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View ICR - OIRA Conclusion

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

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	277,600	328,600	-51,000
Annual Time Burden (Hours)	208,200	82,150	126,050
Annual Cost Burden (Dollars)	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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