2024-16200. Interagency Guidance on Reconsiderations of Value of Residential Real Estate Valuations

Table 1—Summary of Estimated Annual Burden

[OMB No. 1557-0190]

Requirement	Citations	Number of respondents	Burden hours per respondent	Total number of hours annually
Recordkeeping: Resolution stating plans for use of property	§ 7.1024(d)	6	5	30
Recordkeeping: ARM loan documentation must specify indices to which changes in the interest rate will be linked	§ 34.22(a); § 160.35(b)	164	6	984
Recordkeeping: Appraisals must be written and contain sufficient information and analysis to support engaging in the transaction	§ 34.44	976	1,465 responses per respondent @5 minutes per response	119,072
Recordkeeping: Written policies (reviewed annually) for extensions of credit secured by or used to improve real estate	§ 34.62; appendix A to subpart D to part 34; § 160.101; appendix A to § 160.101	1,413	30	42,390
Recordkeeping: Real estate evaluation policy to monitor OREO	§ 34.85	9	5	45
Recordkeeping: New Information Collection (“IC”) 1—ROV Guidance—Policies and Procedures (Implementation: Applies to first year only)	N/A	907	13.3	12,093
Recordkeeping: New IC 2—ROV Guidance—Policies and Procedures (Ongoing)	N/A	907	2	1,814
Recordkeeping: New IC 3—Interagency Appraisal and Evaluation Guidelines—Policies and Procedures	N/A	976	10	9,760
Reporting: Procedure to be followed when seeking to use an alternative index	§ 34.22(b); § 160.35(d)(3)	249	6	1,494
Reporting: Prior notification of making advances under development or improvement plan for OREO	§ 34.86	6	5	30
Disclosure: Default notice to debtor at least 30 days before repossession, foreclosure, or acceleration of payments	§ 190.4(h)	42	2	84
Disclosure: New IC 4—Interagency Appraisal and Evaluation Guidelines	N/A	976	5	4,880
Total Annual Burden Hours				192,676

Board:

Table 2—Summary of Estimated Annual Burden

[OMB No. 7100-0250]

FR Y-30	Estimated number of respondents	Estimated annual frequency	Estimated average hours per response	Estimated annual burden hours
Recordkeeping
Sections 225.61—225.67 for SMBs	706	498	5 minutes	29,299
Sections 225.61—225.67 for BHCs and nonbank subsidiaries of BHCs	4,516	25	5 minutes	9,408
Guidelines	5,222	1	10	52,220
Policies and Procedures ROV guidance (Initial setup)	5,591	1	13.3	74,547
Policies and Procedures ROV guidance (Ongoing)	5,591	1	2	11,182
Disclosure
Guidelines	5,222	1	5	26,110
Total				202,766

FDIC:

Table 3—Summary of Estimated Annual Burden

[OMB No. 3064-0103]

Information collection (IC) (obligation to respond)	Type of burden (frequency of response)	Number of respondents	Number of responses per respondent	Time per response (HH:MM)	Annual burden (hours)
Recordkeeping Requirements Associated with Real Estate Appraisals and Evaluations (Mandatory)	Recordkeeping (On Occasion)	2,936	259	00:05	63,369
New IC 1—ROV Guidance—Policies and Procedures—Implementation (Voluntary)	Reporting (Annual)	2,887	0.33	40:00	38,120
New IC 2—ROV Guidance—Policies and Procedures—Ongoing (Voluntary)	Disclosure (Annual)	2,887	1	02:00	5,774
New IC 3—2010 Guidelines—Policies and Procedures—Ongoing	Recordkeeping (Annual)	2,936	1	10:00	29,360
New IC 4—2010 Guidelines—Disclosure—Ongoing (Voluntary)	Reporting (Annual)	2,936	1	05:00	14,680
Total Annual Burden (Hours)					151,303
Source: FDIC.
Note: The estimated annual IC time burden is the product, rounded to the nearest hour, of the estimated annual number of responses and the estimated time per response for a given IC. The estimated annual number of responses is the product, rounded to the nearest whole number, of the estimated annual number of respondents and the estimated annual number of responses per respondent. This methodology ensures the estimated annual burdens in the table are consistent with the values recorded in OMB's consolidated information system.

NCUA:

Table 4—Summary of Estimated Annual Burden

[OMB No. 3133-0125]

Information collection	Type of burden	Average annual number of respondents	Number of responses per respondent	Time per response (hours)	Annual burden (hours)
Recordkeeping Requirements Associated with Real Estate Appraisals and Evaluations	Recordkeeping (On Occasion)	2,871	517	0.0833	123,643
New IC 1—ROV Guidance—Policies and Procedures—Implementation	Recordkeeping (Annual)	2,871	1	5	14,355
New IC 2—ROV Guidance—Policies and Procedures—Ongoing	Recordkeeping (Annual)	2,871	1	1	2,871
New IC 3—2010 Guidelines—Policies and Procedures—Ongoing	Recordkeeping (Annual)	2,871	1	10	28,710
New IC 4—2010 Guidelines—Disclosure—Ongoing	Disclosure (Annual)	2,871	1	5	14,355
Total Annual Burden Hours					183,934