Proposed Collection; Comment Request, 95596-95612 [2016-31386]
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II. Introduction
I. Comments
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General Counsel, Attention: Comments/
2016–N–13, Federal Housing Finance
Agency, 400 Seventh Street SW., Eighth
Floor, Washington, DC 20219. To ensure
timely receipt of hand delivered
package, please ensure that the package
is delivered to the Seventh Street
entrance Guard Desk, First Floor, on
business days between 9 a.m. to 5 p.m.
• U.S. Mail, United Parcel Service,
Federal Express, or Other Mail Service:
The mailing address for comments is:
Alfred M. Pollard, General Counsel,
Attention: Comments/2016–N–13,
Federal Housing Finance Agency, 400
Seventh Street SW., Eighth Floor,
Washington, DC 20219. Please note that
all mail sent to FHFA via the U.S. Postal
Service is routed through a national
irradiation facility, a process that may
delay delivery by approximately two
weeks. For any time-sensitive
correspondence, please plan
accordingly.
See SUPPLEMENTARY INFORMATION for
additional information on submission
and posting of comments.
FOR FURTHER INFORMATION CONTACT:
Forrest Pafenberg, Program Manager,
National Mortgage Database Project,
Forrest.Pafenberg@fhfa.gov or (202)
649–3129; Stacy Easter, Privacy Act
Officer, privacy@fhfa.gov or (202) 649–
3803; or David A. Lee, Senior Agency
Official for Privacy, privacy@fhfa.gov or
(202) 649–3803 (not toll-free numbers),
Federal Housing Finance Agency, 400
Seventh Street SW., Washington, DC
20219. The telephone number for the
Telecommunications Device for the Deaf
is 800–877–8339.
SUPPLEMENTARY INFORMATION:
III. Revised System of Records
FHFA seeks public comments on the
revision to the system of records and
will take all comments into
consideration. See 5 U.S.C. 552a(e)(4)
and (11). In addition to referencing
‘‘Comments/2016–N–13,’’ please
reference the ‘‘National Mortgage
Database Project’’ (FHFA–21).
All comments received will be posted
without change on the FHFA Web site
at https://www.fhfa.gov, and will include
any personal information provided,
such as name, address (mailing and
email), and telephone numbers. In
addition, copies of all comments
received will be available without
change for public inspection on
business days between the hours of 10
a.m. and 3 p.m., at the Federal Housing
Finance Agency, 400 Seventh Street
SW., Washington, DC 20219. To make
an appointment to inspect comments,
please call the Office of General Counsel
at (202) 649–3804.
The ‘‘National Mortgage Database
Project’’ (FHFA–21) system of records is
being revised to add data fields related
to language, specifically information
related to Limited English Proficiency or
a Preferred Language. The information
is being collected to identify obstacles
for borrowers with Limited English
Proficiency (LEP) or a Preferred
Language (PL) in accessing mortgage
credit, analyze potential solutions, and
develop measures to improve access to
credit. This information will assist
FHFA in ensuring that its regulated
entities appropriately support
meaningful access to the mortgage
market for mortgage ready LEP/PL
borrowers, as well as support the overall
goal of assuring that borrowers are able
to understand and participate fully in
the mortgage life cycle, including
origination, servicing, and loss
mitigation, regardless of the language
spoken.
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This notice satisfies the Privacy Act
requirement that an agency publish a
system of records notice in the Federal
Register when there is an addition or
change to an agency’s system of records.
Congress has recognized that
application of all requirements of the
Privacy Act to certain categories of
records may have an undesirable and
often unacceptable effect upon agencies
in the conduct of necessary public
business. Consequently, Congress
established general exemptions and
specific exemptions that could be used
to exempt records from provisions of the
Privacy Act. Congress also required that
exempting records from provisions of
the Privacy Act would require the head
of an agency to publish a determination
to exempt a record from the Privacy Act
as a rule in accordance with the
Administrative Procedure Act. The
Director of FHFA has determined that
records and information in this system
of records are not exempt from the
requirements of the Privacy Act.
As required by the Privacy Act, 5
U.S.C. 552a(r), and pursuant to
paragraph 4c of Appendix I to OMB
Circular No. A–130, ‘‘Federal Agency
Responsibilities for Maintaining
Records About Individuals,’’ dated
November 28, 2000, FHFA has
submitted a report describing the system
of records covered by this notice to the
Committee on Oversight and
Government Reform of the House of
Representatives, the Committee on
Homeland Security and Governmental
Affairs of the Senate, and the Office of
Management and Budget.
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Information about LEP or PL will be
collected as part of the National Survey
of Mortgage Originations and the
American Survey of Mortgage
Borrowers. Responses to the survey will
be maintained in anonymized form as
part of the National Mortgage Database
Project. A separate opt-out list from the
Surveys will be maintained which will
contain name, address, and Zip Code of
those individuals who have opted out of
receiving communications about the
Surveys. FHFA employees will not have
access to this list. This list is maintained
in order to ensure that these individuals
do not receive any future
communications about the Surveys after
opting out.
The revision to the system of records
notice is described in detail below. All
other aspects of the system of records
notice, other than the changes described
below, remain unchanged.
FHFA–21
SYSTEM NAME:
National Mortgage Database Project.
CATEGORIES OF RECORDS IN THE SYSTEM:
Records include information related
to an individual’s language preference,
including, but not limited to,
information about the borrower’s or coborrower’s Limited English Proficiency
and/or Preferred Language.
Dated: December 21, 2016.
Melvin L. Watt,
Director, Federal Housing Finance Agency.
[FR Doc. 2016–31381 Filed 12–27–16; 8:45 am]
BILLING CODE 8070–01–P
FEDERAL HOUSING FINANCE
AGENCY
[No. 2016–N–16]
Proposed Collection; Comment
Request
Federal Housing Finance
Agency.
ACTION: 30-Day Notice of submission of
information collection for approval from
Office of Management and Budget.
AGENCY:
In accordance with the
requirements of the Paperwork
Reduction Act of 1995, the Federal
Housing Finance Agency (FHFA or the
Agency) is seeking public comments
concerning the information collection
known as the ‘‘National Survey of
Mortgage Originations’’ (NSMO), which
has been assigned control number 2590–
0012 by the Office of Management and
Budget (OMB) (the collection was
previously known as the ‘‘National
Survey of Mortgage Borrowers’’). FHFA
SUMMARY:
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intends to submit the information
collection to OMB for review and
approval of a three-year extension of the
control number, which is due to expire
on December 31, 2016.
DATES: Interested persons may submit
comments on or before January 27,
2017.
ADDRESSES: 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–
3047, Email: OIRA_submission@
omb.eop.gov. Please also submit
comments to FHFA, identified by
‘‘Proposed Collection; Comment
Request: ‘National Survey of Mortgage
Originations, (No. 2016–N–16)’ ’’ by any
of the following methods:
• Agency Web site: www.fhfa.gov/
open-for-comment-or-input.
• 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 email to FHFA at
RegComments@fhfa.gov to ensure
timely receipt by the agency.
• Mail/Hand Delivery: Federal
Housing Finance Agency, Eighth Floor,
400 Seventh Street SW., Washington,
DC 20219, ATTENTION: Proposed
Collection; Comment Request: ‘‘National
Survey of Mortgage Originations, (No.
2016–N–16).’’
• U.S. Mail, United Parcel Service,
Federal Express, or Other Mail Service:
The mailing address for comments is:
Alfred M. Pollard, General Counsel,
Attention: Comments/2016–N–16,
Federal Housing Finance Agency, 400
Seventh Street SW., Eighth Floor,
Washington, DC 20219.
We will post all public comments we
receive without change, including any
personal information you provide, such
as your name and address, email
address, and telephone number, on the
FHFA 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, Eighth Floor, 400 Seventh
Street SW., Washington, DC 20219. To
make an appointment to inspect
comments, please call the Office of
General Counsel at (202) 649–3804.
FOR FURTHER INFORMATION CONTACT:
Forrest Pafenberg, Supervisory
Economist, Office of the Chief Operating
Officer, by email at Forrest.Pafenberg@
fhfa.gov or by telephone at (202) 649–
3129; or Eric Raudenbush, Associate
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General Counsel, by email at
Eric.Raudenbush@fhfa.gov or by
telephone at (202) 649–3084, (these are
not toll-free numbers), Federal Housing
Finance Agency, 400 Seventh Street
SW., Washington, DC 20219. The
Telecommunications Device for the
Hearing Impaired is (800) 877–8339.
SUPPLEMENTARY INFORMATION:
A. Background
The NSMO is a recurring quarterly
survey of individuals who have recently
obtained a loan secured by a first
mortgage on single-family residential
property. The survey questionnaire is
sent to a representative sample of
approximately 6,000 recent mortgage
borrowers each calendar quarter and
typically consists of between 90 and 95
multiple choice and short answer
questions designed to obtain
information about borrowers’
experiences in choosing and in taking
out a mortgage.1 The questionnaire may
be completed either on paper or
electronically online, and is available in
both English and Spanish. The NSMO is
sponsored by FHFA and is one
component of the National Mortgage
Database Project, an ongoing joint effort
of FHFA and the Consumer Financial
Protection Bureau (CFPB).
Section 1324 of the Federal Housing
Enterprises Financial Safety and
Soundness Act of 1992 (Safety and
Soundness Act) requires that FHFA
prepare annually a detailed report on
the residential mortgage market
activities of two of its regulated
entities—the Federal National Mortgage
Association (Fannie Mae) and the
Federal Home Loan Mortgage
Corporation (Freddie Mac) (collectively,
‘‘the Enterprises’’)—and to submit that
annual report to the Committee on
Banking, Housing, and Urban Affairs of
the Senate and the Committee on
Financial Services of the House of
Representatives.2 At a minimum, the
report must: (1) Address the extent to
which the Enterprises are fulfilling their
statutory duties with respect to the
residential mortgage markets, including
their duty to serve underserved markets;
(2) aggregate and analyze relevant data
on income to assess the compliance of
each Enterprise with statutory housing
goals established under section 1331 of
1 A copy of the most recent NSMO questionnaire
appears at the end of this document. In addition,
copies of the questionnaire in both English and
Spanish can be accessed online at: https://
www.fhfa.gov/Homeownersbuyer/Pages/NationalSurvey-of-Mortgage-Originations.aspx.
2 See 12 U.S.C. 4544(a). Congress added the
requirements of section 1324 to the Safety and
Soundness Act in 2008. See Housing and Economic
Recovery Act of 2008, Public Law 110–289, sec.
1125, 122 Stat. 2654, 2693–95 (2008).
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the Safety and Soundness Act; 3 (3)
aggregate and analyze data on income,
race, and gender by census tract and
other relevant classifications, and
compare such data with larger
demographic, housing, and economic
trends; (4) identify the extent to which
each Enterprise is involved in mortgage
purchases and secondary market
activities involving subprime and
nontraditional loans; (5) compare the
characteristics of subprime and
nontraditional loans purchased and
securitized by each Enterprise to other
loans purchased and securitized by each
Enterprise; and (6) compare the
characteristics of high-cost loans
purchased and securitized, but not held
in portfolio, by each Enterprise to such
securitized loans that are retained in
portfolio or repurchased by the
Enterprise, including such
characteristics as the purchase price of
the property securing the mortgage, the
loan-to-value ratio of the mortgage, the
terms of the mortgage, the
creditworthiness of the borrower, and
any other relevant data, as determined
by the Director of FHFA.4
Section 1324 further requires that
FHFA conduct a monthly survey to
collect data needed to adequately
analyze the matters that must be
addressed in the annual report.5 In
particular, the survey must collect
information on the characteristics of
individual prime and subprime
mortgages and the creditworthiness and
other characteristics of the borrowers on
those mortgages.6 It may also address
such other matters as the Director of
FHFA deems to be appropriate.7 The
statute requires that FHFA compile a
database of timely and otherwise
unavailable residential mortgage market
information obtained from the monthly
survey and to make that information
available to the public.8
As a means of fulfilling these and
other statutory requirements, as well as
to support policymaking and research
regarding the residential mortgage
markets, FHFA and CFPB jointly
established the National Mortgage
Database Project in 2012. The project is
designed to provide comprehensive
information about the U.S. mortgage
market based on a five percent sample
of residential mortgages. The project has
three primary components: (1) The
National Mortgage Database; (2) the
quarterly NSMO; and (3) the annual
3 12
U.S.C. 4561.
12 U.S.C. 4544(b).
5 See 12 U.S.C. 4544(c)(1).
6 See 12 U.S.C. 4544(c)(2)(A), (B).
7 See 12 U.S.C. 4544(c)(2)(C).
8 See 12 U.S.C. 4544(c)(3).
4 See
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American Survey of Mortgage Borrowers
(ASMB).9 When fully complete, the
National Mortgage Database will be a
de-identified loan-level database of
closed-end first-lien residential
mortgage loans that is representative of
the market as a whole, contains detailed
loan-level information on the terms and
performance of the mortgages and the
characteristics of the associated
borrowers and properties, is continually
updated, has an historical component
dating back to 1998, and provides a
sampling frame for surveys to collect
additional information.
The core data in the National
Mortgage Database are drawn from a
random 1-in-20 sample of all closed-end
first-lien mortgage loans outstanding at
any time between January 1998 and the
present from the files of Experian, one
of the three nationwide credit reporting
agencies. The National Mortgage
Database currently contains data on
approximately 11.6 million mortgage
loans. Between 80,000 and 100,000
mortgages, drawn from a random 1-in20 sample of loans newly reported to
Experian, are added each quarter.
Additional information on the
mortgages in the datasets is drawn from
other existing sources, including, but
not limited to the Home Mortgage
Disclosure Act (HMDA) data released by
the Federal Financial Institutions
Examination Council (FFIEC), property
valuation models, transactional data
maintained by local governments, and
administrative data files maintained by
the Enterprises and by federal agencies.
Mortgages are followed in the National
Mortgage Database until they terminate
through prepayment (including
refinancing), foreclosure, or maturity.
The NSMO was developed to
complement the National Mortgage
Database by providing critical and
timely information—not available from
existing sources—on the range of
nontraditional and subprime mortgage
products being offered, the methods by
which these mortgages are being
marketed, and the characteristics of
borrowers for these types of loans. In
particular, the survey questionnaire is
designed to elicit directly from mortgage
borrowers information on the
characteristics of borrowers and on their
experiences in finding and obtaining a
mortgage loan, including: Their
mortgage shopping behavior; their
mortgage closing experiences; their
9 While the NSMO solicits information about the
experiences of borrowers who have recently
obtained a mortgage, the ASMB solicits information
on borrowers’ experience with maintaining their
existing mortgages. OMB has cleared the ASMB
under the PRA and assigned it control no. 2590–
0015, which expires on July 31, 2019.
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expectations regarding house price
appreciation; and critical financial and
other life events effecting their
households, such as unemployment,
large medical expenses, or divorce. The
survey questions do not focus on the
terms of the borrowers’ mortgage loans
because these fields are available in the
Experian data. However, the NSMO
collects a limited amount of information
on each respondent’s mortgage to verify
that the Experian records and survey
responses pertain to the same mortgage.
Each wave of the NSMO is sent to the
primary borrowers on about 6,000
mortgage loans, which are drawn from
a simple random sample of the 80,000
to 100,000 newly originated mortgage
loans that are added to the National
Mortgage Database from the Experian
files each quarter (at present, this
represents an approximately 1-in-15
sample of loans added to the National
Mortgage Database and an
approximately 1-in-300 sample of all
mortgage loan originations). By contract
with FHFA, the conduct of the NSMO
is administered through Experian,
which has subcontracted the survey
administration through a competitive
process to Westat, a nationallyrecognized survey vendor.10 Westat also
carries out the pre-testing of the survey
materials. Wave 1 of the NSMO was
mailed out in April 2014, and a new
wave of the survey has been conducted
each quarter since. To date, eleven
quarterly waves of the survey have been
completed.
B. Need For and Use of the Information
Collection
FHFA views the National Mortgage
Database Project as a whole, including
the NSMO, as the monthly ‘‘survey’’
that is required by section 1324 of the
Safety and Soundness Act. Core inputs
to the National Mortgage Database, such
as a regular refresh of the Experian data,
occur monthly, though NSMO itself
does not. In combination with the other
information in the National Mortgage
Database, the information obtained
through the NSMO is used to prepare
the report to Congress on the mortgage
market activities of Fannie Mae and
Freddie Mac that FHFA is required to
submit under section 1324, as well as
for research and analysis by FHFA and
CFPB in support of their regulatory and
supervisory responsibilities related to
the residential mortgage markets. The
NSMO is especially critical in ensuring
10 The Fair Credit Reporting Act, 15 U.S.C. 1681
et seq., requires that the survey process, because it
utilizes borrower names and addresses drawn from
credit reporting agency records, must be
administered through Experian in order to maintain
consumer privacy.
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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 the creditworthiness—of
borrowers for these types of loans. In the
future, the information may be used to
provide a resource for research and
analysis by other federal agencies and
by academics and other interested
parties outside of the government.
FHFA is also seeking OMB approval
to conduct cognitive pre-testing of the
survey materials. The Agency will use
information collected through that
process to assist in drafting and
modifying the survey questions and
instructions, as well as the related
communications, to read in the way that
will be most readily understood by the
survey respondents and that will be
most likely to elicit usable responses.
Such information will also be used help
the Agency decide on how best to
organize and format the survey
questionnaires.
The OMB control number for this
information collection is 2590–0012.
The current clearance for the
information collection expires on
December 31, 2016.
C. Burden Estimate
FHFA has analyzed the hour burden
on members of the public associated
with conducting the survey (12,000
hours) and with pre-testing the survey
materials (30 hours) and estimates the
total annual hour burden imposed on
the public by this information collection
to be 12,030 hours. The estimate for
each phase of the collection was
calculated as follows:
I. Conducting the Survey
FHFA estimates that the NSMO
questionnaire will be sent to 24,000
recipients annually (6,000 recipients per
quarterly survey × 4 calendar quarters).
Although, based on historical
experience, the Agency expects that
only 30 to 35 percent of those surveys
will be returned, it has assumed that all
of the surveys will be returned for
purposes of this burden calculation.
Based on the reported experience of
respondents to prior NSMO
questionnaires, FHFA estimates that it
will take each respondent 30 minutes
(0.5 hours) to complete the survey,
including the gathering of necessary
materials to respond to the questions.
This results in a total annual burden
estimate of 12,000 hours for the survey
phase of this collection (24,000
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respondents × 0.5 hours per respondent
= 12,000 hours annually).
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II. Pre-Testing the Materials
FHFA estimates that it will pre-test
the survey materials with 30 cognitive
testing participants annually. The
estimated participation time for each
participant is one hour, resulting in a
total annual burden estimate of 30 hours
for the pre-testing phase of the
collection (30 participants × 1 hour per
participant = 30 hours annually).
D. Comments Received in Response to
Initial Notice
In accordance with the requirements
of 5 CFR 1320.8(d), FHFA published an
initial notice requesting comments
regarding this information collection in
the Federal Register on September 13,
2016.11 The 60 day comment period
closed on November 14, 2016. FHFA
received two comment letters, one of
which recommended revisions to the
content of the survey questionnaire and
the other of which recommended
measures to increase survey response
rates. FHFA has carefully considered
each of the suggested revisions, but, as
explained below, has decided not to
implement any of those suggestions at
this time.
The first comment letter was from an
individual who has served in various
capacities with a community association
trade group and who is the president of
a company that provides online
technology in support of the sale, resale,
finance, and refinance of homes in
community associations.12 The letter
asserts that certain questions in the
NSMO questionnaire ‘‘fail to adequately
and effectively recognize’’ the role of
community associations in U.S. home
ownership and that, as a result, data
from the NSMO regarding community
associations ‘‘has nominal heuristic and
statistical value at best.’’ It suggests
adding several questions to the NSMO
questionnaire, and revising several
existing questions, to elicit more
information relevant to community
associations.
Specifically, the letter first suggests
revising Question 60 to elicit more
specific information on the type of
property that is associated with the
respondent’s mortgage and adding two
questions as to whether the
respondent’s property is in a
community association and, if so, the
specific type of community association.
11 See
81 FR 62889 (Sept. 13, 2016).
letter explains that community
associations are ‘‘housing management
organizations that are an out-growth of traditional
subdivision and zoning controls’’ and include
12 The
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FHFA believes that, while such
questions could be suitable for a survey
that focuses on housing structure, they
would not be appropriate for the NSMO,
which focuses on consumers’
experience in seeking and obtaining a
residential mortgage loan.13 The
commenter also suggests adding a
question to elicit information on the
respondent’s level of familiarity with
various types of community association
fees. Again, such a question would be
beyond the scope of the NSMO, which
does not attempt to capture information
on the cost of a mortgage or on fees paid
at origination or over the life of the
mortgage.
Finally the letter suggests revising the
answer choices for Questions 7, 39, and
50 to allow respondents to indicate,
respectively: Whether they used any of
the proceeds from a refinance to pay
community association fees; whether
and to what extent community
association documents or officials may
have provided them with information
about mortgages or mortgage lenders;
and whether and to what extent they
sought input about their mortgage loan
closing documents from officials of a
community association. FHFA notes
that each of those questions permits a
respondent to choose ‘‘other’’ and to
write in a specific answer if none of the
other answer choices are applicable. To
date, none of the questions have elicited
an ‘‘other’’ response in the vein of any
of the answer choices that the
commenter suggests adding.
Accordingly, FHFA does not see a need
to revise any of the questions in the
manner suggested.
The second comment letter, from a
law school professor, states that the
NSMO is very important to
understanding the health of the
mortgage market and agrees that the
collection is necessary for the proper
performance of FHFA functions.
However, it also expresses a concern
that, given the length of the survey
questionnaire, those recipients who
ultimately decide to respond will not be
representative of the typical borrower. It
suggests two ways of encouraging a
response from recipients who might
otherwise be reluctant to take the time
to complete the survey: (1) Providing a
greater incentive; and (2) allowing
recipients the option of completing a
shorter version of the questionnaire.
FHFA agrees that non-response bias
(the bias that results when respondents
condominiums, cooperatives, and planned
communities.
13 Both the American Housing Survey (sponsored
jointly by the Department of Housing and Urban
Development and the Census Bureau) and the
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differ systematically from nonrespondents) is an important concern
and the Agency has spent, and
continues to spend, significant time
considering ways to increase response
rates and to mitigate the effects of nonresponse bias. In developing the NSMO,
the Agency consulted with top experts
on conducting consumer surveys, who
recommended an up-front payment of
five dollars as the most effective way of
incentivizing survey recipients to
respond. FHFA adopted this
recommendation. In addition, based on
the results of the first seven waves of the
NSMO, these experts also evaluated the
expected effect on the response rate of
increasing or decreasing the number of
questions and the length of the
questionnaire. Both experts opined that
shortening the questionnaire would not
significantly increase the response rate.
With respect to the mitigation of nonresponse bias when analyzing survey
responses, FHFA has followed best
practices of survey sampling analysis.
The availability in the National
Mortgage Database of extensive credit
and administrative data on both
responding and non-responding
borrowers gives FHFA the ability to
construct non-response weights with
more accuracy than is possible for most
surveys.
E. Comment Request
In accordance with the requirements
of 5 CFR 1320.10(a), FHFA is publishing
this second notice to request comments
regarding 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’s 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 on
members and project sponsors,
including through the use of automated
collection techniques or other forms of
information technology. Comments
should be submitted in writing to both
OMB and FHFA as instructed above in
the Comments section.
Dated: December 22, 2016.
Kevin Winkler,
Chief Information Officer, Federal Housing
Finance Agency.
American Community Survey (sponsored by the
Census Bureau) would be more appropriate vehicles
for eliciting such information.
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t
services.
We want to make it as easy as
survey in the enclosed business
this survey. You can mail back the paper
the survey online.
The online version of the
any
IN
to
your
survey
#
because it
in the
encuesta
Thanks so much for your
in
home
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encuesta
Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices
95601
n
Privacy Act Notice: In accordance with the Privacy Act, as amended (5 U.S.C. § 552a), the following notice is provided. The
information requested on this Survey is collected pursuant to 12 U.S.C. 4544 for the purposes of gathering information for
the National Mortgage Database. Routine uses which may be made of the collected information can be found in the Federal
Housing Finance Agency's System of Records Notice (SORN) FHFA-21 National Mortgage Database. Providing the requested
information is voluntary. Submission of the survey authorizes FHFA to collect the information provided and to disclose it as
set forth in the referenced SORN.
Paperwork Reduction Act Statement: Notwithstanding any other provision of the law, no person is required to respond to,
nor shall any person be subject to a penalty for failure to comply with, a collection of information subject to the
requirements of the Paperwork Reduction Act, unless that collection of information displays a currently valid OMB Control
Number.
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OMB No. 2590-0012
Expires 12/31120 16
95602
•
Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices
Thankyouforhelping us to learn more . abouJ your
experience in getting or rejmcmcJJtg a mortgage.
1. \Vitbin the past 18 months or so, did you take
out or co-sign for a mortgage l()~tn including any
refinance.of an .existing mortgage?
0
Yes
..
0
0 Somevvhat
OVery
ONotat.all
6. How firm an idea did. you (and any co"signers)
ha:veabout the mortgage you wanted?
4lfy()u took out or co-sigved for more than
one martgage durir;g this time, please
refer to your ex:perien.ce with the most·
N!e(!nt refina.nee or new mortgage.
0 Fitm idea
No ~·Please return the blank questionnaire so
We know the survey does not appzy to you.
money enclosed is you1's to keep.
0Someidea
0 iittle idea
7. How mu~h did you useea~h ofthefollowing
sources to. get information about mortgages or
:iuo~-t~"-b'C:' l.Cnd<a.::.:.?
2. Did we mail this survey to .the address of tire
house or property you financed with t(lis
mortgage?
0
•
5. When you began the process Ql getting this
mortgage, bow concerned were you about
qualifying for a IJlurtgage'?
A
Lot
Your lender or mortgage broker
Other lenders or brokers
Real estate agents or builders
Material in the mail
Websites that provide infonnation
on getting a mortgage
Newspaper/TV/Radio
Friends/relatives(co-workers
.Bankers or finam::ial plafln{lrs
Housing cotmselors
O.No
3; Including.you, who signed or co-signed for
this mortgage? Mark all that applJt.
0
0
0
0
A
Not
Little
At All
0
0
0
0
0
0
0
0
0
0
0
D
0
0
0
0
0
0
0
0
0
0
0
0
Oisigned
0 Spouse/part:t:ler including a former spouse/partner
OParents
0Children
0 Other relatives
0 Other (e.g. friend, business partner)
0
d
Qth.er (specifY)
lf this loan was co-signed by others, take into acco~mt
ali co~signers.as best you.can when answering the rest
q[the surwy. Otherwise, itisyou.r own situation that
·H•e want.to know .about.
8. Wllich ofthe following best describes.your
shopping process?
.0
I picked rhe lqan type first, and Jhen I picked the
lender/mortgage broker
0 I picked the lender1m ortgage broker tlrst, and then
I picked the loari type
4. When you .began the process of getting this
mortgage, howfamUiarwereyou (and a:ny
co-signprs) with each oftltc following?
Not
Very Soluewbat At All
The mortgage interest rates
available at that time
The different types.of
mortgages available
The mortgage process
The down. payment needed to
.qualifY for a.nmrtgage
The income needed to qualify
for a mortgage
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
D
.your .credit history or
0
Directly to a lender, such as a bank: or credit ~mion
0 Through a mortgage broker (,someone who works
.with multiple lendersto get a loan)
0 Other (spe'YifY) _ _ _ _ _ _ _ _ _.,--
10. .How many diffenmt lenders/mortgage brokers
did you seriously consider before· cbQosing
where to apply forthis mortgage'l
01
02
04.
•
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05:ormore
0
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credit score
The money needed at dosing
9. How did yvu. apply for this mortgage'? }/{ark one.
answer.
95603
Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices
11. How many different lenders/mortgage brokers
did you end up applying to?
02
01
03
0.4
Not
Important Important
05ormore
'~--------~~~~--~~~J
Lower interest rate
Lower APR (Annual Percentage Rate)
Lower closing fees
Lower dovmpayrrterit
Lower monthly payment
An interest rate fixed for.the life
of the loan
A term of 30 years
No mortgage inm1rance
12. Did you apply .to more than ~me lender/
mortgage broker for any ofthe following
reaspns?
Yes
N()
0
0
0
0
0
0
Searching for better loan tenns
Concern over qualitying for a loan
Information learned from the
"Loan Estimate"
Turned down on earlier application
0
0
0
0
0
0
No
0
D
0
0
0
0
Check other sources to confirm that
'terms of tHis mortgage wen: reasonable
No
0
0
0
D
0
0
0
0
0
0
0
0
O
0
0
0
20. Your lender may have given you a booklet
"Your home loan toolki(: A step-by-step
guide", do you remember receiving a (:'opy?
15. How open were you to suggestions from your
lender/mortgage broker about mortgages,vith
different features orterms?
sradovich on DSK3GMQ082PROD with NOTICES
0
Yes
real estate. agent or home builder;)
VerDate Sep<11>2014
0
0
Have to add another co-signer to qualify
Resolve credineport errors or proble111s
Answer follow-up requests for more
information about income or assets
Have more than one appraisal
Redo!refile paperwork due to processing
delays
j)elay or p0stponc closing date
Have ymrr "Loan Estimate" revised
to reflect changes in your loan terms
0
OI
D Yes
C onliime with
0No SkiptoQ22
0Don'tknow Skip to Q22
0Notatall
•
No
0
19. In the process of getting this mortgage from
your lender/mortgage broker, did. you;.,
(or one ofmy;.:o-signers).did
0 The lender/mortgage broker did
.
0 We were put in contact by a third party (such as a
0Somcwhat
0
Apply to a different lender/mortgage
broker
14: Wlto initiated the first contact between you and
the lender/mortgage broker you u.s.ed for the
mortgage you took out?
OVery
D
broker
0
Reputation of the lender/mortgage brokerO
Spoke my primary lrmguage, which is
not English
0
0
0
Seek a change in your loan or closing
0
Recommendation from a real
estate agent/home builder
0
0
Yes
0
Recommendation from a friend/
relative/co-worker
0
Ask questions of your lender/mortgage
0
0
0
0
18. Did the "Loan Estimate'' lead you to ...
0
0
0
0
0
Yes
N()t
0
0
0
0
0
Ilasy to understand
Valuable infom1ation
Important Important
0
0
0
17. Was the "Lo~~cn Estimate" you received frqm your
lender/mortgage broker ....
13. :ftowimportantwereeacbo(the following in
choosing the lender/mortgage broker you used
for the mortgage you took out?
Having an established banking
relationship
Having a local office or branch nearby
Used previously to get a mortgage
Lender/mortgage broker is a personal
friend or relative
Lender/mortgage broker operates
online
•
16. Ho.w important were each of the following in
determining the mortgage you took out?
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•
95604
Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices
•
2L Did the "Your home loan toolkit" booklet
lead Y()U to ask additional questions about
your. mortgage terms'!:
o
ONo
22. During tlm 3 pplication process were. you told
about mortgages with any oftl:te following?
Yes
An interest rate that is fixed for the
life of the loan
An interest rate that could change over
the. life of the loan
..
A tenn of less than 30 years
A higher interest rate in return.for lower
dosing costs
A lower interest rate in return for paying
higher closing costs (discount points)
In.terest~only monthly payments
An escrow account for taxes and/or
homeowner insurance
A prepayment penalty (fee if the morigage
· ispaidojfearly)
Reduced documentation or "easy"
approval
VA USDA orRuralHo\lS1ng
loan
No
0
0
0
0
0
0
0
0
0
0
0
0
O
0
0
0
0
0
0
D
28. Did you take a course about lt()me~buyingor
talk to ahousing counselor?
0No-Skipto Q32
23. In selectingyour settlement/closing agent did
OYesl
you ...
Yes
Use an agent selected/recommended by the
lender/mortgage broker
0
Use an agent you liad used prev:io~sly
0
Shop around
0
D.
.29. How was the home~ buying course or·.
counseling provided?
No
0
0
0
Yes
In person, in a group
Over the phone
Online
Did not have a settlement/closing agent
0 Yes-Contin12e withQ25
0No - Skip to Q26
.
0 D01t't know- Skip to.Q26
OVery
0
Somewhat
D:Notatall
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31. Overall, bow ~elpful was th!l hom(.l-buying
course .or .counseling?
Reissued previous title insiJrance
Used title insurance rccommcnqcd by
1enJer/rttQ:rtgage broker orsettlemenl agent
Shopped .around
.
•
0
D
D
0 Less tlian3 hours.
03 -6hours
01 12hours
0 More than 12 hours
.25. Which best. describes bow. you picked the
title insurance?
0
D
30. How many hours was the home-buying
course or counseling?
24. Do you have title insurance on this mortgage?
0
0
No.
D
0
D
D
In person, one-on-one
95605
Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices
•
32; 'What was the primary purpose for lhismost
· recen~ mortgage'! IJyou refinam;ed an existing
mortgage for anyreason, please select
.refinance below. lvfm:kQ!!J! answer:
0
d
0
0
0
36. How important were the following in your
decision to retlmuwe, modify or obtain a new
mortgage'?
Not
)inportant.
hnportant
Purchase of a property Coritin!{e withQ33
Change to a fixed-rate loan
Get a lower interest rate
Get a lower monthly payment
Consolidat~ or pay downoth()r debt
Repay the loan more quickly
Take .out cash
Penn anent financing on a
construction Joan
Refinance or modification of an
existing mortgage
New loan on amortgage-:free property
Some other purpose (specify)
·
•
0
0
0
0
0
0
0
0
0
0
0
0
37. App}'oximately bow much was owed, in total, on
the old mortgage(s)and loari(s)you refinanced'?
33.. Dip You clotho following. before or after you made
an offer on this house or properly?
Before
.Offer
After
Offer
0
0
0
0
0
[j
0
0
0
0
0
0
0
0
$ ~--..,...---..,...------ .00
D. Zero (the property was mortgage-free)
Did
Not Do
0
Contacted a lender to explore
mortgage options
Got a pre-approval or prequalification from a lender
Decided on the type of loan
Made a decision on which
lender to use
Submitted an official loan
apphcatlon
38. Howdoes the total amount of your new
murtgage(s) compare to the total amount of the
old mortgage(s) and loan(s) you paid.off
(include any new Sec;ond liens; nome equity /oa/'lS,
ora home equity line of credit (HELOG))?
0
0
0
0
34. What percenn:lown payment did you make on
this.pFoperty?
New amount is lower- Skip to Q40
New amount is about the sfune -Skip ro Q40
"'h.-,
New amount is higher
Prorerty was mortgage-freeJ •.
!
39. Did you usethe money you got from this
new mort gage for any oft he folio wing?
[jo%
0
0
0
Less than 3%
3% to less than 5%
5,%to less than ·1 0%
0 lQ% to less than 20%
0 20% to less thlln 30%
[j 30% or n1 ore
Yes
College expenses
Auto or other major purchase
Buy out co-borrower e.g. ex-spouse
Pay off other bills or debts
Home repairs or new construction
Savings
Closing costs of new mortgage
Business. or investment
Other (specify)
35. Did you use any ofthe following sources of
funds to purchase this property?
!'lot
Used
Proceeds from the sale of another property
Savings, retirement account, inheritance,
or other assets
1\ssistancc or loan from a nonprofit or
government agency
A s()cond lien, home equity loan, or home
eq:uityljne ofcredit (HELOC)
Gift or loan from family or friend
Seller contribution
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
[j
0
0
J)sed
0
l'!o
0
4(). When you t~o~ out this most recent mortgage or
relinam;e, what was the loan amount (the dollar
amount you borrowed)?
0
Don't know
•
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95606
•
Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices
41. \Vllat is th~ monthly payment, including the
amount paid to escrow for taxes and insurance?
$ - - - - : - - - .00
41; 'fhe Closing I)isclosure statement you received at
dosing shows. theloandosing costs and other
closing costs separately. What were the loan
closing costs yon paid on this loan?
0Don'tknow
0 Don't k11ow
$ .,..-------·00
A2. Wltat is the interest rate oh this mortgagt!'!
48. How were tl1e total closhtg c.osts (loan
0 Don't know ·
•
~,;osts
and
other costs) for thi.s{oan paid?
43. Isthis an adjustable-rate mortgage (one that
alluws the interest rate to change .over the life of
the loan)?
Yes
0
By me or a co-signer (check or
1vire transfer)
By lender/mortgage brok;er
By seller/builder
Added to the mortgage amount
Don't
)i:Jiow
No
0
0No
0
0
D
0
0
0
0
D
0
D
D
0
0
0
Other (specify)
0Don'.tknow
44. Atthe time uf applic;cttion; did the lender give
0
you the option. to .set/lock the interest rate so
that .it wollld not. change before closing'?
Loan. had no closing costs
49. Were the loan costs you paid simila1· to whatyou
DYes
D.No
had expected to pay based on the Loan.Rstimates
or Closing Dis~losures you received?
0Don'tknow
0No
DYes.
50. Dld youseek input about your dosing
documents from any of the following people'!
45. When was the interest rate set/locked on this
loan'l
Yes
0
At application
0 Between application and Closing
Real estate agent
Personal attori1ey
Title agent
46. Does this mortgage have any ofthefollowing .·
features?
Yes
No
0
D
D
0
D
D
D
0
D
D
D
A prepayment penalty (fee if the
mortgage is paid off early)
An escrow account for taxes and/or
homeowner insurance
A balloon payment
Int~:~rcst~only .payments
Private mortgage insurance
0
D
0
D
51,. At any time after you made your fin.al loan
applicatio11 di<l anyofthe following change'?
Higher
D
•
Same T..ower
0
D
0
D
0
0
0
0
D
D
D
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0
0
Other (spec1fy)
Monthly payment
In'tl':rest rate
Other fees
Amount of money needed
to close loan
VerDate Sep<11>2014
D
0
0
0
0
Trusted friend or relativewho is not
a co~sigmwoo the mortgage
Housing counselor
Doll' I
IU!ow
D
0
0
0
0
0
Settle1,11ent agent
0Around
NQ
0
Lender/mortgage broker
95607
Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices
•
52. Did you fuce any unpleasant "surpri!>'CS" a1
your loan closing?
57. When did you buy or g~t this property'! If you
refinanced,thedate you originally bought.or got
the property'!
0
No "'-Skip to Q54
DYes-,.
.
53. What unpl~msant.surpris~ did you face','
Yes
Loan documents not ready
Closing did not occur as origin:>lly
scheduled
Three day rule required re-disclosure
Mortgage terms different at dosirig
interest rate; monthly payment
More cash needed at closing
e.g. escrow, unexpected fees
Asked. to sign .blank document~
Rushed at closing or not given time
to read documents
No
0
0
0
0
0
0
0
0
0
0
$ ---..,....-,------,- .00.
0
0
-,...,.,--'--month
year
58. What was.the purch1tse prke of this property, or.
ifyou built it, the construction and land cost?
0
0
0
•
0
DDon'tknow
59.· How did you acquire this. property?
Markone answer.
0
0
Purchased an "xisting home
Purchased a newly·bui1t home from a builder
D Ha.d or purchased land and built a house
D Received a<> a gift or inheritance,
Other (speCify)
54.. At the same time you toQkoutthis mortgage;
did you also take out another loan on the
property you finaneed with this mortgage (a
D. Other (specify)
- -......- - - - - - , - - - , - -
.60. Which of the following .best describes thjs
property? Mark one answer.
second lien, home equity loan.. ora home equity
line ofcredit (HELOC))?
0
Single-family detached house .~Skip to Q62
0 Mobile home or manufactured home -Skip to Q62
0 Townhouse, row house, or villa
0 2-unit, 3-unit, or 4-unitdwelling
0 ApartJpent (or condo/co-op) in apartment
DNo-Sf..ipto.Q56
DYes,
55. Wh;r.t was the amount of this loan?
building
0 Unit in a partly comm<1rcial structure
$ - - - - , . - - - - - .00
0Don't}mow
0
Other (specify) ---,------.,-..._J
56. l{ow well could you explain to soriuionethe ..•
No~
Very Somewtiat At All
Process of taking out a mortgage
Difference. between a fixed" and
an adjustable~rate mortgage
Dilierence between a prime and
subprime loan
Difference between a mortgage's
interest rl'lte and its APR
Amortization of a loan
Consequences ofnotmaking
required mortgage .pa)111ent!?
D
D
0
D
D
0
D
D
0
D
D
D
6L Does this lnortgage .cover more than one
unit?
0No
0
62. About how mueb do you think: this property is
worth in terms of what you could sell jt for now?
DDon~tknow
0
0
63. Do you rent .out all or any .portion of.tllis
property?
D
0
D
0
0
DYes~
Relationship between discount
points (lndinterest rate
D
0
0
64; How much rent do you receive annually'!
Reason payments into an escrow
account can change
D
0
0
0No .Sldp to Q65
$ - - - - - - - .00 pcrycar
•
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D
Difference between lender's and
<Jwner' s title insurance
95608
71. How likely is it that in the next couple of years
65. Besides you, the mortgage co-signers, and
renters; does anyone else help pay the
expenses for this property?
DYes
you wilL
Not
Very Somewhat At All
Sell this property
Move but keep thisproperty
Refinance the mortgage on
this property
Pay off this mortgage arid own
the 1Jroperty mortgage-free
0No
66. Which of the following best describes how you
use this property?
0
··
Primary residence (where you
spendihe majority ofyourtime)
0Jt will be my primary residence soon
0
0
0
0
0
D
0
0
0
D
D
0
0
0
0
0
} ·
Seasonal orsecond horne
·
Home for other reiatives
. Skipto Q6B.
Rental or. investment property
Other (specify)_ _ _-.,-_ __
72. What is your current marital status?
0Separated
[]. .. ma.rried.·
0Divorced
~:-::;--/~=...,...
month
year
0Wicfowed
Significant Little/No
Increase
Change
0
Significant·
Decrease
0
DYes
D
D
0
D
0
0
0
0
ONo
D
0
·•
Please dnswerthefoliowing questions for you and
your spouse orpartner.. ifapplicable.
0
D
D
·. · ·.·, ·.
...
. ·
73 .. Do yQu h~ve a partner whO shal"e.'il the
decision-making and responsibilities of
running yQur household .but is not yl}ur·
legal spouse'!
68. In the last couple years, how has the following
.changed in tbeneighborhood where this property
is located?
Number of homes for sale
Number of vacant homes
Number of homes for rent
Number offorec.losures or
short sales
House prices
Ov.erall desirability of
living there
h.
0Married- Skip to Q74
67.. If primary residence, when did you move
into this property?
0
0
0
74. Age at last birthday:
Spouse(
You
___ years
69. lVhat do you think will happen to the prices of
homes. in this neighboihood.over the.next
cou pie. ofyears?
Partner
--._years
75, Sex:
You
Male
0
Female
D Increase a Jot
0 Increase a little
0
0
Remainahout the same
0 Decrease a little
D De.crease a lot
Spouse/
Partner
0
0
76. Highest level. ofedu~;:ation achieved:
SPf)usef
You
Some schooling
High school graduate
Technic.al school
70, In the next couple oryears, how do you expect
th() overall desirability of living in this
neighborhood to change?
0
Some college
College gradvate
Postgraduate s1:tldies
Become more deSirable
0Stay aboutthe same
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0
Becdn1e less desirable
•
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Parmer
0
0
0
0
0
0
D·
O
0
tJ
0
0
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Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices
95609
Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices
•
82. Approximately how much is y~mr total.annual
household income from all so:urccs (wages,
'77. llispanic or Latino:
You
Spouse/
Partner
0
0
You
Spouse!
Partner
No
78.
RaL~:
Murk
salaries, tips, interest, child support, investment
income, .retirement, s.ocialsecurity, andalimonJ~'t
0
0
0
0
Less. than $35,000
$35,000 to .$49,999
0 $5o,ooo to $74,999
0 $75,000 to $99,999
0$100,000 to $174,999
0 $175,00(1 or more
that apply.
0
0
0
0
0
'A<Jlltc
Black or African .}\merican
American Indian or Alaska Native
Asian
Natiyc B!lwaiian or Pacific Islander
0
0
0
0
0
83. How does this •otal annual household income
compare towhatitis in a "normal" year'!
0
Higher than nonn al
ONoimal
0 Lower thannormal
79. Current work status: Mark allthatapp4y.
spouse/
You
Self-employed full time
Self-employed part time
Employed full time
Employed part time
Retired
Unemployed, temporarily laid-off
or on leave
Not work41gfor pay (student
homemaker, disabied)
sO.
0
0
0
0
0
J>artuel'
0
0
84. Does your total annual household income
in dude any oftbdollowing sources?
0
Yes
0
0
0
D
Wages or salary
Business or self-employment
Interest or dividends
Alimony or child stlpport
Social Security, pension or other
retirement benefits
0
D
0
0
Partner
0
0
0
0
0
0
0
0
0
No
0
D
0
0
0
0
0
0
86. Which~ ofthefollowing staternents best
describt)S the amount of financial risk you are
willing to .take when you save or make
investments?
0
0
No, never serveq in the U.S.
Anned Forces
0
Yes
40l(k), 4Cl3(b), IRA, or pension plan
Stocks, bonds, .or mutuaHunds (noUn
retirermmt accounts qr penstonplans)
Certificates of deposit
Investment real
Spouse!
on active duty in the past, but
not now
No, 'never on active duty
for
in:itiallbasic training
0
0
ft:~llowing?
Armed Forces as well as activation from the
Reserves or National Guard).
Y<:s, n9w on active duty
No
0
8S; Does anyont.J in your household have any of the
Ever seryed on active duty in the U.S. Armed
Forces: (Active duty includes serving in the U.S
You
•
0
0
8L.Besides you (and your spouselpartner)who else
live.sin your household? lvlark all that app~v.
0
0
Children/grandchildren under agel B
0 Children/grandchildren age 18-22
0 Chi!dren/gmndch1Jdren age 23 or older
0 Parents ofyou or your spouse or partner
tl Other relatives like siblings or .cousins
0 Non"relatives
0
0
Take suhstantial financialrisks expecting to earn
substantial retun1s
Takeabove-avcrage financial
ex:pectingto
earn aboye-average returns
Take aviit:age financial risks expecting to earn
average returns
Not will in~ to take any .financial risks
•
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0Nooneelse
95610
87. Do you agr.ee or disagree with the following
statements?
Agree
90. In the last cou pie years, bow have the following
changed for you (and your spouse/partner)?
Di~agree
Owning a home is a good financial
investment
0
0
Most mortgage lenders generally
treat born:Jwers well
0
0
Most mortgage lenders would offer
me roughly the same rates and fees
0
0
0
Signi)'icant Little/No
Increase
Change
0
Late payments will lower mY
credit rating
Lenders shouldn't care about any late
payments, only whether loans ate
fully repaid
0
0
D
0
D
0
0
0
0
0
D
92. How likely is it that in the next couple of years
you (or your spouse/partner) will f;tce ...
D
0
D
0
0
0
D
D
D
0
0
0
Difll~ulties·makirtgyour
"\o
D
D
0
D
0
0
D
D
D
D
D
D
D
D
D
D
Disaster affecting your (or your
spquse/partner's) work
Moved within the area (less than 50 miles)
Moved to a new atea (50 m.i!esor more)
D
Retirement
D
Disability or serious illness..of
household member
Disaster affecting a property you own
Decrease·
D
Not
Very Stimewltat· At All
Ye~
Separated, divorced or partner left
Married, remarried ornew partner
Death of a household member
Addition to your household
(not including spouse/partner)
Person leaving your household
(not including spouse/partner)
0
mortgage payments
A layoff, unemployment, or
forced reduction in how·s
Some .other personal financial
crisis
93. If your household faced an unexpected
peuonalfinancial crisis in the next couple of
years, how likely is it y1.1u could...
Not
Very Somewhat At All
Pay your bills for the next 3
months without borrm\~ng
D
.Get significant financiilllielp
ftom family or friends
D
0
D
D
D
0
D
D
0
0
0
No
0
0
0
0
0
0
0
D
Significantly increase your
income
Yes
D
Borrow a significant amount
from a bank or credit union
89. In the tast cpuple of years, have any oft he
follo'ft-h1g happened to you (or yout·
spouse/partner)?
sradovich on DSK3GMQ082PROD with NOTICES
Significant
<::hanw
Household income
Housing expenses.
Non-housing expenses
SS. Inthe last couple of years, have any oftht.>
following happened to you?
0
0
D
0
D
0
D
•
VerDate Sep<11>2014
0
lilcrease
0
Starting a second job
0
D
D
91 .. In the next couple of years, how do you expect
. the following to change for you (and your
spouse/partner)?
0
I would consider counseling or taking a
course about managing my finances if
I faced financial difficulties
Business failure
A personal financial crisis
Decrease
Signifi<:ant Little/No
It is 0kay to defaultorsropmaking
mortgage payments if it is in the
borrow~r's ftnancial.interest
Layoff, unemployment, or reduced
hours of work
Retirement
Promotion
Starting anew.job
Significant
0
D
0
D
D
Household income
Housing expenses
Non-hou-;ing expenses
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95611
Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices
•
•
The Federal Housing Finance Agency and the Consumer Rnancial
Protection Bureau thank you forcompleting this survey.
We have provided the space below if ypu wish to share additional comments or further explain any
of youranswers. Please do not put your name or address on the questionnaire.
Please. use .:the enclosed business reply env.efope to return your completed questionnaire.
FHFA
1600 Research Blvd, RC 816
Rockville,IVID 20850
•
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For .any questions aboutthe survey or online access you can call toll free 1-855-339-7877.
95612
Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices
[FR Doc. 2016–31386 Filed 12–27–16; 8:45 am]
BILLING CODE 8070–01–P
FEDERAL MARITIME COMMISSION
[Petition No. P4–16]
sradovich on DSK3GMQ082PROD with NOTICES
Petition of the Coalition for Fair Port
Practices for Rulemaking; Notice of
Filing and Request for Comments
Notice is hereby given that the
Coalition for Fair Port Practices
(hereinafter Petitioner), has petitioned
the Commission pursuant to 46 CFR
502.51 of the Commission’s Rules of
Practice and Procedure, to initiate a
rulemaking ‘‘to clarify what constitutes
‘just and reasonable rules and practices’
with respect to the assessment of
demurrage, detention, and per diem
charges by ocean common carriers and
marine terminal operators when ports
are congested or otherwise
inaccessible.’’
Petitioner proposes and provides the
text of a proposed rule and submits
fifteen verified statements or supporting
letters from its members which include
‘‘a broad cross-section of industry
stakeholders, including shippers,
receivers, motor carriers, port draymen,
freight forwarders, 3PLs, and customs
brokers.’’
In order for the Commission to make
a thorough evaluation of the Petition,
interested persons are requested to
submit views or arguments in reply to
the Petition no later than February 28,
2017. Replies shall consist of an original
and 5 copies, be directed to the
Assistant Secretary, Federal Maritime
Commission, 800 North Capitol Street
NW., Washington, DC 20573–0001, and
be served on Petitioner’s counsel, Karyn
A. Booth, Thompson Hine LLP, 1919 M
Street NW., Suite 700, Washington, DC
20036. A PDF copy of the reply must
also be sent to secretary@fmc.gov.
Include in the email subject line
‘‘Petition No. P4–16.’’
Replies containing confidential
information should not be submitted by
email. The Commission will provide
confidential treatment for identified
confidential information to the extent
allowed by law. A reply containing
confidential information must include:
• A transmittal letter requesting
confidential treatment that identifies the
specific information in the reply for
which protection is sought and
demonstrates that the information is a
trade secret or other confidential
research, development, or commercial
information.
• A confidential copy of the reply,
clearly marked ‘‘Confidential-
VerDate Sep<11>2014
18:54 Dec 27, 2016
Jkt 241001
Restricted’’, with the confidential
material clearly marked on each page.
• A public version of your reply with
the confidential information excluded
or redacted, marked ‘‘Public Version—
confidential materials excluded.’’
The Petition will be posted on the
Commission’s Web site at https://
www.fmc.gov/P4-16. Replies filed in
response to this Petition also will be
posted on the Commission’s Web site at
this location.
Parties participating in this
proceeding may elect to receive service
of the Commission’s issuances in this
proceeding through email in lieu of
service by U.S. mail. A party opting for
electronic service shall advise the Office
of the Secretary in writing and provide
an email address where service can be
made.
Rachel E. Dickon,
Assistant Secretary.
[FR Doc. 2016–31356 Filed 12–27–16; 8:45 am]
BILLING CODE 6731–AA–P
FEDERAL RESERVE SYSTEM
Change in Bank Control Notices;
Acquisitions of Shares of a Bank or
Bank Holding Company
The notificants listed below have
applied under the Change in Bank
Control Act (12 U.S.C. 1817(j)) and
§ 225.41 of the Board’s Regulation Y (12
CFR 225.41) to acquire shares of a bank
or bank holding company. The factors
that are considered in acting on the
notices are set forth in paragraph 7 of
the Act (12 U.S.C. 1817(j)(7)).
The notices are available for
immediate inspection at the Federal
Reserve Bank indicated. The notices
also will be available for inspection at
the offices of the Board of Governors.
Interested persons may express their
views in writing to the Reserve Bank
indicated for that notice or to the offices
of the Board of Governors. Comments
must be received not later than January
11, 2017.
A. Federal Reserve Bank of Chicago
(Colette A. Fried, Assistant Vice
President) 230 South LaSalle Street,
Chicago, Illinois 60690–1414:
1. James W. Mease, Winterset, Iowa;
James W. Mease Profit Sharing & 401(k),
Winterset, Iowa; Justin Mease, Ankeny,
Iowa; Sue A. Mease, Winterset, Iowa;
Jane M. Reed Revocable Trust, Jane M.
Reed Trustee, Winterset, Iowa; John B.
Reed Revocable Trust, John B. Reed
Trustee, Winterset, Iowa; April
Schaefer, Cedar Rapids, Iowa; David
Trask, Winterset, Iowa; Judith Trask,
Winterset, Iowa; Mary Reed Alles,
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Chillicothe, Missouri; Fred H. Reed,
Johnston, Iowa; Honor Joel Sears,
Spokane, Washington; as a group acting
in concert, to acquire more than 10
percent of the voting shares of Farmers
and Merchants Bancorp, and thereby
indirectly control Farmers & Merchants
State Bank, both in Winterset, Iowa.
Board of Governors of the Federal Reserve
System, December 22, 2016.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2016–31360 Filed 12–27–16; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
[Docket No. 1530; RIN 7100 AE 44]
Regulation Q; Regulatory Capital
Rules: Risk-Based Capital Surcharges
for Global Systemically Important Bank
Holding Companies
Board of Governors of the
Federal Reserve System (Board).
ACTION: Notice.
AGENCY:
Under the rule of the Board
regarding risk-based capital surcharges
for global systemically important bank
holding companies (GSIB surcharge
rule), the Board is providing notice of
the aggregate global indicator amounts
for purposes of a calculation that is
required under the GSIB surcharge rule
for 2016.
DATES: Effective: December 28, 2016.
FOR FURTHER INFORMATION CONTACT: Juan
C. Climent, Manager, (202) 872–7526, or
Holly Kirkpatrick, Supervisory
Financial Analyst, (202) 452–2796,
Division of Supervision and Regulation;
or Mark Buresh, Senior Attorney, (202)
452–5270, or Mary Watkins, Attorney,
(202) 452–3722, Legal Division. Board of
Governors of the Federal Reserve
System, 20th and C Streets NW.,
Washington, DC 20551. For the hearing
impaired only, Telecommunications
Device for the Deaf (TDD) users may
contact (202) 263–4869.
SUPPLEMENTARY INFORMATION: The
Board’s GSIB surcharge rule establishes
a methodology to identify global
systemically important bank holding
companies in the United States (GSIBs)
based on indicators that are correlated
with systemic importance.1 Under the
GSIB surcharge rule, a firm must
calculate its GSIB score using a specific
formula (Method 1). Method 1 uses five
equally weighted categories that are
correlated with systemic importance—
size, interconnectedness, crossjurisdictional activity, substitutability,
SUMMARY:
1 See
E:\FR\FM\28DEN1.SGM
12 CFR 217.402, 217.404.
28DEN1
]]>Agencies
[Federal Register Volume 81, Number 249 (Wednesday, December 28, 2016)]
[Notices]
[Pages 95596-95612]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-31386]
-----------------------------------------------------------------------
FEDERAL HOUSING FINANCE AGENCY
[No. 2016-N-16]
Proposed Collection; Comment Request
AGENCY: Federal Housing Finance Agency.
ACTION: 30-Day Notice of submission of information collection for
approval from Office of Management and Budget.
-----------------------------------------------------------------------
SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995, the Federal Housing Finance Agency (FHFA or the Agency) is
seeking public comments concerning the information collection known as
the ``National Survey of Mortgage Originations'' (NSMO), which has been
assigned control number 2590-0012 by the Office of Management and
Budget (OMB) (the collection was previously known as the ``National
Survey of Mortgage Borrowers''). FHFA
[[Page 95597]]
intends to submit the information collection to OMB for review and
approval of a three-year extension of the control number, which is due
to expire on December 31, 2016.
DATES: Interested persons may submit comments on or before January 27,
2017.
ADDRESSES: 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) 395-3047, Email: OIRA_submission@omb.eop.gov. Please also submit
comments to FHFA, identified by ``Proposed Collection; Comment Request:
`National Survey of Mortgage Originations, (No. 2016-N-16)' '' by any
of the following methods:
Agency Web site: www.fhfa.gov/open-for-comment-or-input.
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 email
to FHFA at RegComments@fhfa.gov to ensure timely receipt by the agency.
Mail/Hand Delivery: Federal Housing Finance Agency, Eighth
Floor, 400 Seventh Street SW., Washington, DC 20219, ATTENTION:
Proposed Collection; Comment Request: ``National Survey of Mortgage
Originations, (No. 2016-N-16).''
U.S. Mail, United Parcel Service, Federal Express, or
Other Mail Service: The mailing address for comments is: Alfred M.
Pollard, General Counsel, Attention: Comments/2016-N-16, Federal
Housing Finance Agency, 400 Seventh Street SW., Eighth Floor,
Washington, DC 20219.
We will post all public comments we receive without change,
including any personal information you provide, such as your name and
address, email address, and telephone number, on the FHFA 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,
Eighth Floor, 400 Seventh Street SW., Washington, DC 20219. To make an
appointment to inspect comments, please call the Office of General
Counsel at (202) 649-3804.
FOR FURTHER INFORMATION CONTACT: Forrest Pafenberg, Supervisory
Economist, Office of the Chief Operating Officer, by email at
Forrest.Pafenberg@fhfa.gov or by telephone at (202) 649-3129; or Eric
Raudenbush, Associate General Counsel, by email at
Eric.Raudenbush@fhfa.gov or by telephone at (202) 649-3084, (these are
not toll-free numbers), Federal Housing Finance Agency, 400 Seventh
Street SW., Washington, DC 20219. The Telecommunications Device for the
Hearing Impaired is (800) 877-8339.
SUPPLEMENTARY INFORMATION:
A. Background
The NSMO is a recurring quarterly survey of individuals who have
recently obtained a loan secured by a first mortgage on single-family
residential property. The survey questionnaire is sent to a
representative sample of approximately 6,000 recent mortgage borrowers
each calendar quarter and typically consists of between 90 and 95
multiple choice and short answer questions designed to obtain
information about borrowers' experiences in choosing and in taking out
a mortgage.\1\ The questionnaire may be completed either on paper or
electronically online, and is available in both English and Spanish.
The NSMO is sponsored by FHFA and is one component of the National
Mortgage Database Project, an ongoing joint effort of FHFA and the
Consumer Financial Protection Bureau (CFPB).
---------------------------------------------------------------------------
\1\ A copy of the most recent NSMO questionnaire appears at the
end of this document. In addition, copies of the questionnaire in
both English and Spanish can be accessed online at: https://www.fhfa.gov/Homeownersbuyer/Pages/National-Survey-of-Mortgage-Originations.aspx.
---------------------------------------------------------------------------
Section 1324 of the Federal Housing Enterprises Financial Safety
and Soundness Act of 1992 (Safety and Soundness Act) requires that FHFA
prepare annually a detailed report on the residential mortgage market
activities of two of its regulated entities--the Federal National
Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage
Corporation (Freddie Mac) (collectively, ``the Enterprises'')--and to
submit that annual report to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on Financial Services of
the House of Representatives.\2\ At a minimum, the report must: (1)
Address the extent to which the Enterprises are fulfilling their
statutory duties with respect to the residential mortgage markets,
including their duty to serve underserved markets; (2) aggregate and
analyze relevant data on income to assess the compliance of each
Enterprise with statutory housing goals established under section 1331
of the Safety and Soundness Act; \3\ (3) aggregate and analyze data on
income, race, and gender by census tract and other relevant
classifications, and compare such data with larger demographic,
housing, and economic trends; (4) identify the extent to which each
Enterprise is involved in mortgage purchases and secondary market
activities involving subprime and nontraditional loans; (5) compare the
characteristics of subprime and nontraditional loans purchased and
securitized by each Enterprise to other loans purchased and securitized
by each Enterprise; and (6) compare the characteristics of high-cost
loans purchased and securitized, but not held in portfolio, by each
Enterprise to such securitized loans that are retained in portfolio or
repurchased by the Enterprise, including such characteristics as the
purchase price of the property securing the mortgage, the loan-to-value
ratio of the mortgage, the terms of the mortgage, the creditworthiness
of the borrower, and any other relevant data, as determined by the
Director of FHFA.\4\
---------------------------------------------------------------------------
\2\ See 12 U.S.C. 4544(a). Congress added the requirements of
section 1324 to the Safety and Soundness Act in 2008. See Housing
and Economic Recovery Act of 2008, Public Law 110-289, sec. 1125,
122 Stat. 2654, 2693-95 (2008).
\3\ 12 U.S.C. 4561.
\4\ See 12 U.S.C. 4544(b).
---------------------------------------------------------------------------
Section 1324 further requires that FHFA conduct a monthly survey to
collect data needed to adequately analyze the matters that must be
addressed in the annual report.\5\ In particular, the survey must
collect information on the characteristics of individual prime and
subprime mortgages and the creditworthiness and other characteristics
of the borrowers on those mortgages.\6\ It may also address such other
matters as the Director of FHFA deems to be appropriate.\7\ The statute
requires that FHFA compile a database of timely and otherwise
unavailable residential mortgage market information obtained from the
monthly survey and to make that information available to the public.\8\
---------------------------------------------------------------------------
\5\ See 12 U.S.C. 4544(c)(1).
\6\ See 12 U.S.C. 4544(c)(2)(A), (B).
\7\ See 12 U.S.C. 4544(c)(2)(C).
\8\ See 12 U.S.C. 4544(c)(3).
---------------------------------------------------------------------------
As a means of fulfilling these and other statutory requirements, as
well as to support policymaking and research regarding the residential
mortgage markets, FHFA and CFPB jointly established the National
Mortgage Database Project in 2012. The project is designed to provide
comprehensive information about the U.S. mortgage market based on a
five percent sample of residential mortgages. The project has three
primary components: (1) The National Mortgage Database; (2) the
quarterly NSMO; and (3) the annual
[[Page 95598]]
American Survey of Mortgage Borrowers (ASMB).\9\ When fully complete,
the National Mortgage Database will be a de-identified loan-level
database of closed-end first-lien residential mortgage loans that is
representative of the market as a whole, contains detailed loan-level
information on the terms and performance of the mortgages and the
characteristics of the associated borrowers and properties, is
continually updated, has an historical component dating back to 1998,
and provides a sampling frame for surveys to collect additional
information.
---------------------------------------------------------------------------
\9\ While the NSMO solicits information about the experiences of
borrowers who have recently obtained a mortgage, the ASMB solicits
information on borrowers' experience with maintaining their existing
mortgages. OMB has cleared the ASMB under the PRA and assigned it
control no. 2590-0015, which expires on July 31, 2019.
---------------------------------------------------------------------------
The core data in the National Mortgage Database are drawn from a
random 1-in-20 sample of all closed-end first-lien mortgage loans
outstanding at any time between January 1998 and the present from the
files of Experian, one of the three nationwide credit reporting
agencies. The National Mortgage Database currently contains data on
approximately 11.6 million mortgage loans. Between 80,000 and 100,000
mortgages, drawn from a random 1-in-20 sample of loans newly reported
to Experian, are added each quarter. Additional information on the
mortgages in the datasets is drawn from other existing sources,
including, but not limited to the Home Mortgage Disclosure Act (HMDA)
data released by the Federal Financial Institutions Examination Council
(FFIEC), property valuation models, transactional data maintained by
local governments, and administrative data files maintained by the
Enterprises and by federal agencies. Mortgages are followed in the
National Mortgage Database until they terminate through prepayment
(including refinancing), foreclosure, or maturity.
The NSMO was developed to complement the National Mortgage Database
by providing critical and timely information--not available from
existing sources--on the range of nontraditional and subprime mortgage
products being offered, the methods by which these mortgages are being
marketed, and the characteristics of borrowers for these types of
loans. In particular, the survey questionnaire is designed to elicit
directly from mortgage borrowers information on the characteristics of
borrowers and on their experiences in finding and obtaining a mortgage
loan, including: Their mortgage shopping behavior; their mortgage
closing experiences; their expectations regarding house price
appreciation; and critical financial and other life events effecting
their households, such as unemployment, large medical expenses, or
divorce. The survey questions do not focus on the terms of the
borrowers' mortgage loans because these fields are available in the
Experian data. However, the NSMO collects a limited amount of
information on each respondent's mortgage to verify that the Experian
records and survey responses pertain to the same mortgage.
Each wave of the NSMO is sent to the primary borrowers on about
6,000 mortgage loans, which are drawn from a simple random sample of
the 80,000 to 100,000 newly originated mortgage loans that are added to
the National Mortgage Database from the Experian files each quarter (at
present, this represents an approximately 1-in-15 sample of loans added
to the National Mortgage Database and an approximately 1-in-300 sample
of all mortgage loan originations). By contract with FHFA, the conduct
of the NSMO is administered through Experian, which has subcontracted
the survey administration through a competitive process to Westat, a
nationally-recognized survey vendor.\10\ Westat also carries out the
pre-testing of the survey materials. Wave 1 of the NSMO was mailed out
in April 2014, and a new wave of the survey has been conducted each
quarter since. To date, eleven quarterly waves of the survey have been
completed.
---------------------------------------------------------------------------
\10\ The Fair Credit Reporting Act, 15 U.S.C. 1681 et seq.,
requires that the survey process, because it utilizes borrower names
and addresses drawn from credit reporting agency records, must be
administered through Experian in order to maintain consumer privacy.
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B. Need For and Use of the Information Collection
FHFA views the National Mortgage Database Project as a whole,
including the NSMO, as the monthly ``survey'' that is required by
section 1324 of the Safety and Soundness Act. Core inputs to the
National Mortgage Database, such as a regular refresh of the Experian
data, occur monthly, though NSMO itself does not. In combination with
the other information in the National Mortgage Database, the
information obtained through the NSMO is used to prepare the report to
Congress on the mortgage market activities of Fannie Mae and Freddie
Mac that FHFA is required to submit under section 1324, as well as for
research and analysis by FHFA and CFPB in support of their regulatory
and supervisory responsibilities related to the residential mortgage
markets. The NSMO is 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 the creditworthiness--of borrowers
for these types of loans. In the future, the information may be used to
provide a resource for research and analysis by other federal agencies
and by academics and other interested parties outside of the
government.
FHFA is also seeking OMB approval to conduct cognitive pre-testing
of the survey materials. The Agency will use information collected
through that process to assist in drafting and modifying the survey
questions and instructions, as well as the related communications, to
read in the way that will be most readily understood by the survey
respondents and that will be most likely to elicit usable responses.
Such information will also be used help the Agency decide on how best
to organize and format the survey questionnaires.
The OMB control number for this information collection is 2590-
0012. The current clearance for the information collection expires on
December 31, 2016.
C. Burden Estimate
FHFA has analyzed the hour burden on members of the public
associated with conducting the survey (12,000 hours) and with pre-
testing the survey materials (30 hours) and estimates the total annual
hour burden imposed on the public by this information collection to be
12,030 hours. The estimate for each phase of the collection was
calculated as follows:
I. Conducting the Survey
FHFA estimates that the NSMO questionnaire will be sent to 24,000
recipients annually (6,000 recipients per quarterly survey x 4 calendar
quarters). Although, based on historical experience, the Agency expects
that only 30 to 35 percent of those surveys will be returned, it has
assumed that all of the surveys will be returned for purposes of this
burden calculation. Based on the reported experience of respondents to
prior NSMO questionnaires, FHFA estimates that it will take each
respondent 30 minutes (0.5 hours) to complete the survey, including the
gathering of necessary materials to respond to the questions. This
results in a total annual burden estimate of 12,000 hours for the
survey phase of this collection (24,000
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respondents x 0.5 hours per respondent = 12,000 hours annually).
II. Pre-Testing the Materials
FHFA estimates that it will pre-test the survey materials with 30
cognitive testing participants annually. The estimated participation
time for each participant is one hour, resulting in a total annual
burden estimate of 30 hours for the pre-testing phase of the collection
(30 participants x 1 hour per participant = 30 hours annually).
D. Comments Received in Response to Initial Notice
In accordance with the requirements of 5 CFR 1320.8(d), FHFA
published an initial notice requesting comments regarding this
information collection in the Federal Register on September 13,
2016.\11\ The 60 day comment period closed on November 14, 2016. FHFA
received two comment letters, one of which recommended revisions to the
content of the survey questionnaire and the other of which recommended
measures to increase survey response rates. FHFA has carefully
considered each of the suggested revisions, but, as explained below,
has decided not to implement any of those suggestions at this time.
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\11\ See 81 FR 62889 (Sept. 13, 2016).
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The first comment letter was from an individual who has served in
various capacities with a community association trade group and who is
the president of a company that provides online technology in support
of the sale, resale, finance, and refinance of homes in community
associations.\12\ The letter asserts that certain questions in the NSMO
questionnaire ``fail to adequately and effectively recognize'' the role
of community associations in U.S. home ownership and that, as a result,
data from the NSMO regarding community associations ``has nominal
heuristic and statistical value at best.'' It suggests adding several
questions to the NSMO questionnaire, and revising several existing
questions, to elicit more information relevant to community
associations.
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\12\ The letter explains that community associations are
``housing management organizations that are an out-growth of
traditional subdivision and zoning controls'' and include
condominiums, cooperatives, and planned communities.
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Specifically, the letter first suggests revising Question 60 to
elicit more specific information on the type of property that is
associated with the respondent's mortgage and adding two questions as
to whether the respondent's property is in a community association and,
if so, the specific type of community association. FHFA believes that,
while such questions could be suitable for a survey that focuses on
housing structure, they would not be appropriate for the NSMO, which
focuses on consumers' experience in seeking and obtaining a residential
mortgage loan.\13\ The commenter also suggests adding a question to
elicit information on the respondent's level of familiarity with
various types of community association fees. Again, such a question
would be beyond the scope of the NSMO, which does not attempt to
capture information on the cost of a mortgage or on fees paid at
origination or over the life of the mortgage.
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\13\ Both the American Housing Survey (sponsored jointly by the
Department of Housing and Urban Development and the Census Bureau)
and the American Community Survey (sponsored by the Census Bureau)
would be more appropriate vehicles for eliciting such information.
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Finally the letter suggests revising the answer choices for
Questions 7, 39, and 50 to allow respondents to indicate, respectively:
Whether they used any of the proceeds from a refinance to pay community
association fees; whether and to what extent community association
documents or officials may have provided them with information about
mortgages or mortgage lenders; and whether and to what extent they
sought input about their mortgage loan closing documents from officials
of a community association. FHFA notes that each of those questions
permits a respondent to choose ``other'' and to write in a specific
answer if none of the other answer choices are applicable. To date,
none of the questions have elicited an ``other'' response in the vein
of any of the answer choices that the commenter suggests adding.
Accordingly, FHFA does not see a need to revise any of the questions in
the manner suggested.
The second comment letter, from a law school professor, states that
the NSMO is very important to understanding the health of the mortgage
market and agrees that the collection is necessary for the proper
performance of FHFA functions. However, it also expresses a concern
that, given the length of the survey questionnaire, those recipients
who ultimately decide to respond will not be representative of the
typical borrower. It suggests two ways of encouraging a response from
recipients who might otherwise be reluctant to take the time to
complete the survey: (1) Providing a greater incentive; and (2)
allowing recipients the option of completing a shorter version of the
questionnaire.
FHFA agrees that non-response bias (the bias that results when
respondents differ systematically from non-respondents) is an important
concern and the Agency has spent, and continues to spend, significant
time considering ways to increase response rates and to mitigate the
effects of non-response bias. In developing the NSMO, the Agency
consulted with top experts on conducting consumer surveys, who
recommended an up-front payment of five dollars as the most effective
way of incentivizing survey recipients to respond. FHFA adopted this
recommendation. In addition, based on the results of the first seven
waves of the NSMO, these experts also evaluated the expected effect on
the response rate of increasing or decreasing the number of questions
and the length of the questionnaire. Both experts opined that
shortening the questionnaire would not significantly increase the
response rate.
With respect to the mitigation of non-response bias when analyzing
survey responses, FHFA has followed best practices of survey sampling
analysis. The availability in the National Mortgage Database of
extensive credit and administrative data on both responding and non-
responding borrowers gives FHFA the ability to construct non-response
weights with more accuracy than is possible for most surveys.
E. Comment Request
In accordance with the requirements of 5 CFR 1320.10(a), FHFA is
publishing this second notice to request comments regarding 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's 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 on members
and project sponsors, including through the use of automated collection
techniques or other forms of information technology. Comments should be
submitted in writing to both OMB and FHFA as instructed above in the
Comments section.
Dated: December 22, 2016.
Kevin Winkler,
Chief Information Officer, Federal Housing Finance Agency.
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[FR Doc. 2016-31386 Filed 12-27-16; 8:45 am]
BILLING CODE 8070-01-P
