These recordkeeping requirements are specified in Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) as set forth in the Boardâs Regulation H, subpart E (12 CFR 208.50-208.51) and Regulation Y, subpart G (12 CFR 225.61-225.67). These regulations require that, for federally related transactions, regulated institutions obtain real estate appraisals performed by certified or licensed appraisers in conformance with uniform appraisal standards. There is no formal reporting form and the information is not submitted to the Federal Reserve.
US Code:
12 USC 3339
Name of Law: Financial Institutions Reform, Recovery, and Enforcement Act
The agencies are using a more accurate methodology for calculating the burden of the information collection based on the experience of the agencies. The agencies are using (1) the average number of loans per institution as the frequency and (2) 5 minutes as the estimated time per response for the appraisals or evaluations.
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:
(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;
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.
FRH4_20180523_omb.pdf
SMBs Sections 208.50 – 208.51