Industry Standard Forms for Completing an Appraisal Required by VA (Fannie Mae (FNMA) Forms 1004, 1004C, 1025, 2055, 1075)

Forms and Documents

Document Name	Status
Form 1004 Industry Standard Forms for Completing an Appraisal Required by VA Form and Instruction	Modified
2024-26803.pdf Supplementary Document	2024-11-18
60Day FRN 2900-0890.pdf Supplementary Document	2024-09-10
SUPPORTING STATEMENT (2900-0890)v5.docx Supporting Statement A	2024-11-18

IC Document Collections

IC ID	Document Title	Status
247292	Industry Standard Forms for Completing an Appraisal Required by VA Form and Instruction	Modified

ICR Details

OMB Control No: 2900-0890	ICR Reference No: 202408-2900-014
Status: Received in OIRA	Previous ICR Reference No: 202206-2900-008
Agency/Subagency: VA	Agency Tracking No: VBA-LGY-YA
Title: Industry Standard Forms for Completing an Appraisal Required by VA (Fannie Mae (FNMA) Forms 1004, 1004C, 1025, 2055, 1075)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  Yes
Type of Review Request: Regular	Date Submitted to OIRA: 11/18/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	12/31/2024
Responses	650,000	650,000
Time Burden (Hours)	10,833	10,833
Cost Burden (Dollars)	0	0

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Abstract: This information collection package seeks 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.

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Authorizing Statute(s): US Code: 38 USC 3731
  

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:
	89 FR 73508	09/10/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 90832	11/18/2024
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Industry Standard Forms for Completing an Appraisal Required by VA	1004, 1004c, 1025, 1075, 2055	Uniform Residential Appraisal Report ,   Manufactured Home Appraisal Report ,   Small Residential Income Property Appraisal Report ,   Exterior-Only Inspection Individual Condominium Unit Appraisal Report ,   Exterior-Only Inspection Residential Appraisal Report

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ICR Summary of Burden

	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	650,000	0	0	0	0
Annual Time Burden (Hours)	10,833	10,833	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $395,460

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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? Yes

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Common Form ICR:  Yes

Description/Changes for Common Form Usage:  This information collection package seeks approval of VA’s requirement that appraisers utilize certain industry-standard/common forms in completing an appraisal.

Approved RCFs using this ICR

Agency/Sub Agency	RCF ID	RCF Title	RCF Status	IC Title

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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: 11/18/2024

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