Ginnie Mae Digital Collateral Program

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form HUD 11708-SI Request for Release of Secured Party	Form and Instruction	New	Available
Form HUD 11701-A eIssuer Application to Participate – Digital Collateral Program	Form and Instruction	New	Repair queued
Form HUD 11701-B eCustodian Application to Participate – Digital Collateral Program	Form and Instruction	New	Available
Emergency Request--Digital Collateral Program--Memorandum 2022.04.14.docx	Supplementary Document	Uploaded 2022-05-19	Available
Final Supporting Statement.docx	Supporting Statement A	Uploaded 2022-05-19	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
253745	Request for Release of Secured Party	Form and Instruction	New	Request for Release of Secured Party
253745	Request for Release of Secured Party		New
253744	eIssuer Application to Participate – Digital Collateral Program	Form and Instruction	New	eIssuer Application to Participate – Digital Collateral Program
253744	eIssuer Application to Participate – Digital Collateral Program		New
253737	eCustodian Application to Participate – Digital Collateral Program	Form and Instruction	New	eCustodian Application to Participate – Digital Collateral Program
253737	eCustodian Application to Participate – Digital Collateral Program		New

ICR Details

OMB Control No: 2503-0034	ICR Reference No: 202205-2503-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: HUD/GNMA	Agency Tracking No:
Title: Ginnie Mae Digital Collateral Program
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 06/01/2022
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/15/2022
Retrieve Notice of Action (NOA)	Date Received in OIRA: 05/19/2022
Terms of Clearance: Collection is approved but agency must follow normal clearance procedures before the collection expires in 6 months.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2023	6 Months From Approved
Responses	325	0	0
Time Burden (Hours)	28	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: 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

Emergency Justfication: 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.

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Authorizing Statute(s): None

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

table that charts list of burden

IC Title	Form No.	Form Name
Request for Release of Secured Party	HUD 11708-SI	Request for Release of Secured Party
eCustodian Application to Participate – Digital Collateral Program	HUD 11701-B	eCustodian Application to Participate – Digital Collateral Program
eIssuer Application to Participate – Digital Collateral Program	HUD 11701-A	eIssuer Application to Participate – Digital Collateral Program

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ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	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

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: 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.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 05/19/2022

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