Proposed Collection; Comment Request, 52747-52749 [2010-21422]
Download as PDF
Federal Register / Vol. 75, No. 166 / Friday, August 27, 2010 / Notices
opportunity to comment on the
following information collection(s), as
required by the Paperwork Reduction
Act (PRA) of 1995, 44 U.S.C. 3501 –
3520. Comments are requested
concerning: (a) whether the proposed
collection of information is necessary
for the proper performance of the
functions of the Commission, including
whether the information shall have
practical utility; (b) the accuracy of the
Commission’s burden estimate; (c) ways
to enhance the quality, utility, and
clarity of the information collected; (d)
ways to minimize the burden of the
collection of information on the
respondents, including the use of
automated collection techniques or
other forms of information technology;
and (e) ways to further reduce the
information collection burden for small
business concerns with fewer than 25
employees.
The FCC may not conduct or sponsor
a collection of information unless it
displays a currently valid control
number. No person shall be subject to
any penalty for failing to comply with
a collection of information subject to the
Paperwork Reduction Act (PRA) that
does not display a currently valid OMB
control number.
Written Paperwork Reduction
Act (PRA) comments should be
submitted on or before [September 27,
2010]. If you anticipate that you will be
submitting PRA comments, but find it
difficult to do so within the period of
time allowed by this notice, you should
advise the FCC contact listed below as
soon as possible.
DATES:
Direct all PRA comments to
Nicholas A. Fraser, Office of
Management and Budget, via fax at 202–
395–5167 or via email to Nicholas_A._
Fraser@omb.eop.gov and to the Federal
Communications Commission via email
to PRA@fcc.gov and Cathy.Williams@
fcc.gov. To view a copy of this
information collection request (ICR)
submitted to OMB: (1) Go to the web
page https://reginfo.gov/public/do/
PRAMain, (2) look for the section of the
web page called ‘‘Currently Under
Review’’, (3) click on the downward–
pointing arrow in the ‘‘Select Agency’’
box below the ‘‘Currently Under
Review’’ heading, (4) select ‘‘Federal
Communications Commission’’ from the
list of agencies presented in the ‘‘Select
Agency’’ box, (5) click the ‘‘Submit’’
button to the right of the ‘‘Select
Agency’’ box, and (6) when the list of
FCC ICRs currently under review
appears, look for the title of this ICR (or
its OMB Control Number, if there is one)
and then click on the ICR Reference
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
ADDRESSES:
VerDate Mar<15>2010
15:33 Aug 26, 2010
Jkt 220001
Number to view detailed information
about this ICR.
FOR FURTHER INFORMATION CONTACT: For
additional information or copies of the
information collection(s), contact Cathy
Williams on (202) 418–2918.
SUPPLEMENTARY INFORMATION:
OMB Control Number: 3060–0844.
Title: Carriage of the Transmission of
Digital Television Broadcast Stations,
R&O, and FNPRM.
Form Number: N/A.
Type of Review: Extension of a
currently approved collection.
Respondents: Businesses or other for–
profit entities.
Number of Respondents and
Responses: 20,322 respondents and
78,422 responses.
Estimated Time per Response: 30
minutes to 40 hrs.
Frequency of Response: On occasion
reporting requirement; Third party
disclosure requirement.
Obligation to Respond: Required to
obtain or retain benefits. The statutory
authority for this information collection
is contained in Sections 1, 4(i) and (j),
325, 336, 614 and 615 of the
Communications Act of 1934, as
amended.
Total Annual Burden: 75,202 hours.
Total Annual Cost: $2,759,872.
Nature and Extent of Confidentiality:
No need for confidentiality required
with this collection of information.
Privacy Impact Assessment: No
impact(s).
Needs and Uses: The FCC adopted a
Report and Order (R&O) on January 23,
2001 and Further Notice of Proposed
Rulemaking (FNPRM). The R&O
modified 47 CFR 76.64(f) to provide that
stations that return their analog
spectrum and broadcast only in digital
format, as well as new digital–only
stations, are entitled to elect must–carry
or retransmission consent status
following the procedures previously
applicable to new television stations.
Furthermore, the R&O established a
framework for voluntary retransmission
consent agreements between DTV
station licensees and multi–channel
video programming distributors and
modified several sections of the rules
accordingly. The FNPRM sought
additional comments on carriage
requirements relating to digital
television stations generally, as
proposed in the initial NPRM.
Federal Communications Commission.
Bulah P. Wheeler,
Deputy Manager,
Office of the Secretary,
Office of Managing Director.
[FR Doc. 2010–21306 Filed 8–26–10; 8:45 am]
BILLING CODE 6712–01–S
PO 00000
Frm 00039
Fmt 4703
Sfmt 4703
52747
FEDERAL HOUSING FINANCE
AGENCY
[No. 2010–N–12]
Proposed Collection; Comment
Request
Federal Housing Finance
Agency.
ACTION: 30-Day notice of submission of
information collection for approval from
the Office of Management and Budget.
AGENCY:
In accordance with the
requirements of the Paperwork
Reduction Act of 1995, the Federal
Housing Finance Agency (FHFA) is
seeking public comments concerning a
currently approved information
collection ‘‘Monthly Survey of Rates and
Terms on Conventional 1-Family NonFarm Mortgage Loans,’’ known as the
Monthly Interest Rate Survey or MIRS.
The Office of Management and Budget
(OMB) assigned MIRS control number
2590–0004, which is due to expire on
September 30, 2010. FHFA will submit
the information collection to OMB for
review and approval for a three-year
extension of the control number.
DATES: Interested persons may submit
comments on or before September 27,
2010.
COMMENTS: Submit comments to the
Office of Information and Regulatory
Affairs of the Office of Management and
Budget, Attention: Desk Officer for the
Federal Housing Finance Agency,
Washington, DC 20503, Fax: 202–395–
6974, E-mail: OIRA_Submission@omb.
eop.gov. Please also submit the
comments to FHFA using any one of the
following methods:
• E-mail: regcomments@fhfa.gov.
Please include ‘‘Proposed Collection;
Comment Request: Monthly Interest
Rate Survey (No. 2010–N–12)’’ in the
subject line of the message.
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments. If
you submit your comment to the
Federal eRulemaking Portal, please also
send it by e-mail to FHFA at
RegComments@fhfa.gov to ensure
timely receipt by the agency. Please
include ‘‘Proposed Collection; Comment
Request: Monthly Interest Rate Survey
(No. 2010–N–12)’’ in the subject line of
the message.
• Mail/Hand Delivery: Federal
Housing Finance Agency, Fourth Floor,
1700 G Street, NW., Washington, DC
20552, ATTENTION: Public Comments
Proposed Collection; Comment Request:
‘‘Monthly Interest Rate Survey,’’ (No.
2010–N–12).
FHFA will post all public comments
it receives without change, including
SUMMARY:
E:\FR\FM\27AUN1.SGM
27AUN1
52748
Federal Register / Vol. 75, No. 166 / Friday, August 27, 2010 / Notices
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
any personal information you provide,
such as your name and address, on
FHFA’s Web site at https://www.fhfa.gov.
In addition, copies of all comments
received will be available for
examination by the public on business
days between the hours of 10 a.m. and
3 p.m., at the Federal Housing Finance
Agency, Fourth Floor, 1700 G Street,
NW., Washington, DC 20552. To make
an appointment to inspect comments,
please call the Office of General Counsel
at 202–414–6924.
FOR FURTHER INFORMATION CONTACT:
David L. Roderer, Senior Financial
Analyst, 202–408–2540 (not a toll-free
number), david.l.roderer@fhfa.gov. The
telephone number for the
Telecommunications Device for the Deaf
is 800–877–8339.
SUPPLEMENTARY INFORMATION:
A. Need For and Use of the Information
Collection
The Housing and Economic Recovery
Act of 2008 (HERA), Public Law 110–
289, 122 Stat. 2654, amended the
Federal Housing Enterprises Financial
Safety and Soundness Act of 1992
(Safety and Soundness Act) (12 U.S.C.
4501 et seq.) and the Federal Home
Loan Bank Act (12 U.S.C. 1421 et seq.)
to establish FHFA as an independent
agency of the Federal government.1 One
of FHFA’s predecessor agencies, the
former Federal Housing Finance Board
(Finance Board), provided data
concerning a survey of mortgage interest
rates until HERA transferred those
responsibilities to FHFA. This survey,
known as the Monthly Interest Rate
Survey or MIRS, is described in 12 CFR
906.5.
The information collection is used by
FHFA to produce the MIRS and for
general statistical purposes and program
evaluation. The MIRS provides monthly
information on interest rates, loan
terms, and house prices by property
type (all, new, previously occupied), by
loan type (fixed- or adjustable-rate), and
by lender type (savings associations,
mortgage companies, commercial banks,
and savings banks), as well as
information on 15-year and 30-year
fixed-rate loans. In addition, the MIRS
provides quarterly information on
conventional loans by major
metropolitan area and by FHLBank
district.
To conduct the MIRS, FHFA asks a
sample of mortgage lenders to report
voluntarily the terms and conditions on
all single-family, fully amortized,
purchase-money, non-farm loans that
1 See Division A, titled the ‘‘Federal Housing
Finance Regulatory Reform Act of 2008,’’ tit. I,
section 1101 of HERA.
VerDate Mar<15>2010
15:33 Aug 26, 2010
Jkt 220001
they close during the last five business
days of the month. The MIRS excludes
FHA-insured and VA-guaranteed loans,
multifamily loans, mobile home loans,
and loans created by refinancing
another mortgage.
Information concerning the MIRS is
published regularly on FHFA’s Web
site, https://www.fhfa.gov, in FHFA press
releases, in the popular and trade press,
including a monthly 1-page ARM index
release, a monthly 8- or 12-page release
with mortgage rate and term data, an
annual summary all available via
FHFA’s Web site, and in publications of
other Federal agencies, including The
Economic Report of the President and
Statistical Abstract of the United States.
FHFA publishes on its Web site the
phone number for an automated
telephone answering system that
provides callers a recorded message
about the ARM index and other MIRS
information.
Economic policy makers use the MIRS
data to determine trends in the mortgage
markets, including interest rates, down
payments, terms to maturity, terms on
ARMs, and initial fees and charges on
mortgage loans. Other federal banking
agencies, such as the Board of
Governors of the Federal Reserve
System and the Council of Economic
Advisors, use the MIRS results for
research purposes.
FHFA considers MIRS, among other
indexes or measures FHFA determines
are appropriate, in establishing and
maintaining a method to assess the
national average one-family house price
for use for adjusting the conforming
loan limitations of Freddie Mac and
Fannie Mae. 12 U.S.C. 4542. Other
statutory references of the MIRS include
the following:
• In 1989, Congress required the
Chairperson of the Finance Board to
take necessary actions to ensure that
indices used to calculate the interest
rate on adjustable-rate mortgages
(ARMs) remain available. See FIRREA,
tit. IV, section 402, paragraphs (e)(3)–
(4), 103 Stat. 183, codified at 12 U.S.C.
1437 note. At least one ARM index,
known as the National Average Contract
Mortgage Rate for the Purchase of
Previously Occupied Homes by
Combined Lenders, is derived from the
MIRS data. The statute permits FHFA to
substitute a different ARM index after
notice and comment only if the new
ARM index is based upon data
substantially similar to that of the
original ARM index and substitution of
the new ARM index will result in an
interest rate substantially similar to the
rate in effect at the time the new ARM
index replaces the existing ARM index.
See 12 U.S.C. 1437 note.
PO 00000
Frm 00040
Fmt 4703
Sfmt 4703
• Statutes in several states and U.S.
territories, including California,
Michigan, Minnesota, New Jersey,
Wisconsin, and the Virgin Islands, refer
to, or rely upon, the MIRS. See, e.g., Cal.
Civ. Code §§ 1916.7 and 1916.8
(mortgage rates); Mich. Comp. Laws
§ 445.1621(d) (mortgage index rates);
Minn. Stat. § 92.06 (payments for state
land sales); N.J. Rev. Stat. 31:1–1
(interest rates); Wis. Stat. § 138.056
(variable loan rates); V.I. Code Ann. tit.
11, § 951 (legal rate of interest).
The respondents include a sample of
major mortgage lenders, such as savings
institutions, commercial banks, and
mortgage loan companies. Most of the
respondents submit the requested
information electronically using the
MIRS software in a format similar to
FHFA Form #075 (supersedes FHFB
Form 10–91). Some respondents elect to
complete FHFA Form #075 and submit
it by facsimile. Respondents are
requested to submit the information on
a monthly basis.
The OMB number for the information
collection is 2590–0004. The OMB
clearance for the information collection
expires on September 30, 2010.
B. Burden Estimate
FHFA estimates the total annual
number of respondents at 76 with 8
responses per respondent. The estimate
for the average hours per response is 20
minutes. The estimate for the total
annual hour burden is 200 hours (76
respondents × 8 responses × 0.33 hours).
C. Comment Request
In accordance with the requirements
of 5 CFR 1320.8(d), FHFA published a
request for public comments regarding
this information collection in the
Federal Register on January 10, 2001.
See 75 FR 26756 (May 12, 2010). The
60-day comment period closed on July
12, 2010. FHFA received comments
from three organizations, which are
posted on its Web site at https://
www.fhfa.gov/Default.aspx?
Page=89&ListNumber=5&List
ID=14707&ListYear=2010&Sort
By=#14707. All three commenters
support continuation of the MIRS. One
of the three commenters suggested
enhancing the utility of the MIRS by
including mortgages that are backed by
FHA or the Department of Veterans
Affairs. Another commenter suggested a
new sampling frame using HMDA data
to enhance the utility of the MIRS data.
FHFA has determined not to make any
changes to the MIRS at this time but
will consider the recommendations
when the MIRS is reviewed for
enhancement as part of a
E:\FR\FM\27AUN1.SGM
27AUN1
Federal Register / Vol. 75, No. 166 / Friday, August 27, 2010 / Notices
comprehensive review of data
collection.
FHFA requests written comments on
the following: (1) Whether the collection
of information is necessary for the
proper performance of FHFA functions,
including whether the information has
practical utility; (2) the accuracy of
FHFA estimates of the burdens of the
collection of information; (3) ways to
enhance the quality, utility, and clarity
of the information collected; and (4)
ways to minimize the burden of the
collection of information, including
through the use of automated collection
techniques or other forms of information
technology.
if that particular system contains any
records about them.
On June 12, 2008, the FTC
republished and updated all of the
FTC’s SORNs, describing all of the
agency’s systems of records covered by
the Privacy Act in a single document for
ease of use and reference. 73 FR 33592.
To ensure the SORNs remain accurate,
FTC staff engages in a comprehensive
review of each SORN on a periodic
basis. As a result of this systematic
review, the FTC made revisions to
several of its SORNs on April 17, 2009.
74 FR 17863. Based on subsequent
review, the FTC is making the following
revisions to several of its SORNs.1
Dated: August 19, 2010.
Edward J. DeMarco,
Acting Director, Federal Housing Finance
Agency.
I. FTC Law Enforcement Systems of
Records
[FR Doc. 2010–21422 Filed 8–26–10; 8:45 am]
BILLING CODE 8070–01–P
FEDERAL TRADE COMMISSION
Privacy Act of 1974; System of
Records Notices
AGENCY:
Federal Trade Commission
(FTC).
Notice of revised Privacy Act
system notices.
ACTION:
The FTC is revising several of
the notices that it is required to publish
under the Privacy Act of 1974 to
describe its systems of records about
individuals. This action is intended to
make these notices clearer, more
accurate, and up-to-date.
DATES: This notice shall become final
and effective on August 27, 2010.
FOR FURTHER INFORMATION CONTACT: Alex
Tang, G. Richard Gold, or Lorielle L.
Pankey, Attorneys, Office of the General
Counsel, FTC, 600 Pennsylvania
Avenue, NW., Washington, DC 20580,
(202) 326-2424.
SUPPLEMENTARY INFORMATION: To inform
the public, the FTC publishes in the
FEDERAL REGISTER and posts on its
Web site a ‘‘system of records notice’’
(SORN) for each system of records about
individuals that the FTC currently
maintains within the meaning of the
Privacy Act of 1974, as amended, 5
U.S.C. 552a. See (https://www.ftc.gov/
foia/listofpaysystems.shtm). Each SORN
describes the records maintained in that
particular system, including the
categories of individuals that the
records in the system are about (e.g.,
FTC employees or consumers). Each
system notice also contains information
explaining how individuals can find out
WReier-Aviles on DSKGBLS3C1PROD with NOTICES
SUMMARY:
VerDate Mar<15>2010
15:33 Aug 26, 2010
Jkt 220001
FTC-I-1 (Nonpublic Investigational
and Other Nonpublic Legal Program
Records—FTC). This SORN includes
nonpublic investigational and other
nonpublic program records. We have
added language clarifying that certain
debt collection-related records
contained within this system are also
legally part of the Government-wide
system of records notice published for
this system by the Department of
Treasury, Financial Management
System. See TREASURY/FMS.014, or
any successor TREASURY/FMS system
notice at (https://www.ustreas.gov) for
more information. Therefore, these
types of records also have the same
purposes and routine uses as set forth in
the Government-wide SORN.
II. FTC Personnel Systems of Records
FTC-II-6 (Discrimination Complaint
System—FTC). This SORN covers
complaints, affidavits, supporting
documents, memoranda,
correspondence, and notes relevant to
and compiled during pre-complaint
matters, complaint investigations and
other personnel matters at the FTC. We
are revising the purpose section of this
SORN in order to more fully describe
the various issues that give rise to
discrimination complaints.
FTC-II-7 (Ethics Program Records–
FTC). This SORN covers annual
financial statements and other filings or
requests made by FTC officials and
employees under the FTC’s ethics
program. The FTC is including an
additional means of disposing of these
records.
1 The FTC is clarifying but not adding or changing
any routine uses of its system records or making
other significant system changes that would require
prior public comment or notice to the Office of
Management & Budget (OMB) and Congress. See
U.S.C. 552a(e)(11) and 552a(r); OMB Circular A130, Appendix I.
PO 00000
Frm 00041
Fmt 4703
Sfmt 4703
52749
FTC-II-12 (Training Reservation
System–FTC). This SORN covers records
used in the employee training program
administered by the FTC’s Human
Resources Management Office. The FTC
is changing the name of this system and
revising the categories of records,
purpose, and retrievability sections. We
are also clarifying that this system is
legally part of the OPM’s Governmentwide system of records notice for this
system, OPM/GOVT-1, which covers all
official personnel training data; hence, it
is subject to the same purposes and
routine uses set forth for that system by
OPM. See OPM/GOVT-1, or any
successor OPM system notice that may
be published for this system (visit
(www.opm.gov) for more information).
There are also some minor editorial
changes.
III. FTC Financial Systems of Records
FTC-III-2 (Travel Management
System-FTC). This SORN covers travel
documentation for FTC employees and
other authorized individuals on official
travel for the FTC. To the extent these
travel data are collected and maintained
by the FTC’s travel management
contractor, they are already covered by
a Government-wide General Services
Administration (GSA) SORN, GSA/
GOVT-4 (Contracted Travel Services
Program). See 71 FR 48764 (2006).
Nonetheless, the FTC maintains this
SORN to include those data as well as
any other miscellaneous data that
various FTC offices may collect and
maintain in a system of records about
individuals on official travel for the
FTC. The FTC is revising the Category
of Records section to implement
Department of Homeland Security
(DHS) Secure Flight requirements to
include an individual traveler’s date of
birth and sex; that the name of the
traveler within this system matches the
name shown on a government issuedidentification (for example, driver’s
license or passport) while traveling; and
an optional field for redress numbers
(i.e., complaint or inquiry numbers).
Under Secure Flight (https://
www.tsa.gov/what_we_do/layers/
secureflight/), a program developed by
DHS in response to a key 9/11
Commission recommendation, DHS’
Transportation Security Administration
conducts uniform pre-screening of
passenger information against federal
government watch lists for domestic and
international flights.
FTC Systems of Records Notices
Accordingly, the FTC revises and
updates the Privacy Act systems of
records below as follows:
E:\FR\FM\27AUN1.SGM
27AUN1
Agencies
[Federal Register Volume 75, Number 166 (Friday, August 27, 2010)]
[Notices]
[Pages 52747-52749]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-21422]
=======================================================================
-----------------------------------------------------------------------
FEDERAL HOUSING FINANCE AGENCY
[No. 2010-N-12]
Proposed Collection; Comment Request
AGENCY: Federal Housing Finance Agency.
ACTION: 30-Day notice of submission of information collection for
approval from the Office of Management and Budget.
-----------------------------------------------------------------------
SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995, the Federal Housing Finance Agency (FHFA) is seeking
public comments concerning a currently approved information collection
``Monthly Survey of Rates and Terms on Conventional 1-Family Non-Farm
Mortgage Loans,'' known as the Monthly Interest Rate Survey or MIRS.
The Office of Management and Budget (OMB) assigned MIRS control number
2590-0004, which is due to expire on September 30, 2010. FHFA will
submit the information collection to OMB for review and approval for a
three-year extension of the control number.
DATES: Interested persons may submit comments on or before September
27, 2010.
COMMENTS: Submit comments to the Office of Information and Regulatory
Affairs of the Office of Management and Budget, Attention: Desk Officer
for the Federal Housing Finance Agency, Washington, DC 20503, Fax: 202-
395-6974, E-mail: OIRA_Submission@omb.eop.gov. Please also submit the
comments to FHFA using any one of the following methods:
E-mail: regcomments@fhfa.gov. Please include ``Proposed
Collection; Comment Request: Monthly Interest Rate Survey (No. 2010-N-
12)'' in the subject line of the message.
Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. If you submit your
comment to the Federal eRulemaking Portal, please also send it by e-
mail to FHFA at RegComments@fhfa.gov to ensure timely receipt by the
agency. Please include ``Proposed Collection; Comment Request: Monthly
Interest Rate Survey (No. 2010-N-12)'' in the subject line of the
message.
Mail/Hand Delivery: Federal Housing Finance Agency, Fourth
Floor, 1700 G Street, NW., Washington, DC 20552, ATTENTION: Public
Comments Proposed Collection; Comment Request: ``Monthly Interest Rate
Survey,'' (No. 2010-N-12).
FHFA will post all public comments it receives without change,
including
[[Page 52748]]
any personal information you provide, such as your name and address, on
FHFA's Web site at https://www.fhfa.gov. In addition, copies of all
comments received will be available for examination by the public on
business days between the hours of 10 a.m. and 3 p.m., at the Federal
Housing Finance Agency, Fourth Floor, 1700 G Street, NW., Washington,
DC 20552. To make an appointment to inspect comments, please call the
Office of General Counsel at 202-414-6924.
FOR FURTHER INFORMATION CONTACT: David L. Roderer, Senior Financial
Analyst, 202-408-2540 (not a toll-free number),
david.l.roderer@fhfa.gov. The telephone number for the
Telecommunications Device for the Deaf is 800-877-8339.
SUPPLEMENTARY INFORMATION:
A. Need For and Use of the Information Collection
The Housing and Economic Recovery Act of 2008 (HERA), Public Law
110-289, 122 Stat. 2654, amended the Federal Housing Enterprises
Financial Safety and Soundness Act of 1992 (Safety and Soundness Act)
(12 U.S.C. 4501 et seq.) and the Federal Home Loan Bank Act (12 U.S.C.
1421 et seq.) to establish FHFA as an independent agency of the Federal
government.\1\ One of FHFA's predecessor agencies, the former Federal
Housing Finance Board (Finance Board), provided data concerning a
survey of mortgage interest rates until HERA transferred those
responsibilities to FHFA. This survey, known as the Monthly Interest
Rate Survey or MIRS, is described in 12 CFR 906.5.
---------------------------------------------------------------------------
\1\ See Division A, titled the ``Federal Housing Finance
Regulatory Reform Act of 2008,'' tit. I, section 1101 of HERA.
---------------------------------------------------------------------------
The information collection is used by FHFA to produce the MIRS and
for general statistical purposes and program evaluation. The MIRS
provides monthly information on interest rates, loan terms, and house
prices by property type (all, new, previously occupied), by loan type
(fixed- or adjustable-rate), and by lender type (savings associations,
mortgage companies, commercial banks, and savings banks), as well as
information on 15-year and 30-year fixed-rate loans. In addition, the
MIRS provides quarterly information on conventional loans by major
metropolitan area and by FHLBank district.
To conduct the MIRS, FHFA asks a sample of mortgage lenders to
report voluntarily the terms and conditions on all single-family, fully
amortized, purchase-money, non-farm loans that they close during the
last five business days of the month. The MIRS excludes FHA-insured and
VA-guaranteed loans, multifamily loans, mobile home loans, and loans
created by refinancing another mortgage.
Information concerning the MIRS is published regularly on FHFA's
Web site, https://www.fhfa.gov, in FHFA press releases, in the popular
and trade press, including a monthly 1-page ARM index release, a
monthly 8- or 12-page release with mortgage rate and term data, an
annual summary all available via FHFA's Web site, and in publications
of other Federal agencies, including The Economic Report of the
President and Statistical Abstract of the United States. FHFA publishes
on its Web site the phone number for an automated telephone answering
system that provides callers a recorded message about the ARM index and
other MIRS information.
Economic policy makers use the MIRS data to determine trends in the
mortgage markets, including interest rates, down payments, terms to
maturity, terms on ARMs, and initial fees and charges on mortgage
loans. Other federal banking agencies, such as the Board of Governors
of the Federal Reserve System and the Council of Economic Advisors, use
the MIRS results for research purposes.
FHFA considers MIRS, among other indexes or measures FHFA
determines are appropriate, in establishing and maintaining a method to
assess the national average one-family house price for use for
adjusting the conforming loan limitations of Freddie Mac and Fannie
Mae. 12 U.S.C. 4542. Other statutory references of the MIRS include the
following:
In 1989, Congress required the Chairperson of the Finance
Board to take necessary actions to ensure that indices used to
calculate the interest rate on adjustable-rate mortgages (ARMs) remain
available. See FIRREA, tit. IV, section 402, paragraphs (e)(3)-(4), 103
Stat. 183, codified at 12 U.S.C. 1437 note. At least one ARM index,
known as the National Average Contract Mortgage Rate for the Purchase
of Previously Occupied Homes by Combined Lenders, is derived from the
MIRS data. The statute permits FHFA to substitute a different ARM index
after notice and comment only if the new ARM index is based upon data
substantially similar to that of the original ARM index and
substitution of the new ARM index will result in an interest rate
substantially similar to the rate in effect at the time the new ARM
index replaces the existing ARM index. See 12 U.S.C. 1437 note.
Statutes in several states and U.S. territories, including
California, Michigan, Minnesota, New Jersey, Wisconsin, and the Virgin
Islands, refer to, or rely upon, the MIRS. See, e.g., Cal. Civ. Code
Sec. Sec. 1916.7 and 1916.8 (mortgage rates); Mich. Comp. Laws Sec.
445.1621(d) (mortgage index rates); Minn. Stat. Sec. 92.06 (payments
for state land sales); N.J. Rev. Stat. 31:1-1 (interest rates); Wis.
Stat. Sec. 138.056 (variable loan rates); V.I. Code Ann. tit. 11,
Sec. 951 (legal rate of interest).
The respondents include a sample of major mortgage lenders, such as
savings institutions, commercial banks, and mortgage loan companies.
Most of the respondents submit the requested information electronically
using the MIRS software in a format similar to FHFA Form 075
(supersedes FHFB Form 10-91). Some respondents elect to complete FHFA
Form 075 and submit it by facsimile. Respondents are requested
to submit the information on a monthly basis.
The OMB number for the information collection is 2590-0004. The OMB
clearance for the information collection expires on September 30, 2010.
B. Burden Estimate
FHFA estimates the total annual number of respondents at 76 with 8
responses per respondent. The estimate for the average hours per
response is 20 minutes. The estimate for the total annual hour burden
is 200 hours (76 respondents x 8 responses x 0.33 hours).
C. Comment Request
In accordance with the requirements of 5 CFR 1320.8(d), FHFA
published a request for public comments regarding this information
collection in the Federal Register on January 10, 2001. See 75 FR 26756
(May 12, 2010). The 60-day comment period closed on July 12, 2010. FHFA
received comments from three organizations, which are posted on its Web
site at https://www.fhfa.gov/Default.aspx?Page=89&ListNumber=5&ListID=14707&ListYear=2010&SortBy=#14707. All three commenters support continuation of the MIRS. One of the
three commenters suggested enhancing the utility of the MIRS by
including mortgages that are backed by FHA or the Department of
Veterans Affairs. Another commenter suggested a new sampling frame
using HMDA data to enhance the utility of the MIRS data. FHFA has
determined not to make any changes to the MIRS at this time but will
consider the recommendations when the MIRS is reviewed for enhancement
as part of a
[[Page 52749]]
comprehensive review of data collection.
FHFA requests written comments on the following: (1) Whether the
collection of information is necessary for the proper performance of
FHFA functions, including whether the information has practical
utility; (2) the accuracy of FHFA estimates of the burdens of the
collection of information; (3) ways to enhance the quality, utility,
and clarity of the information collected; and (4) ways to minimize the
burden of the collection of information, including through the use of
automated collection techniques or other forms of information
technology.
Dated: August 19, 2010.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
[FR Doc. 2010-21422 Filed 8-26-10; 8:45 am]
BILLING CODE 8070-01-P