National Survey of Mortgage Originations

Forms and Documents

Document Name	Status
NSMO SS#10--NMDB Stakeholder Contact List v16.pdf Supplementary Document	2016-12-27
NSMO SS#09--Cognitive Testing Talk Track (v16 2016-10-28).pdf Supplementary Document	2016-12-27
NSMO SS#08--NSMO Communications Package Q4 2016.pdf Supplementary Document	2016-12-27
NSMO SS#07--NSMO Technical Report 16-01 (final 2016-05-27).pdf Supplementary Document	2016-12-27
NSMO SS#06--NMDB SORN, 80 FR 52225 (Aug. 28, 2015).pdf Supplementary Document	2016-12-27
NSMO SS#05--Comment Letters on 60-Day Notice.pdf Supplementary Document	2016-12-27
NSMO SS#04--60-Day Notice, 81 FR 62889 (Sept. 13, 2016).pdf Supplementary Document	2016-12-27
NSMO SS#03--Section 1324 of Safety & Soundness Act (12 USC 4544).pdf Supplementary Document	2016-12-27
NSMO SS#02--NSMO Technical Report 2.1 (draft 2016-11-14).pdf Supplementary Document	2016-12-27
NSMO SS#01--FHFA_NSMO_Q4-16_Questionnaire_10_28_16.pdf Supplementary Document	2016-12-27
NSMO Supporting Statement.pdf Supporting Statement B	2016-12-27
NSMO Supporting Statement.pdf Supporting Statement A	2016-12-27

IC Document Collections

IC ID	Document Title	Status
224970	Pre-Testing of Survey Materials Other-Other: Cognitive Testing Questionnaire	New
207587	National Survey of Mortgage Originations (NSMO) Other-Survey Questionnaire	Modified

ICR Details

OMB Control No: 2590-0012	ICR Reference No: 201612-2590-001
Status: Historical Active	Previous ICR Reference No: 201306-2590-001
Agency/Subagency: FHFA	Agency Tracking No: 2016-N-16
Title: National Survey of Mortgage Originations
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/20/2017
	Date Received in OIRA: 12/28/2016
Terms of Clearance: OMB notes that some changes were made to this collection outside of the PRA approval process and were thus a violation. OMB requests that FHFA clear any future revisions through the process outlined in 5 CFR 1320.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2020	36 Months From Approved	04/30/2017
Responses	24,030	0	28,000
Time Burden (Hours)	12,030	0	14,000
Cost Burden (Dollars)	0	0	0

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Abstract: The Federal Housing Finance Agency (FHFA) is required to conduct a monthly mortgage market survey under section 1324 of the Housing and Economic Recovery Act of 2008 (HERA). As part of that mandate, FHFA must collect information on the characteristics of individual subprime and nontraditional mortgages, as well as on the characteristics of borrowers on such mortgages, including information on the creditworthiness of those borrowers and information sufficient to determine whether those borrowers would have qualified for prime lending. The National Survey of Mortgage Originations (NSMO) questionnaire is designed to elicit this information directly from borrowers, who are likely to be the most reliable and accessible-and, in some cases, the only-source for this information. In addition, the questionnaire is designed to elicit more complete information on mortgage terms, mortgaged properties, and borrowers' household demographics than can be obtained from the existing sources. FHFA's intention is that the information obtained from the NSMB, in combination with that obtained from the existing sources, will make the National Mortgage Database a high quality, and timely resource for information on developments in the residential mortgage finance market. The NSMB will be especially critical in ensuring that the National Mortgage Database contains uniquely comprehensive information on the range of nontraditional and subprime mortgage products being offered, the methods by which these mortgages are being marketed and the characteristics, and particularly creditworthiness, of borrowers for these types of loans. These data will enable FHFA to fulfill its regulator mandate set out in HERA and support general rulemaking.

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Authorizing Statute(s): US Code: 12 USC 4544(c)(2) Name of Law: null
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 62889	09/13/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 95596	12/28/2016
Did the Agency receive public comments on this ICR? Yes

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

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

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	24,030	28,000	0	-3,970	0	0
Annual Time Burden (Hours)	12,030	14,000	0	-1,970	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: FHFA has decreased the estimated total annual burden hours to 12,030 from the 14,000 that were shown in the Supporting Statement submitted in connection with the 2013 clearance of this information collection. In 2013, FHFA estimated that the NSMO questionnaire would be sent to 7,000 recipients every quarter. Item #12 in this Supporting Statement reflects the fact that the survey has been, and will continue to be, sent to 6,000 recipients per quarter. This resulted in a decrease of 2,000 hours- from 14,000 to 12,000- in the annual burden associated with the conduct of the survey. The additional 30 hours in the current burden estimate relate to the pretesting of the survey questions, for which FHFA did not request clearance in 2013.

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Annual Cost to Federal Government: $480,000

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

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 12/28/2016

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