Appraisals, 12 CFR Part 722

ICR 201907-3133-003

OMB: 3133-0125

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2019-09-05
IC Document Collections
IC ID
Document
Title
Status
154764
Modified
ICR Details
3133-0125 201907-3133-003
Active 201809-3133-002
NCUA E&I Final Rule
Appraisals, 12 CFR Part 722
Revision of a currently approved collection   No
Regular
Approved with change 09/05/2019
Retrieve Notice of Action (NOA) 07/24/2019
  Inventory as of this Action Requested Previously Approved
09/30/2022 36 Months From Approved 09/30/2019
1,645,173 0 1,120,000
137,098 0 280,000
0 0 0

Title XI of the Financial Institutions, Reform, Recovery and Enforcement Act of 1989 (FIRREA) was enacted to protect federal financial and public policy interests in real estate related transactions. To achieve this purpose, the statute directed the NCUA to adopt standards for the performance of real estate appraisals in connection with federally related transactions. FIRREA requires that appraisals be maintained in writing and meet certain minimum standards. NCUA’s regulation Part 722 carries out the statutory requirements. The information collection activity requires a credit union to obtain a written appraisal on federally related transactions or maintain written support of the estimated market value for transactions not required to have an appraisal. The use of their information by credit unions and NCUA helps ensure that federally insured credit unions are not exposed to risk of loss from inadequate appraisals.

US Code: 12 USC 3332 Name of Law: Financial Institutions, Reform, Recovery, and Enforcement Act
  
None

3133-AE79 Final or interim final rulemaking 84 FR 35525 07/24/2019

No

1
IC Title Form No. Form Name
Appraisals

  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 1,645,173 1,120,000 0 0 525,173 0
Annual Time Burden (Hours) 137,098 280,000 0 0 -142,902 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The reduction of 142,902 burden hours is the result of agency adjustments. (1) The number of FICUs have decrease since the previous submission (4,000 to 3,449), but the number of real estate loans have increased; thus an increase in the number of responses per respondent (280 to 477). (2)The NCUA is using a more accurate methodology for calculating the burden of the information collections based on the experience of the NCUA and the other financial institution regulators (OCC, FDIC, Federal Reserve). The NCUA is now using 5 minutes, as opposed to the previously reported 15 minutes, as the average time required to document the file for an appraisal or an evaluation.

$0
No
    No
    No
No
No
No
Uncollected
Rachel Ackmann 703 548-2601 rackmann@ncua.gov

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
07/24/2019


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