Recordkeeping Requirements Associated with Real Estate Appraisals and Evaluations

Forms and Documents

Document Name	Status
NOA 0103 AVM NPR 2023.pdf Supplementary Document	2024-09-12
SPST-0103 Recordkeeping Requirements Assoc. with Real Estate Appraisals and Evaluations AVM Final Rule.docx Supporting Statement A	2024-09-12
ZA36 ROV Final Guidance 89 FR 60549 July 26 2024.pdf Supplementary Document	2024-09-12
ZA36 ROV Proposed Guidance 88 FR 47071 July 21 2023.pdf Supplementary Document	2024-09-12

IC Document Collections

IC ID	Document Title	Status
31865	Recordkeeping Requirements Associated with Real Estate Appraisals and Evaluations	Modified
270897	ROV Guidance – Policies and Procedures – Ongoing	New
270895	Policies and Procedures - Implementation	New
270893	Disclosure – Ongoing (Guidelines, sec. XVIII)	New
270890	Policies and Procedures – Ongoing (Guidelines secs. IV, XV D)	New
270889	Policies and Procedures – Ongoing	New
270885	Policies and Procedures - Implementation	New

ICR Details

OMB Control No: 3064-0103	ICR Reference No: 202409-3064-001
Status: Received in OIRA	Previous ICR Reference No: 202403-3064-004
Agency/Subagency: FDIC	Agency Tracking No:
Title: Recordkeeping Requirements Associated with Real Estate Appraisals and Evaluations
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 09/12/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	08/31/2027
Responses	771,479	759,500
Time Burden (Hours)	169,419	63,039
Cost Burden (Dollars)	0	0

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Abstract: 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.

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Authorizing Statute(s): PL: Pub.L. 101 - 73 1110 Name of Law: FIRREA
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3064-AE68	Final or interim final rulemaking	89 FR 64538	08/07/2024

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 49638	06/21/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 60549	07/26/2024
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 7

IC Title	Form No.	Form Name
Disclosure – Ongoing (Guidelines, sec. XVIII)
Policies and Procedures - Implementation
Policies and Procedures - Implementation
Policies and Procedures – Ongoing
Policies and Procedures – Ongoing (Guidelines secs. IV, XV D)
ROV Guidance – Policies and Procedures – Ongoing
Recordkeeping Requirements Associated with Real Estate Appraisals and Evaluations

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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	771,479	759,500	0	37,479	-25,500	0
Annual Time Burden (Hours)	169,419	63,039	0	108,497	-2,117	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: 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.

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Annual Cost to Federal Government: $0

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.     No

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? No

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Common Form ICR:  No

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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: 09/12/2024

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