Appraisals for Higher-Risk Mortgage Loans Amendment (Regulation Z)

Forms and Documents

Document	Type	Status	Availability
HRM Appraisals Final Supporting Statement 2-13-13.pdf	Supporting Statement A	Uploaded 2013-02-13	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
204864	Conduct and Provide Second Appraisal (Non-Depository Institutions)		Modified
204863	Conduct and Provide Second Appraisal (Depository Institutions)		Modified
204862	Investigate and Verify Requirement for Second Appraisal (Non-Depository Institutions)		Modified
204861	Investigate and Verify Requirement for Second Appraisal (Depository Institutions)		Modified
204860	Review and Provide a Copy of A Full Interior Appraisal (Non-Depository Institutions)		Modified
204859	Review and Provide a Copy of A Full Interior Appraisal (Depository Institutions)		Modified

ICR Details

OMB Control No: 3170-0026	ICR Reference No: 201301-3170-005
Status: Historical Active	Previous ICR Reference No: 201211-3170-002
Agency/Subagency: CFPB	Agency Tracking No: 3170-0015 (Reg Z)
Title: Appraisals for Higher-Risk Mortgage Loans Amendment (Regulation Z)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/18/2013
	Date Received in OIRA: 02/13/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2016	36 Months From Approved
Responses	150,790	0	0
Time Burden (Hours)	37,499	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: In response to the recent mortgage crisis, Congress amended the Truth in Lending Act (TILA) to require creditors originating mortgages with an annual percentage rate that exceeds the average prime offer rate by a specified percentage (higher-risk mortgage loans) to obtain an appraisal or appraisals meeting certain specified standards, provide applicants with a notification regarding the use of appraisals, and give applicants a copy of written appraisals used. These changes were enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), Pub. L. 111-203, § 1471, 124 Stat. 1376, 2185 (2010). Section 1471 of the Dodd-Frank Act adds a new section to TILA, section 129H, addressing appraisal requirements for higher-risk mortgage loans.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 1471, 124 Stat. 1376, 2185 (20 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AA11	Final or interim final rulemaking	78 FR 10367	02/13/2013

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 6

IC Title	Form No.	Form Name
Conduct and Provide Second Appraisal (Non-Depository Institutions)
Review and Provide a Copy of A Full Interior Appraisal (Depository Institutions)
Review and Provide a Copy of A Full Interior Appraisal (Non-Depository Institutions)
Investigate and Verify Requirement for Second Appraisal (Depository Institutions)
Investigate and Verify Requirement for Second Appraisal (Non-Depository Institutions)
Conduct and Provide Second Appraisal (Depository Institutions)

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ICR Summary of Burden

	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	150,790	0	0	150,790	0	0
Annual Time Burden (Hours)	37,499	0	0	37,499	0	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 Bureau's final rule for Regulation Z (12 CFR 1026.35)the implements information collection requirements described above. These are new information collections created to enact the amendments made to 12 CFR 1026 which implement the statutory requirements of section 129H of the Truth in Lending Act which was amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), Pub. L. 111-203, § 1471, 124 Stat. 1376, 2185 (2010). Section 1471.

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Annual Cost to Federal Government: $0

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

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? 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]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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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: 02/13/2013

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