Minimum Requirements for Appraisal Management Companies

Forms and Documents

Document Name	Status
AMC Rule--2018 Supporting Statement (2018-07-31).pdf Supporting Statement A	2018-07-31

IC Document Collections

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

ICR Details

OMB Control No: 2590-0013	ICR Reference No: 201807-2590-002
Status: Active	Previous ICR Reference No: 201505-2590-001
Agency/Subagency: FHFA	Agency Tracking No: 2018-N-08
Title: Minimum Requirements for Appraisal Management Companies
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/16/2018
	Date Received in OIRA: 07/31/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2021	36 Months From Approved	10/31/2018
Responses	10,341	0	9,461
Time Burden (Hours)	183	0	617
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) in 2015 adopted joint regulations to implement 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 regulations also implement 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). FHFA, the OCC, the Board, and the FDIC have agreed to share responsibility for the PRA clearance of the collections of the information under the joint regulations. OMB has assigned FHFA’s portion of the information collection OMB Control Number 2590-0013.

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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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 22681	05/16/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 36931	07/31/2018
Did the Agency receive public comments on this ICR? Yes

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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	10,341	9,461	0	0	880	0
Annual Time Burden (Hours)	183	617	0	0	-434	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

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]? 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: 07/31/2018

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