Ginnie Mae Digital Collateral Program

ICR 202205-2503-001

OMB: 2503-0034

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2022-05-19
Supporting Statement A
2022-05-19
ICR Details
202205-2503-001
Received in OIRA
HUD/GNMA
Ginnie Mae Digital Collateral Program
New collection (Request for a new OMB Control Number)   No
Emergency 06/01/2022
05/19/2022
  Requested Previously Approved
6 Months From Approved
325 0
28 0
0 0

Ginnie Mae’s Digital Collateral Program provides for the securitization of mortgages where the Note is an eligible eNote. The key documents are referred to as eNotes and eMortgages, and in common parlance, the loans themselves are referred to as eMortgages
Recent market developments, especially increased volatility, has accelerated the need to exit the pilot phase and expand the eIssuer program. Mortgage Servicing Rights that stem from Ginnie Mae MBS backed by pools of eligible mortgage loans, comprise the largest assets on Issuer (servicer) balance sheets. Issuers buy and sell MSRs to manage their financial and business conditions, and a consistent and liquid market is needed to do so effectively. The current ability to issue MBS backed by eMortgages and hold MSRs derived from those MBS is limited to a few pilot participants, which severely constricts liquidity for MSRs and limits opportunities for borrowers. Ensuring that the market for Ginnie Mae MSRs remains robust and liquid is critically important to managing risk to Ginnie Mae. If an Issuer cannot sell or buy MSRs when needed, it could lead to default, which will expose Ginnie Mae to losses.

None
None

Not associated with rulemaking

No

  Total Request Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 325 0 0 325 0 0
Annual Time Burden (Hours) 28 0 0 28 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
No
Emergency request - Recent market developments, especially increased volatility, has accelerated the need to exit the pilot phase and expand the eIssuer program. Mortgage Servicing Rights that stem from Ginnie Mae MBS backed by pools of eligible mortgage loans, comprise the largest assets on Issuer (servicer) balance sheets. Issuers buy and sell MSRs to manage their financial and business conditions, and a consistent and liquid market is needed to do so effectively. The current ability to issue MBS backed by eMortgages and hold MSRs derived from those MBS is limited to a few pilot participants, which severely constricts liquidity for MSRs and limits opportunities for borrowers. Ensuring that the market for Ginnie Mae MSRs remains robust and liquid is critically important to managing risk to Ginnie Mae. If an Issuer cannot sell or buy MSRs when needed, it could lead to default, which will expose Ginnie Mae to losses.

No
    Yes
    Yes
No
No
No
No
Stephanie Schader 303 672-5269

  No

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.
05/19/2022


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