National Survey of Mortgage Originations (NSMO)

Forms and Documents

Document Name	Status
Form OMB No. 2590-0012 Pre-Testing of Survey Materials Form and Instruction	New
Form OMB No. 2590-0012 National Survey of Mortgage Originations (NSMO) Form and Instruction	New
8_NSMO NMDB SORN, 80 FR 52225 (Aug. 28, 2015).pdf Supplementary Document	2024-08-27
7_NSMO NMDB SORN Revision, 81 FR 95595 (Dec. 28, 2016).pdf Supplementary Document	2024-08-27
6_Section 1324 of the Safety and Soundness Act (12 USC 4544).pdf Supplementary Document	2024-08-27
5_NSMO Commun Ltrs for Q234 (English and Spanish).pdf Supplementary Document	2024-08-27
4_NMDB Stakeholders 2024.pdf Supplementary Document	2024-08-27
3_NSMO 60-Day PRA Notice_89 FR 53086 (Jun. 25, 2024).pdf Supplementary Document	2024-08-27
1_2024 Generic NSMO Supporting Statement_ROCIS.docx Supporting Statement B	2024-08-30
1_2024 Generic NSMO Supporting Statement_ROCIS.docx Supporting Statement A	2024-08-30
2_FHFA_NSMO_Q324_Survey.pdf Supplementary Document	2024-08-27

IC Document Collections

IC ID	Document Title	Status
270458	Pre-Testing of Survey Materials Form and Instruction	New
270457	National Survey of Mortgage Originations (NSMO) Form and Instruction	New

ICR Details

OMB Control No:	ICR Reference No: 202408-2590-002
Status: Received in OIRA	Previous ICR Reference No:
Agency/Subagency: FHFA	Agency Tracking No:
Title: National Survey of Mortgage Originations (NSMO)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 08/30/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	24,050	0
Time Burden (Hours)	10,130	0
Cost Burden (Dollars)	0	0

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Abstract: 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.

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Authorizing Statute(s): US Code: 12 USC 4544(c)(2)
  

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
60-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 53086	06/25/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 70636	08/30/2024
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
National Survey of Mortgage Originations (NSMO)	OMB No. 2590-0012	National Survey of Mortgage Originations
Pre-Testing of Survey Materials	OMB No. 2590-0012	National Survey of Mortgage Originations

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ICR Summary of Burden

	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	24,050	0	0	0	24,050	0
Annual Time Burden (Hours)	10,130	0	0	0	10,130	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $891,000

Does this IC contain surveys, censuses, or employ statistical methods? Yes Part B of Supporting Statement

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: 08/30/2024

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