Department of Housing and Urban Development December 12, 2012 – Federal Register Recent Federal Regulation Documents

The proposed information collection requirement described below will be submitted to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act. The Department is soliciting public comments on the subject proposal. Ginnie Mae's Mortgage-Backed Securities Guide 5500.3, Revision 1 (``Guide'') provides instructions and guidance to participants in the Ginnie Mae Mortgage-Backed Securities (``MBS'') programs (``Ginnie Mae I and Ginnie Mae II''). Under the Ginnie Mae I program, securities are backed by single-family or multifamily loans. Under the Ginnie Mae II program, securities are only backed by single family loans. Both the Ginnie Mae I and II MBS are modified pass-through securities. The Ginnie Mae II multiple Issuer MBS is structured so that small issuers, who do not meet the minimum number of loans and dollar amount requirements of the Ginnie Mae I MBS, can participate in the secondary mortgage market. In addition, the Ginnie Mae II MBS permits the securitization of adjustable rate mortgages (``ARMs''). In order to provide more relevant disclosure information on outstanding Ginnie Mae securities, Ginnie Mae will be collecting additional information on the loans backing securities at issuance. Included in the Guide are the appendices, forms, and documents necessary for Ginnie Mae to properly administer its MBS programs.