[Federal Register Volume 64, Number 101 (Wednesday, May 26, 1999)]
[Notices]
[Pages 28502-28503]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-13486]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-4356-N-20]
Notice of Submission of Proposed Information Collection to OMB
Single Family Appraisals; Emergency Request
AGENCY: Office of the Assistant Secretary for Housing, HUD.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The proposed information collection requirement described
below has been submitted to the Office of Management and Budget (OMB)
for emergency review and approval by June 1, 1999, as required by the
Paperwork Reduction Act. The Department is soliciting public comments
on the subject proposal.
DATES: The due date for comments is: June 1, 1999.
ADDRESSES: Interested persons are invited to submit comments regarding
the proposal. Comments should refer to the proposal by name and should
be sent to Joseph F. Lackey, Jr., HUD Desk Officer, Office of
Management and Budget, New Executive Office Building, Washington, DC
20503.
FOR FURTHER INFORMATION CONTACT: Wayne Eddins, Reports Management
Officer, Department of Housing and Urban Development, 451 Seventh
Street, SW, Washington, DC 20410, telephone (202) 708-0050. This is not
a toll-free number. Copies of available documents submitted to OMB may
be obtained from Mr. Eddins.
SUPPLEMENTARY INFORMATION:
This Notice informs the public that the Department of Housing and
Urban Development (HUD) has submitted to OMB, for emergency processing,
an information collection package employing new forms pertaining to
appraisals of FHA-insured single family properties. This emergency
processing is essential to provide for the immediate, ongoing,
responsible administration of FHA-insured single family properties, and
to ensure that the appraisals are thorough and are conducted by State-
licensed or State-certified appraisers. The success of the FHA
insurance program and HUD's ability to protect its financial interest
and that of the taxpayers in these properties begins with selection of
qualified and knowledgeable appraisers and thorough and independent
appraisals of properties. It is necessary for HUD to implement this new
process as soon as possible to reduce risk to the FHA insurance fund by
providing for more thorough appraisals, conducted by knowledgeable and
qualified appraisers, and therefore better protect HUD's and the
taxpayers interest in the insurance fund.
The Department has submitted the proposal for the collection of
information, as described below, to OMB for review, as required by the
Paperwork Reduction Act (44 U.S.C. Chapter 35):
(1) Title of the information collection proposal:
``Appraisals of FHA-insured Single Family Properties''
(2) Summary of the collection of information:
(a) Each individual seeking to become an FHA approved appraiser
must submit Form HUD-92563 ``Roster Appraiser Designation Application
and a copy of the individual's state licensing and/or state
certification documentation.
(b) Each FHA approved appraiser, will conduct appraisals of FHA-
insured, or prospective FHA-insured single family properties, using the
Uniform Residential Appraisal Report (URAR) and the Valuation Condition
Sheet (VC Sheet)
The estimated number of respondents is approximately 15,000. The
estimated number of appraisals per respondent is estimated to 80 per
year.
(3) Description of the need for the information and its proposed
use:
The information collection is essential so that HUD can ensure that
appraisals of HUD-insured single family properties are conducted by
individuals who are qualified, trained and knowledgeable in the real
estate appraisal field and that the appraisals of HUD-insured single
family properties or prospective insured properties are thorough and
independent.
(4) Description of the likely respondents, including the estimated
number of likely respondents, and proposed frequency of response to the
collection of information:
Eligible appraisers are individuals already State-licensed or
State-certified as appraisers. The estimated number of respondents for
all collections pertaining to this request is 15,000. The proposed
frequency of the response to the collection of information is one-time
for acceptance to the approval roster list. The application need only
be submitted once. The frequency of submission of the URAR and the VC
Sheet depends upon the number of properties appraised. the Department
estimates 80 per respondent on an annual basis.
(5) Estimate of the total reporting and recordkeeping burden that
will result from the collection of information:
Reporting Burden for the Appraiser Certification:
Number of respondent: 50,000
Total burden hours (@ 0.50 hours per response): 25,000
Reporting Burden for the VC Sheet:
----------------------------------------------------------------------------------------------------------------
Number of Number of Total annual Hours per Total hours
Description respondents responses per responses responses response
----------------------------------------------------------------------------------------------------------------
VC Form......................... 15,000 80 1,200,000 0.30 360,000
Homebuyer Summary............... 15,000 80 1,200,000 0.10 120,000
Application for Fee Personnel 50,000 1 50,000 0.50 25,000
Designation....................
----------------------------------------------------------------------------------------------------------------
[[Page 28503]]
Authority: Section 3507 of the Paperwork Reduction Act of 1995,
44 U.S.C. Chapter 35, as amended.
Dated: May, 1999.
David S. Cristy,
Director, IRM Policy and Management Division.
[FR Doc. 99-13486 Filed 5-25-99; 8:45 am]
BILLING CODE 4210-27-M
