Appraisal Standards

Forms and Documents

Document Name	Status
SPST_0103_Appraisal_Standards_Final_6-17-10 [1].DOC Supporting Statement A	2010-06-17

IC Document Collections

IC ID	Document Title	Status
31865	Appraisal Standards	Modified

ICR Details

OMB Control No: 3064-0103	ICR Reference No: 201003-3064-002
Status: Historical Active	Previous ICR Reference No: 200703-3064-004
Agency/Subagency: FDIC	Agency Tracking No: 3064-0103
Title: Appraisal Standards
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: 07/28/2010
	Date Received in OIRA: 06/17/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2013	36 Months From Approved	07/31/2010
Responses	277,600	0	328,600
Time Burden (Hours)	208,200	0	82,150
Cost Burden (Dollars)	0	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:
	75 FR 12541	03/16/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 30403	06/01/2010
Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
Appraisal Standards

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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	277,600	328,600	0	0	-51,000	0
Annual Time Burden (Hours)	208,200	82,150	0	0	126,050	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: There is a substantial change in burden from 82,125 hours to 208,200 hours, an increase of 126,075 hours primarily to reflect that FDIC-supervised institutions are engaging in more commercial real estate lending activities whose appraisals require more time to review. Previously, the time burden for review of an appraisal was from 10 minutes to 1 hour, with an estimated average of 15 minutes; now, the time burden for the review is from 10 minutes to 4 hours, with an estimated average of 45 minutes. This revision resulted in a large increase in the estimated burden even though there is a decline in the number of estimated appraisals from 328,600 to 277,600.

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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]? Uncollected

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: 06/17/2010

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