Industry Standard Forms for Completing an Appraisal Required by VA (FNMA Forms 1004, 1004C, 1004D, 1025, 1073, 1075 and 2055)

ICR 202105-2900-004

OMB: 2900-0890

Federal Form Document

Forms and Documents
IC Document Collections
ICR Details
202105-2900-004
Received in OIRA
VA VBA-LGY-NK
Industry Standard Forms for Completing an Appraisal Required by VA (FNMA Forms 1004, 1004C, 1004D, 1025, 1073, 1075 and 2055)
New collection (Request for a new OMB Control Number)   Yes
Emergency 05/20/2021
05/12/2021
  Requested Previously Approved
6 Months From Approved
650,000 0
10,833 0
0 0

This information collection package seeks emergency approval of VA’s requirement that appraisers utilize certain industry-standard forms in completing an appraisal. 38 U.S.C. 3731 authorizes the VA Secretary to establish a panel of appraisers, prescribe qualifications for such appraisers, and determine reasonable value of a property, construction, repairs or alterations based on an appraisal report provided by a panel appraiser for the purpose of guaranteeing a loan.
VA is requesting emergency approval to authorize collection of information using these Fannie Mae (FNMA) forms because accurate and thorough appraisal reporting is critical to the accuracy of underwriting for the mortgage insurance process. Additionally, VA is looking to expand the list of authorized forms for use due to ongoing needs related to the pandemic and to provide policy for appraisers to perform their duties in a COVID-19 environment. This collection of information provides a more thorough and complete appraisal of prospective VA-guaranteed properties ensuring that mortgages are acceptable for VA guarantee and thereby protect the interest of VA, taxpayers, and the Veterans Housing Benefit Program Fund. Policies and procedures for governing the VA appraisal program are set forth in Chapter 36, Title 38 of the CFR.

US Code: 38 USC 3731
  
None

Not associated with rulemaking

No

  Total Request 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 650,000 0 0 650,000 0 0
Annual Time Burden (Hours) 10,833 0 0 10,833 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
No
This is a new collection of information.

$352,430
No
    Yes
    No
No
No
No
Yes
Maribel Aponte 202 266-4688 maribel.aponte@va.gov

  Yes
  The appraisal report forms listed below are the most common forms used in real estate appraisal profession and are industry-standard forms. They were created to allow for standard reporting and analysis of single-family, Manufactured homes, Condominiums, and 2-4-unit multi-family dwellings. They are suitable for a building in a planned unit development (PUD). The forms that VA requests the appraisers provide to VA are industry standard forms based upon the property type.
Agency/Sub Agency RCF ID RCF Title RCF Status IC Title

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.
05/12/2021


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