
512,256.00 |
|
|
|
|
|
|
|
|
|
|
|
|
The burden for the items listed below is based on volume and/or number of requests |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
11705 |
III-6 |
Schedule of Subscribers and Ginnie Mae Guaranty Agreement |
5,591.00 |
12.00 |
67,092.00 |
0.05 |
3,354.60 |
29.00 |
97,283.40 |
|
11706 |
III-7 |
Schedule of Pooled Mortgages |
5,591.00 |
12.00 |
67,092.00 |
0.08 |
5,367.36 |
29.00 |
155,653.44 |
|
11705 H 11706 H |
III-28 |
Schedule of Subscribers and Ginnie Mae Guaranty Agreement - HMBS Pooling Import File Layout |
74.00 |
12.00 |
888.00 |
0.10 |
88.80 |
29.00 |
2,575.20 |
|
|
V-5 |
Document Release Request |
3,181.00 |
1.00 |
3,181.00 |
0.05 |
159.05 |
29.00 |
4,612.45 |
|
|
XI-6 XI-8 XI-9 |
SSCRA Loan Eligibility Information Service Members Civil Relief Act Quarterly Reimbursement Requirement SSCRA Eligibility and Reimbursement Files |
1,350.00 |
4.00 |
5,400.00 |
0.10 |
540.00 |
29.00 |
15,660.00 |
|
11711A and 11711B |
III-5 |
Release of Security Interest and Certification and Agreement |
5,591.00 |
12.00 |
67,092.00 |
0.10 |
6,709.20 |
29.00 |
194,566.80 |
|
11714 11714SN |
VI-10 VI-11 |
Issuer's Monthly Remittance Advice Issuer's Monthly Serial Note Remittance Advice |
3,975.00 |
12.00 |
47,700.00 |
0.03 |
1,431.00 |
29.00 |
41,499.00 |
|
|
VI-2 |
Letter for Loan Repurchase |
50.00 |
12.00 |
600.00 |
0.03 |
18.00 |
29.00 |
522.00 |
|
|
III-21 |
Certification Requirements for the Pooling of Multifamily Mature Loan Program |
322.00 |
1.00 |
322.00 |
0.03 |
9.66 |
29.00 |
280.14 |
|
|
VI-9 |
Request for Reimbursement of Mortgage Insurance Claim Costs for Multifamily Loans |
3.00 |
12.00 |
36.00 |
0.08 |
2.88 |
29.00 |
83.52 |
|
|
VIII-3 |
Assignment Agreements |
220.00 |
1.00 |
220.00 |
0.13 |
28.60 |
29.00 |
829.40 |
|
Total |
|
|
|
Varies |
283,044.000 |
Varies |
37,976.05 |
|
||
Calculation is as follows: $29.00 per hour x total burden hours = Estimated cost to respondents/issuers.
13. Provide an estimate of the total annual cost burden to respondents or record keepers resulting from the collection of information (do not include the cost of any hour burden shown in Items 12 and 14). one.
The cost estimate should be split into two components: (a) a total capital and start-up cost component (annualized over its expected useful life); and (b) a total operation and maintenance purchase of services component. The estimates should take into account costs associated with generating, maintaining, and disclosing or providing the information. Include descriptions of methods used to estimate major cost factors including system and technology acquisition, expected useful life of capital equipment, the discount rate(s) and the time period over which costs will be incurred. Capital and start-up costs include, among other items, preparations for collecting information such as purchasing computers and software; monitoring, sampling, drilling and testing equipment; and record storage facilities;
If cost estimates are expected to vary widely, agencies should present ranges of cost burdens and explain the reasons for the variance. The cost of purchasing or contracting out information collection services should be a part of this cost burden estimate. In developing cost burden estimates, agencies may consult with a sample of respondents (fewer than 10) utilize the 60-day pre-OMB submission public comment process and use existing economic or regulatory impact analysis associated with the rulemaking containing the information collection, as appropriate.
Generally, estimates should not include purchases of equipment or services, or portions thereof made: (1) prior to October 1, 1995, (2) to achieve regulatory compliance with requirements not associated with the information collection, (3) for reasons other than to provide information or keep records for the government or (4) as part of customary and usual business or private practices.
There are no additional costs to respondents.
Estimate annualized costs to the Federal government.
|
Monthly expense* |
Monthly expense** |
|
Estimated Annual Cost |
PPA |
$925,655.00 |
|
times 12 |
$11,107,860.00 |
MBSOA |
|
$1,050,204.00 |
times 12 |
$12,602,448.00 |
|
|
|
|
|
Total |
|
|
|
$ 23,710,308.00 |
*Monthly expense based on PPA (Pool Processing Agent) contract (January 2019 values) |
Includes: pool processing, certificates, transfer requests, certificate transfers, pool termination, |
**Monthly expense based on MBSOA (Mortgage-Backed Securities Operations & Analytics) contract (January 2019 value) |
Includes: investor reporting, data disclosure, and application maintenance
15. Explain any program changes or adjustments reported in items 13 and 14 of the OMB Form 83i Item 13:
The 11710DH refers to an electronic process for certifying to the truth and accuracy of the monthly investor reporting requirement. When the HECM program was designed it was designed to be a purely electronic submission. This certification activity is mirrored off of the 11710D (forward program), and while we refer to this as the 11710DH (H for reverse product), there is no paper form.
Number of Respondents:
Currently there are approximately 423 Ginnie Mae approved Issuers that are actively doing business in our programs. Approximately 368 of them are managing an active portfolio.
Explanation of change in burden hours:
The most significant change comes with the change to the monthly report of pool and loan level data. In the past we have based this on volume. However, given that this is a monthly ongoing obligation for all active program participants with an active portfolio the burden is now based on the participant vs. the volume. The associated burden has also decreased to reflect the time to prepare files and submit any necessary corrections.
The change in burden hours is a result of the following:
The reporting obligation associated with the following has been consolidated into one reporting stream and the forms are no longer used.
11710-A Appendix VI-4
11710-E Appendix VI
1710-B Appendix VI-12
1710-C Appendix VI-13
RBP Reporting
Given that all the data was consolidated into one reporting stream, the individual forms are no longer used. The data collection is described in Appendix VI-17 and VI-19.
Elimination of Appendix III-9, faxes are no longer received, and corrections may be submitted electronically through RFS.
16. For collection of information whose results will be published, outline plans for tabulation and publication. Address any complex analytical techniques that will be used. Provide the time schedule for the entire project, including beginning and ending dates of the collection of information, completion of report, publication dates, and other actions.
Results of the Information Collection will not be used for tabulation or publication.
17. If seeking approval to not display the expiration date for OMB approval of the information collection, explain the reasons that display would be inappropriate.
Ginnie Mae will display the OMB expiration dates on its forms.
18. Explain each exception to the certification statement identified in item 19.
Ginnie Mae does not request an exception to the certification statement identified in
item 19.
Page |
| File Type | application/vnd.openxmlformats-officedocument.wordprocessingml.document |
| File Title | Paperwork Reduction Act Submission |
| Author | HUDWARE II |
| File Modified | 0000-00-00 |
| File Created | 2021-01-15 |