Real Estate Lending and Appraisals

OMB Control No: 1557-0190	ICR Reference No: 202409-1557-004
Status: Received in OIRA	Previous ICR Reference No: 202408-1557-004
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Real Estate Lending and Appraisals
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 09/20/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	10/31/2025
Responses	1,435,203	1,433,389
Time Burden (Hours)	198,979	185,072
Cost Burden (Dollars)	0	0

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Abstract: The information collections in parts 7, 34,160, and 190 are required by statute to regulate real estate lending and holding by national banks and savings associations. They are used by the OCC to ensure the safe and sound operation of institutions and institution compliance. This ICR is being filed in connection with final interagency guidance on reconsiderations of value (ROV) of residential real estate valuations. The guidance highlights the risks associated with deficient residential real estate valuations and describes how financial institutions may incorporate ROV processes and controls into established risk management functions. The guidance also provides examples of ROV policies, procedures, and control systems that institutions may choose to implement that identify, address, and mitigate the risk of deficient valuations. The OCC, Board, FDIC, CFPB, and the NCUA are revising their real estate appraisals and evaluations information collections to account for these new policies, procedures, and control systems. Additionally, the banking agencies are updating and aligning their information collections with respect to the burden associated with the Interagency Appraisal and Evaluation Guidelines.

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Authorizing Statute(s): US Code: 12 USC 3331 et seq. Name of Law: Financial Institutions Reform, Recovery and Enforcement Act of 1989    US Code: 12 USC 3354 Name of Law: Dodd-Frank Act

Citations for New Statutory Requirements: US Code: 12 USC 3354 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:
	88 FR 47071	07/21/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 60549	07/26/2024
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 13

IC Title Form No. Form Name ARM Loan Documentation Automated Valuation Models Policies and Procedures (Implementation) Automated Valuation Models Policies and Procedures (Ongoing) Evaluation Policy Interagency Appraisal and Evaluation Guidelines Policies and Procedures Issuance of Default Notice Prior Notice of Advances under Development or Improvement Plan ROV Guidance- Policies and Procedures (Implementation) ROV Guidance- Policies and Procedures (Ongoing) Request to Use an Alternative Index Resolution - Use of Property Written Appraisals Written Policies

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ICR Summary 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	1,435,203	1,433,389	0	1,814	0	0
Annual Time Burden (Hours)	198,979	185,072	0	13,907	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: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The change in burden is due to the use of an updated methodology to calculate the respondent total, the addition of new regulations, and updating and aligning the banking agencies’ information collections with respect to the Guidelines.

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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

Agency Contact: Mitchell Plave 202 874-5090 [email protected]

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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: 09/20/2024

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