Recordkeeping Requirements
Associated with Real Estate Appraisals and Evaluations
Revision of a currently approved collection
No
Regular
09/12/2024
Requested
Previously Approved
36 Months From Approved
08/31/2027
771,479
759,500
169,419
63,039
0
0
FIRREA directs the FDIC to prescribe
appropriate performance standards for real estate appraisals
connected with federally related transactions under its
jurisdiction. This information collection is a direct consequence
of the statutory requirement. It is designed to provide protection
for federal financial and public policy interests by requiring real
estate appraisals used in connection with federally related
transactions to be performed in writing, in accordance with uniform
standards, by an appraiser whose competency has been demonstrated
and whose professional conduct will be subject to effective
supervision.
The Office of the Comptroller
of the Currency (OCC), the Board of Governors of the Federal
Reserve System (Board), the Federal Deposit Insurance Corporation
(FDIC), and the National Credit Union Administration (NCUA) (the
banking agencies), together with the Consumer Financial Protection
Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) are
revising their real estate appraisals and evaluations information
collections to account for these new regulation and revised
Reconsideration of Value guidelines (the ROV Guidelines). The
banking agencies are updating and aligning their information
collections with respect to the burden associated with the
Interagency Appraisal and Evaluation Guidelines to include the new
recordkeeping requirements imposed by this Final Rule and suggested
by the ROV Guidelines.
$0
No
No
No
No
No
No
No
Manuel Cabeza 202 898-3781
mcabeza@fdic.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.