ASMB SS #3 - 60-day Federal Register Notice

Federal Register / Vol. 84, No. 103 / Wednesday, May 29, 2019 / Notices
Requests for such accommodations
should be submitted via email to
fcc504@fcc.gov or by calling the
Consumer & Governmental Affairs
Bureau at (202) 418–0530 (voice), (202)
418–0432 (TTY). Such requests should
include a detailed description of the
accommodation needed. In addition,
please include a way for the FCC to
contact the requester if more
information is needed to fill the request.
Please allow at least five days’ advance
notice; last minute requests will be
accepted but may not be possible to
accommodate.
Proposed Agenda: The agenda of the
BDAC’s first meeting will be to
introduce the BDAC members, describe
the working groups, assign members to
working groups, and begin discussing
how to accelerate the deployment of
broadband by reducing and/or removing
regulatory barriers to infrastructure
investment. The BDAC will also receive
a status report from the Disaster
Response and Recovery Working Group.
This agenda may be modified at the
discretion of the BDAC Chair and the
Designated Federal Officer (DFO).
Federal Communications Commission.
Pamela Arluk,
Chief, Competition Policy Division, Wireline
Competition Bureau.
[FR Doc. 2019–11184 Filed 5–28–19; 8:45 am]

Saty
Patrabansh, Manager, National Mortgage
Database Program, Saty.Patrabansh@
fhfa.gov, (202) 649–3213; or Eric
Raudenbush, Associate General
Counsel, Eric.Raudenbush@fhfa.gov,
(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:
FOR FURTHER INFORMATION CONTACT:

BILLING CODE 6712–01–P

FEDERAL HOUSING FINANCE
AGENCY
[No. 2019–N–04]

Proposed Collection; Comment
Request
Federal Housing Finance
Agency.
ACTION: 60-Day notice of submission of
information collection for approval from
Office of Management and Budget.

A. Need For and Use of the Information
Collection

In accordance with the
requirements of the Paperwork
Reduction Act of 1995 (PRA), the
Federal Housing Finance Agency
(FHFA) is seeking public comments
concerning an information collection
known as the ‘‘American Survey of
Mortgage Borrowers,’’ which has been
assigned control number 2590–0015 by
the Office of Management and Budget
(OMB). FHFA 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 July 31, 2019.
DATES: Interested persons may submit
comments on or before July 29, 2019.

FHFA is seeking OMB clearance
under the PRA for a collection of
information known as the ‘‘American
Survey of Mortgage Borrowers’’ (ASMB).
The ASMB is an annual, voluntary
survey of individuals who currently
have a first mortgage loan secured by
single-family residential property. The
2018 survey questionnaire consisted of
93 questions designed to learn directly
from mortgage borrowers about their
mortgage experience, any challenges
they may have had in maintaining their
mortgage and, where applicable, in
terminating a mortgage. It requested
specific information on: the mortgage;
the mortgaged property; the borrower’s
experience with the loan servicer; and

AGENCY:

SUMMARY:

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Submit comments to FHFA,
identified by ‘‘Proposed Collection;
Comment Request: ‘American Survey of
Mortgage Borrowers, (No. 2019–N–04)’’’
by any of the following methods:
• Agency Website: www.fhfa.gov/
open-for-comment-or-input.
• Federal eRulemaking Portal: http://
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:
‘‘American Survey of Mortgage
Borrowers, (No. 2019–N–04)’’.
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 website at http://www.fhfa.gov. In
addition, copies of all comments
received will be available for
examination by the public through the
electronic comment docket for this PRA
Notice also located on the FHFA
website.

ADDRESSES:

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the borrower’s financial resources and
financial knowledge. FHFA is also
seeking clearance to pretest future
iterations of the survey questionnaire
and related materials from time to time
through the use of focus groups. A copy
of the 2018 survey questionnaire
appears at the end of this notice.
The ASMB 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
Enterprises Financial 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
timely and otherwise unavailable
residential mortgage market information
to be made available to the public.
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 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
quarterly National Survey of Mortgage
Originations (NSMO); and (3) the
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
1 12

U.S.C. 4544(c).

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the three national credit repositories. A
random 1-in-20 sample of mortgages
newly reported to Experian is added
each quarter.
The NMDB also draws 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 data files maintained by
Fannie Mae and Freddie Mac and by
federal agencies. FHFA obtains
additional data from the quarterly
NSMO, which provides critical and
timely information on newly-originated
mortgages and those borrowing that are
not available from any existing source,
including: 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.2
While the NSMO provides
information on newly-originated
mortgages, the ASMB solicits
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. This type of information is not
available from any other source.
Beginning in 2016, the ASMB
questionnaire has been sent out
annually to a stratified random sample
of 10,000 borrowers in the NMDB. In
2018, the ASMB had an 18.7 percent
overall response rate, which yielded
1,793 survey responses.
When fully processed, the
information collected through the
ASMB will be used, in combination
with information obtained from existing
sources in the NMDB, to assist FHFA in
understanding how the performance of
existing mortgages is influencing the
residential mortgage market, what
different borrower groups are discussing
with their servicers when they are under
financial stress, and consumers’
opinions of federally-sponsored
programs designed to assist them. This
important, but otherwise unavailable,
2 OMB has cleared the NSMO under the PRA and
assigned it control no. 2590–0012, which expires on
April 30, 2020.

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information will assist FHFA in the
supervision of its regulated entities
(Fannie Mae, Freddie Mac, and the
Federal Home Loan Banks) and in the
development and implementation of
appropriate and effective policies and
programs. The information will also be
used for research and analysis by CFPB
and other federal agencies that have
regulatory and supervisory
responsibilities/mandates related to
mortgage markets and to provide a
resource for research and analysis by
academics and other interested parties
outside of the government.
As it has done in the past, FHFA
expects to continue to sponsor focus
groups to pretest possible survey
questions and revisions to the survey
materials. Such pretesting ultimately
helps to ensure that the survey
respondents can and will answer the
survey questions and will provide
useful data on their experiences with
maintaining their existing mortgages.
FHFA uses information collected
through the focus groups 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 determine how best to
organize and format the survey
questionnaire.
B. Burden Estimate
This information collection comprises
two components: (I) The ASMB survey;
and (II) the pre-testing of the survey
questionnaire and related materials
through the use of cognitive testing.
FHFA conducted the survey annually
from 2016 through 2018. Although the
ASMB is nominally an annual survey,
the decision as to whether the ASMB
will be conducted in 2019 and thereafter
depends upon the availability of
funding and on assessments as to
whether there is a continuing need for
the type of data collected through the
survey. For purposes of these burden
estimates, however, FHFA assumes that
it will conduct the survey once annually
over the next three years and that it will
conduct two rounds of pre-testing on
each set of survey materials.
FHFA has analyzed the total hour
burden on members of the public
associated with conducting the survey
(5,000 hours) and with pre-testing the
survey materials (24 hours) and

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estimates the total annual hour burden
imposed on the public by this
information collection to be 5,024
hours. The estimate for each phase of
the collection was calculated as follows:
I. Conducting the Survey
FHFA estimates that the ASMB
questionnaire will be sent to 10,000
recipients each time it is conducted.
Although it expects that only about
1,800 of those surveys will be returned,
FHFA has calculated the burden
estimates below as if all of the surveys
will be returned. Based on the reported
experience of respondents to earlier
ASMB questionnaires, FHFA estimates
that it will take each respondent 30
minutes to complete each survey,
including the gathering of necessary
materials to respond to the questions.
This results in a total annual burden
estimate of 5,000 hours for the survey
phase of this collection (1 survey per
year × 10,000 respondents per survey ×
30 minutes per respondent = 5,000
hours).
II. Pre-Testing the Materials
FHFA estimates that it will sponsor
two focus groups prior to conducting
each annual survey, with 12
participants in each focus group, for a
total of 24 focus group participants. It
estimates the participation time for each
focus group participant to be one hour,
resulting in a total annual burden
estimate of 24 hours for the pre-testing
phase of the collection (2 focus groups
per year × 12 participants in each group
× 1 hour per participant = 24 hours).
C. Comment Request
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.
Dated: May 23, 2019.
Kevin Winkler,
Chief Information Officer, Federal Housing
Finance Agency.
BILLING CODE 8070–01–P

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t At any tirne iitl0l6 and 2017 did you have a
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clumg:oo, how many times
for this loan'?

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loan servicer had concer·ns
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47. Did you pay someoiUl who
;·our
but thetl did not'?

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55. \\'ere any oftbe follolviut!' a reason you did tult
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59. How did the terms ofthe new klan compare ftl
the old loan'?

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66. Would any of the tnn!""""'" ..
you to ronsidet' or not ro11silJer
sooner or at all'?

73. Race:

74. Current 'fi·ork status:

67. What is your current marital status'!

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70, Sex:

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wish to add comments or
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[FR Doc. 2019–11182 Filed 5–28–19; 8:45 am]
BILLING CODE 8070–01–C

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