Recordkeeping Requirements Associated with Real Estate Appraisals and Evaluations

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
FR2-01`03 Appraisal Standards 86 FR 22431 April 28 2021.pdf	Supplementary Document	Uploaded 2021-04-28	Repair queued
FR1 0103 Real Estate Appraisal Standards 86 FR 9935 February 17 2021.pdf	Supplementary Document	Uploaded 2021-04-27	Repair queued
SPST-0103 Recordkeeping Requirements Assoc. with Real Estate Appraisals and Evaluations Renewal (2021) FINAL .docx	Supporting Statement A	Uploaded 2021-04-27	Missing upstream

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
31865	Recordkeeping Requirements Associated with Real Estate Appraisals and Evaluations		Modified

ICR Details

OMB Control No: 3064-0103	ICR Reference No: 202102-3064-012
Status: Received in OIRA	Previous ICR Reference No: 201804-3064-009
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: 04/28/2021

table that charts list comparision

	Requested	Previously Approved
Expiration Date	36 Months From Approved	04/30/2021
Responses	732,529	525,525
Time Burden (Hours)	61,044	43,794
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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 9935	02/17/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 22431	04/28/2021
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Recordkeeping Requirements Associated with Real Estate Appraisals and Evaluations

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ICR Summary of Burden

table that charts list 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	732,529	525,525	0	0	207,004	0
Annual Time Burden (Hours)	61,044	43,794	0	0	17,250	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]? 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: 04/28/2021

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