Proposed Collection; Comment Request, 70636-70650 [2024-19575]
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Federal Register / Vol. 89, No. 169 / Friday, August 30, 2024 / Notices
mandated by Federal statute, treaty, or
other international agreement.
(9) To a Federal, State, local, tribal, or
territorial agency for the purpose of
comparing to the agency’s system of
records or to non-Federal records, in
coordination with an Office of Inspector
General in conducting an audit,
investigation, inspection, evaluation, or
other review as authorized by the
Inspector General Act of 1978, as
amended.
(10) To appropriate Federal, State,
local, territorial, and tribal authorities,
agencies, arbitrators, and other parties
responsible for hearing, deciding, or
processing any personnel actions,
controversies, corrective actions,
grievances or appeals, or if needed in
the performance of other authorized
personnel-related duties, but only to the
extent the disclosure directly relates to
or results from the insider risk matter.
(11) To a Federal, State, local,
territorial, or tribal agency in order to
obtain information that may be relevant
to the FDIC’s handling of an insider risk
matter.
(12) To a public or professional
licensing organization when such
information indicates, either by itself or
in combination with other information,
a violation or potential violation of
professional standards, or reflects on the
moral, educational, or professional
qualifications of an individual who is
licensed or who is seeking to become
licensed.
POLICIES AND PRACTICES FOR STORAGE OF
RECORDS:
Records are stored electronically or in
paper format in secure facilities.
Electronic records may be stored locally
on digital media, in FDIC-owned cloud
environments, or in vendor cloud
service offerings that are appropriately
authorized and/or certified.
POLICIES AND PRACTICES FOR RETRIEVAL OF
RECORDS:
Records are retrieved by name of the
covered individual, email address,
computer assigned identification
number, business affiliation, and/or
event name.
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POLICIES AND PRACTICES FOR RETENTION AND
DISPOSAL OF RECORDS:
Records of FDIC InR Program matters
initiated from referrals that meet
approved insider risk reporting
thresholds are maintained for 25 years.
ADMINISTRATIVE, TECHNICAL, AND PHYSICAL
SAFEGUARDS:
Records are protected from
unauthorized access and improper use
through administrative, technical, and
physical security measures. Access to
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these records within the FDIC is strictly
limited to those with a need to know.
External disclosure of information from
this system of records may only occur
with the approval of the InR Program
Office. Administrative safeguards
include written guidelines on handling
personal information including agencywide procedures for safeguarding
personally identifiable information. In
addition, all FDIC staff are required to
take annual privacy, security, and InR
training. Technical security measures
within the FDIC include restrictions on
computer access to authorized
individuals who have a legitimate need
to know the information, required use of
strong passwords that are frequently
changed, multi-factor authentication for
remote access and access to many FDIC
network components, use of encryption
for certain data types and transfers,
firewalls and intrusion detection
applications, and regular review of
security procedures and best practices
to enhance security. Physical safeguards
include restrictions on building access
to authorized individuals, security
guard service, and maintenance of
records in lockable offices and filing
cabinets.
RECORD ACCESS PROCEDURES:
Individuals requesting access to
records about them in this system of
records should submit their request
online through the FDIC FOIA Service
center at https://www.fdic.gov/foia.
Alternatively, individuals can send a
request in writing to the FDIC FOIA &
Privacy Act Group, 550 17th Street NW,
Washington, DC 20429, or email efoia@
fdic.gov. Individuals will be required to
provide a detailed description of the
records you seek including time period
when the records were created and
other supporting information where
possible, and the reason for amendment
or correction. Individuals will be
required to provide proof of identity in
accordance with FDIC regulations at 12
CFR part 310.
CONTESTING RECORD PROCEDURES:
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NOTIFICATION PROCEDURES:
Individuals seeking to know whether
this system contains information about
them should submit their request online
through the FDIC FOIA Service Center
at https://www.fdic.gov/foia.
Alternatively, individuals can send a
request in writing to the FDIC FOIA &
Privacy Act Group, 550 17th Street NW,
Washington, DC 20429, or email efoia@
fdic.gov. Individuals will be required to
provide proof of identity in accordance
with FDIC regulations at 12 CFR part
310.
EXEMPTIONS PROMULGATED FOR THE SYSTEM:
This system of records has been
exempted from the requirements of
subsections (c)(3); (d); (e)(1); (e)(4)(G),
(H), and (I); and (f) of the Privacy Act
pursuant to 5 U.S.C. 552a(k)(1) and
(k)(2). Records maintained in this
system that originated in another system
of records shall be governed by both the
exemptions claimed for this system as
well as any additional exemptions
claimed in the originating system of
records.
HISTORY:
None.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on August 26,
2024.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2024–19510 Filed 8–29–24; 8:45 am]
BILLING CODE 6714–01–P
Individuals contesting the content of
or requesting an amendment to their
records in this system of records should
submit their request online through the
FDIC FOIA Service center at https://
www.fdic.gov/foia. Alternatively,
individuals can send a request in
writing to the FDIC FOIA & Privacy Act
Group, 550 17th Street NW,
Washington, DC 20429, or email efoia@
fdic.gov. Individuals will be required to
provide proof of identity and should
include the individual’s reason for
requesting the amendment and a
description of the record (including the
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name of the appropriate designated
system and category thereof) sufficient
to enable the FDIC to identify the
particular record or portion thereof with
respect to which amendment is sought.
Requests must specify which
information is being contested, the
reasons for contesting it, and the
proposed amendment to such
information in accordance with FDIC
regulations at 12 CFR part 310.
Individuals will be required to provide
proof of identity in accordance with
FDIC regulations at 12 CFR part 310.
FEDERAL HOUSING FINANCE
AGENCY
[No. 2024–N–13]
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:
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Federal Register / Vol. 89, No. 169 / Friday, August 30, 2024 / Notices
In accordance with the
requirements of the Paperwork
Reduction Act of 1995 (PRA), the
Federal Housing Finance Agency (FHFA
or Agency) is seeking public comments
on a generic information collection
called the ‘‘National Survey of Mortgage
Originations’’ (NSMO). FHFA intends to
submit the information collection to
OMB for review and approval of a threeyear control number.
DATES: Interested persons may submit
comments on or before September 30,
2024.
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. 2024–N–13)’ ’’ by any
of the following methods:
• Agency Website: https://
www.fhfa.gov/regulation/federalregister?comments=open.
• Federal eRulemaking Portal:
https://www.regulations.gov. Follow the
instructions for submitting comments.
• Mail/Hand Delivery: Federal
Housing Finance Agency, Fourth Floor,
400 Seventh Street SW, Washington, DC
20219, ATTENTION: Proposed
Collection; Comment Request: ‘‘National
Survey of Mortgage Originations, (No.
2024–N–13).’’ 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.
FHFA will post all public comments
on the FHFA public website at https://
www.fhfa.gov, except as described
below. Commenters should submit only
information that the commenter wishes
to make available publicly. FHFA may
post only a single representative
example of identical or substantially
identical comments, and in such cases
will generally identify the number of
identical or substantially identical
comments represented by the posted
example. FHFA may, in its discretion,
redact or refrain from posting all or any
portion of any comment that contains
content that is obscene, vulgar, profane,
or threatens harm. All comments,
including those that are redacted or not
posted, will be retained in their original
form in FHFA’s internal file and
considered as required by all applicable
laws. Commenters that would like
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SUMMARY:
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FHFA to consider any portion of their
comment exempt from disclosure on the
basis that it contains trade secrets, or
financial, confidential or proprietary
data or information, should follow the
procedures in section IV.D. of FHFA’s
Policy on Communications with Outside
Parties in Connection with FHFA
Rulemakings, see https://www.fhfa.gov/
sites/default/files/documents/Ex-ParteCommunications-Public-Policy_3-519.pdf. FHFA cannot guarantee that
such data or information, or the identity
of the commenter, will remain
confidential if disclosure is sought
pursuant to an applicable statute or
regulation. See 12 CFR 1202.8, 12 CFR
1214.2, and the FHFA FOIA Reference
Guide at https://www.fhfa.gov/about/
foia-reference-guide for additional
information.
FOR FURTHER INFORMATION CONTACT:
Jonathan Spader, Manager, National
Mortgage Database Program,
Jonathan.Spader@fhfa.gov, (202) 649–
3213; or Angela Supervielle, Senior
Counsel, Angela.Supervielle@fhfa.gov,
(202) 649–3973, (these are not toll-free
numbers), Federal Housing Finance
Agency, 400 Seventh Street SW,
Washington, DC 20219. For TTY/TRS
users with hearing and speech
disabilities, dial 711 and ask to be
connected to any of the contact numbers
above.
SUPPLEMENTARY INFORMATION:
A. Need for and Use of the Information
Collection
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
mailed to a representative sample of
approximately 6,000 recent mortgage
borrowers each calendar quarter and
typically consists of about 96 multiple
choice and short answer questions
designed to obtain information about
borrowers’ experiences in choosing and
in taking out a mortgage. The
questionnaire may be completed either
on paper (in English only) or
electronically online (in either English
or Spanish). FHFA is also seeking
clearance to pretest future iterations of
the survey questionnaire and related
materials from time to time through the
use of cognitive pre-testing.
The NSMO is a component of the
‘‘National Mortgage Database’’ (NMDB)
Program which is a joint effort of FHFA
and the Consumer Financial Protection
Bureau (CFPB). The NMDB Program is
designed to satisfy the Congressionallymandated requirements of section
1324(c) of the Federal Housing
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Enterprises Financial Safety and
Soundness Act (Safety and Soundness
Act).1 Section 1324(c) requires that
FHFA conduct a monthly survey to
collect data on the characteristics of
individual prime and subprime
mortgages, and on the borrowers and
properties associated with those
mortgages, in order to enable it to
prepare a detailed annual report on the
mortgage market activities of the Federal
National Mortgage Association (Fannie
Mae) and the Federal Home Loan
Mortgage Corporation (Freddie Mac) for
review by the appropriate Congressional
oversight committees. Section 1324(c)
also authorizes and requires FHFA to
compile a database of otherwise
unavailable residential mortgage market
information and to make that
information available to the public in a
timely fashion.
As a means of fulfilling those and
other statutory requirements, as well as
to support policymaking and research
regarding the residential mortgage
markets, FHFA and CFPB jointly
established the NMDB Program in 2012.
The Program is designed to provide
comprehensive information about the
U.S. mortgage market and has three
primary components: (1) the NMDB; (2)
the NSMO; and (3) the American Survey
of Mortgage Borrowers (ASMB).
The NMDB is a de-identified loanlevel 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 NMDB are drawn from a
random 1-in-20 sample of all closed-end
first-lien mortgage files outstanding at
any time between January 1998 and the
present in the files of Experian, one of
the three national credit repositories,
with a random sample of mortgages
newly reported to Experian added each
quarter.
The NMDB draws additional
information on mortgages in the NMDB
datasets from other existing sources,
including the Home Mortgage
Disclosure Act (HMDA) data that are
maintained by the Federal Financial
Institutions Examination Council
(FFIEC), property valuation models, and
administrative data files maintained by
Fannie Mae and Freddie Mac and by
federal agencies. FHFA also obtains data
from the ASMB, which historically
1 12
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U.S.C. 4544(c).
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solicited information on borrowers’
experience with maintaining their
existing mortgages, including their
experience maintaining mortgages
under financial stress, their experience
in soliciting financial assistance, their
success in accessing federally-sponsored
programs designed to assist them, and,
where applicable, any challenges they
may have had in terminating a mortgage
loan.2
While the ASMB focused on
borrowers’ experience with maintaining
existing mortgages, the NSMO solicits
information on newly-originated
mortgages and the borrowers’
experiences with the mortgage
origination process. It was developed to
complement the NMDB 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 the 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 affecting their
households, such as unemployment,
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 newly
originated mortgage loans that are added
to the NMDB from the Experian files
each quarter. Because the volume of
originations varies across time, the
sampling rate for the 6,000 sampled
loans also varies from one quarter to the
next. On average, the NSMO sample
represents an approximately 1-in-15
sample of loans added to the NMDB 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
2 OMB has assigned the ASMB control no. 2590–
0015, which expires on August 31, 2027.
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process to Westat, a nationallyrecognized survey vendor.3 Westat also
carries out the pre-testing of the survey
materials.
B. Need For and Use of the Information
Collection
FHFA views the NMDB Program 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
NMDB, such as a regular refresh of the
Experian data, occur monthly, though
NSMO itself does not. In combination
with the other information in the
NMDB, 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 NMDB 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.
Since November 2018 FHFA and
CFPB have periodically released loanlevel datasets collected through the
NSMO for public use. Each release
incrementally adds loans collected from
additional waves of the survey. The
most recent release was in July 2024
covering loans originated through
2021.4 Prior to each release, FHFA and
the CFPB implement a series of
disclosure avoidance analyses and
protections to ensure that the
confidentiality of study participants is
protected. The loan-level datasets
provide a resource for research and
analysis by federal agencies, by Fannie
Mae and Freddie Mac, and by
academics and other interested parties
outside of the government.
FHFA is also seeking OMB approval
to continue to conduct cognitive pretesting of the survey materials. The
Agency uses information collected
through that process to assist in drafting
and modifying the survey questions and
3 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.
4 The July 2024 NSMO public use dataset can be
accessed here: https://www.fhfa.gov/data/nationalsurvey-mortgage-originations-nsmo-public-use-file.
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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 is also used to help
the Agency decide on how best to
organize and format the survey
questionnaires.
FHFA previously maintained a
standard clearance for this information
collection, the OMB control number for
that clearance was 2590–0012.
C. Burden Estimate
FHFA has analyzed the hour burden
on members of the public associated
with conducting the survey (10,080
hours) and with pre-testing the survey
materials (50 hours) and estimates the
total annual hour burden imposed on
the public by this information collection
to be 10,130 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 20 to 30 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 25 minutes to
complete the survey, including the
gathering of necessary materials to
respond to the questions. This results in
a total annual burden estimate of 10,080
hours for the survey phase of this
collection (24,000 respondents × 25
minutes per respondent = 10,080 hours
annually).
II. Pre-Testing the Materials
FHFA estimates that it will pre-test
the survey materials with 50 cognitive
testing participants annually. The
estimated participation time for each
participant is one hour, resulting in a
total annual burden estimate of 50 hours
for the pre-testing phase of the
collection (50 participants × 1 hour per
participant = 50 hours annually).
D. Comment Request
In accordance with the requirements
of 5 CFR 1320.8(d), FHFA published an
initial notice and request for public
comments regarding this information
collection in the Federal Register on
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June 25, 2024.5 The 60-day comment
period closed on August 26, 2024.
FHFA received no comments.
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’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
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respondents, including through the use
of automated collection techniques or
other forms of information technology.
Shawn Bucholtz,
Chief Data Officer, Federal Housing Finance
Agency.
BILLING CODE 8070–01–P
cfp
Consumer .Financial
Protection Bureau
Improving Mortgage Experiences in America
National $UtveY of IVlortgage Originations
You have been selected 1:0 participatein animportanf national survey. Iearnlng directly
from borrowiarslikewou aboutvour experlen<;esobtainlng a·mortgagetop1.m:hase•or
reflnan~ your home wilfhelp us iltipitwe lendlrig ptattices and the mottgage protess
forf1.Jtvre borrqwersURevou.
5 See
89 FR 53086 (June 25, 2024).
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If ynu have any questicms or need assistance completing this due to a disability, please call us toll free
at 1-855~5:31-0724, TTY #711 or visit our web siteswww.fhfa;gov/rtsmoorwww:consumerfinance.gov.
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National Survey of Mortgage Originations
Who is sponsoring this survey?
The Federal Housing Finance Agency (FHFA), is an independent regulatory agency responsible for
the effective supervision, regulation, and housing mission oversight of Fannie Mae, Freddie Mac,.
the Federal Home Loan Bank System, and the Office of Finance, and ensures a competitive, liquid,
efficient, and resilient housing finance market.
The Consumer Financial Protection Bureau {CFPB) is a Federal agency created in 2010 to make
mortgages, credit cards, automobile and other consumer loans work better and ensure that these
markets are fair, transparent, and competitive.
How was I selected for this survey?
Survey recipients weresetected at random from across the United States. Your answers wilf not
be connected to your name or any other identifying information.
Howlongwill it take?
The time will vary based on your experiences, but you can expect to spend .15~25 minutes.
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 corlected 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 voruntary. Submission of the survey authorizes FHFA to collect the information provided and to disclose rt as
set forth in the referenced SORN.
Paperwork Reduction Act Statement: Notwithstanding any oth-er 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 informati-on displays a currently valid 0MB Control
Number.
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BILLING CODE 8070–01–C
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[OMB Control No. 3090–0332; Docket No.
2024–0001; Sequence No. 13]
Submission for OMB Review; Data
Collection for a National Evaluation of
the American Rescue Plan
Office of Evaluation Sciences;
General Services Administration (GSA).
ACTION: Notice of request for comments.
AGENCY:
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Under the provisions of the
Paperwork Reduction Act, OES is
proposing new data collection activities
conducted for the National Evaluation
of the American Rescue Plan (ARP). The
objective of this project is to provide a
systematic look at the contributions of
selected ARP-funded programs toward
achieving equitable outcomes to inform
program design and delivery across the
Federal Government. The project will
include in-depth, cross-cutting
SUMMARY:
GENERAL SERVICES
ADMINISTRATION
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]]>Agencies
[Federal Register Volume 89, Number 169 (Friday, August 30, 2024)]
[Notices]
[Pages 70636-70650]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-19575]
=======================================================================
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FEDERAL HOUSING FINANCE AGENCY
[No. 2024-N-13]
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.
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[[Page 70637]]
SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA or Agency)
is seeking public comments on a generic information collection called
the ``National Survey of Mortgage Originations'' (NSMO). FHFA intends
to submit the information collection to OMB for review and approval of
a three-year control number.
DATES: Interested persons may submit comments on or before September
30, 2024.
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: [email protected]. Please also submit
comments to FHFA, identified by ``Proposed Collection; Comment Request:
`National Survey of Mortgage Originations, (No. 2024-N-13)' '' by any
of the following methods:
Agency Website: https://www.fhfa.gov/regulation/federal-register?comments=open.
Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments.
Mail/Hand Delivery: Federal Housing Finance Agency, Fourth
Floor, 400 Seventh Street SW, Washington, DC 20219, ATTENTION: Proposed
Collection; Comment Request: ``National Survey of Mortgage
Originations, (No. 2024-N-13).'' 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.
FHFA will post all public comments on the FHFA public website at
https://www.fhfa.gov, except as described below. Commenters should
submit only information that the commenter wishes to make available
publicly. FHFA may post only a single representative example of
identical or substantially identical comments, and in such cases will
generally identify the number of identical or substantially identical
comments represented by the posted example. FHFA may, in its
discretion, redact or refrain from posting all or any portion of any
comment that contains content that is obscene, vulgar, profane, or
threatens harm. All comments, including those that are redacted or not
posted, will be retained in their original form in FHFA's internal file
and considered as required by all applicable laws. Commenters that
would like FHFA to consider any portion of their comment exempt from
disclosure on the basis that it contains trade secrets, or financial,
confidential or proprietary data or information, should follow the
procedures in section IV.D. of FHFA's Policy on Communications with
Outside Parties in Connection with FHFA Rulemakings, see https://www.fhfa.gov/sites/default/files/documents/Ex-Parte-Communications-Public-Policy_3-5-19.pdf. FHFA cannot guarantee that such data or
information, or the identity of the commenter, will remain confidential
if disclosure is sought pursuant to an applicable statute or
regulation. See 12 CFR 1202.8, 12 CFR 1214.2, and the FHFA FOIA
Reference Guide at https://www.fhfa.gov/about/foia-reference-guide for
additional information.
FOR FURTHER INFORMATION CONTACT: Jonathan Spader, Manager, National
Mortgage Database Program, [email protected], (202) 649-3213; or
Angela Supervielle, Senior Counsel, [email protected], (202)
649-3973, (these are not toll-free numbers), Federal Housing Finance
Agency, 400 Seventh Street SW, Washington, DC 20219. For TTY/TRS users
with hearing and speech disabilities, dial 711 and ask to be connected
to any of the contact numbers above.
SUPPLEMENTARY INFORMATION:
A. Need for and Use of the Information Collection
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 mailed to a
representative sample of approximately 6,000 recent mortgage borrowers
each calendar quarter and typically consists of about 96 multiple
choice and short answer questions designed to obtain information about
borrowers' experiences in choosing and in taking out a mortgage. The
questionnaire may be completed either on paper (in English only) or
electronically online (in either English or Spanish). FHFA is also
seeking clearance to pretest future iterations of the survey
questionnaire and related materials from time to time through the use
of cognitive pre-testing.
The NSMO is a component of the ``National Mortgage Database''
(NMDB) Program which is a joint effort of FHFA and the Consumer
Financial Protection Bureau (CFPB). The NMDB Program is designed to
satisfy the Congressionally-mandated requirements of section 1324(c) of
the Federal Housing Enterprises Financial Safety and Soundness Act
(Safety and Soundness Act).\1\ Section 1324(c) requires that FHFA
conduct a monthly survey to collect data on the characteristics of
individual prime and subprime mortgages, and on the borrowers and
properties associated with those mortgages, in order to enable it to
prepare a detailed annual report on the mortgage market activities of
the Federal National Mortgage Association (Fannie Mae) and the Federal
Home Loan Mortgage Corporation (Freddie Mac) for review by the
appropriate Congressional oversight committees. Section 1324(c) also
authorizes and requires FHFA to compile a database of otherwise
unavailable residential mortgage market information and to make that
information available to the public in a timely fashion.
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\1\ 12 U.S.C. 4544(c).
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As a means of fulfilling those and other statutory requirements, as
well as to support policymaking and research regarding the residential
mortgage markets, FHFA and CFPB jointly established the NMDB Program in
2012. The Program is designed to provide comprehensive information
about the U.S. mortgage market and has three primary components: (1)
the NMDB; (2) the NSMO; and (3) the American Survey of Mortgage
Borrowers (ASMB).
The NMDB is 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
NMDB are drawn from a random 1-in-20 sample of all closed-end first-
lien mortgage files outstanding at any time between January 1998 and
the present in the files of Experian, one of the three national credit
repositories, with a random sample of mortgages newly reported to
Experian added each quarter.
The NMDB draws additional information on mortgages in the NMDB
datasets from other existing sources, including the Home Mortgage
Disclosure Act (HMDA) data that are maintained by the Federal Financial
Institutions Examination Council (FFIEC), property valuation models,
and administrative data files maintained by Fannie Mae and Freddie Mac
and by federal agencies. FHFA also obtains data from the ASMB, which
historically
[[Page 70638]]
solicited information on borrowers' experience with maintaining their
existing mortgages, including their experience maintaining mortgages
under financial stress, their experience in soliciting financial
assistance, their success in accessing federally-sponsored programs
designed to assist them, and, where applicable, any challenges they may
have had in terminating a mortgage loan.\2\
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\2\ OMB has assigned the ASMB control no. 2590-0015, which
expires on August 31, 2027.
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While the ASMB focused on borrowers' experience with maintaining
existing mortgages, the NSMO solicits information on newly-originated
mortgages and the borrowers' experiences with the mortgage origination
process. It was developed to complement the NMDB 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 the 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 affecting their households, such as
unemployment, 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 newly originated mortgage loans that are added to the NMDB from the
Experian files each quarter. Because the volume of originations varies
across time, the sampling rate for the 6,000 sampled loans also varies
from one quarter to the next. On average, the NSMO sample represents an
approximately 1-in-15 sample of loans added to the NMDB 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.\3\ Westat also carries out the pre-testing of the survey
materials.
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\3\ 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 NMDB Program 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 NMDB, such as a regular refresh of
the Experian data, occur monthly, though NSMO itself does not. In
combination with the other information in the NMDB, 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 NMDB
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.
Since November 2018 FHFA and CFPB have periodically released loan-
level datasets collected through the NSMO for public use. Each release
incrementally adds loans collected from additional waves of the survey.
The most recent release was in July 2024 covering loans originated
through 2021.\4\ Prior to each release, FHFA and the CFPB implement a
series of disclosure avoidance analyses and protections to ensure that
the confidentiality of study participants is protected. The loan-level
datasets provide a resource for research and analysis by federal
agencies, by Fannie Mae and Freddie Mac, and by academics and other
interested parties outside of the government.
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\4\ The July 2024 NSMO public use dataset can be accessed here:
https://www.fhfa.gov/data/national-survey-mortgage-originations-nsmo-public-use-file.
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FHFA is also seeking OMB approval to continue to conduct cognitive
pre-testing of the survey materials. The Agency uses 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 is also used to help the Agency decide on
how best to organize and format the survey questionnaires.
FHFA previously maintained a standard clearance for this
information collection, the OMB control number for that clearance was
2590-0012.
C. Burden Estimate
FHFA has analyzed the hour burden on members of the public
associated with conducting the survey (10,080 hours) and with pre-
testing the survey materials (50 hours) and estimates the total annual
hour burden imposed on the public by this information collection to be
10,130 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 20 to 30 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 25 minutes to complete the survey, including the gathering
of necessary materials to respond to the questions. This results in a
total annual burden estimate of 10,080 hours for the survey phase of
this collection (24,000 respondents x 25 minutes per respondent =
10,080 hours annually).
II. Pre-Testing the Materials
FHFA estimates that it will pre-test the survey materials with 50
cognitive testing participants annually. The estimated participation
time for each participant is one hour, resulting in a total annual
burden estimate of 50 hours for the pre-testing phase of the collection
(50 participants x 1 hour per participant = 50 hours annually).
D. Comment Request
In accordance with the requirements of 5 CFR 1320.8(d), FHFA
published an initial notice and request for public comments regarding
this information collection in the Federal Register on
[[Page 70639]]
June 25, 2024.\5\ The 60-day comment period closed on August 26, 2024.
FHFA received no comments.
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\5\ See 89 FR 53086 (June 25, 2024).
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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'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 respondents, including
through the use of automated collection techniques or other forms of
information technology.
Shawn Bucholtz,
Chief Data Officer, Federal Housing Finance Agency.
BILLING CODE 8070-01-P
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BILLING CODE 8070-01-C
