Minimum Requirements for Appraisal Management Companies

Forms and Documents

Document Name	Status
31_Dominic Mancini OIRA-OMB Assign Ctl Nmbr 2590-0013.pdf Supplementary Document	2015-05-28
ROCIS_AMC Final Rule Summary of NPR Comments.pdf Supplementary Document	2015-05-28
ROCIS_AMC Final Rule PRA Supporting Statement.pdf Supporting Statement A	2015-05-28

IC Document Collections

IC ID	Document Title	Status
211141	State-Regulated AMC Recordkeeping Requirements	Unchanged
211140	State-Regulated AMC Reporting Requirements	Unchanged
211139	State Recordkeeping Requirements	Unchanged
211138	State Reporting Requirements	Unchanged

ICR Details

OMB Control No: 2590-0013	ICR Reference No: 201505-2590-001
Status: Historical Active	Previous ICR Reference No: 201404-2590-001
Agency/Subagency: FHFA	Agency Tracking No:
Title: Minimum Requirements for Appraisal Management Companies
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: 07/16/2015
	Date Received in OIRA: 05/28/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2018	36 Months From Approved
Responses	9,461	0	0
Time Burden (Hours)	617	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Federal Housing Finance Agency (FHFA), along with the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Bureau of Consumer Financial Protection (Bureau) (collectively, the Agencies) have jointly issued a final rule to implement newly-adopted statutory requirements to be applied by States in the registration and supervision of appraisal management companies (AMCs). An AMC is an entity that serves as an intermediary for, and provides certain services to, appraisers and lenders. The rule also implements the statutory requirement that States report to the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) the information required by the ASC to administer a new national registry of AMCs (AMC National Registry or Registry). This is a new information collection that is being established by the adoption of the final rule. OMB has reviewed the ICR that was associated with the proposed rule that published April 9, 2014, and which also served as the required 60-day Notice. OMB has assigned this information collection OMB Control Number 2590-0013. The OMB Notice of Action is included as a Supplementary Document.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 1473 Name of Law: Dodd-Frank Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 1473 Name of Law: Dodd-Frank Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
2590-AA61	Final or interim final rulemaking	80 FR 32657	06/09/2015

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 19521	04/09/2014
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 4

IC Title	Form No.	Form Name
State Recordkeeping Requirements
State Reporting Requirements
State-Regulated AMC Reporting Requirements
State-Regulated AMC Recordkeeping Requirements

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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	9,461	0	9,461	0	0	0
Annual Time Burden (Hours)	617	0	617	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: $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: 05/28/2015

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