View Information Collection Request (ICR) Package
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View Supporting Statement and Other Documents
Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1557-0313
ICR Reference No:
201311-1557-005
Status:
Historical Active
Previous ICR Reference No:
201307-1557-001
Agency/Subagency:
TREAS/OCC
Agency Tracking No:
Title:
Appraisals for Higher-Priced Mortgage Loans - Supplemental Final Rule
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
01/16/2014
Retrieve Notice of Action (NOA)
Date Received in OIRA:
12/26/2013
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2017
36 Months From Approved
02/29/2016
Responses
2,840
0
198,658
Time Burden (Hours)
19,946
0
68,901
Cost Burden (Dollars)
0
0
0
Abstract:
In February 2013, pursuant to section 1471 of Dodd-Frank, the Agencies (OCC, FRB, FDIC, CFPB, FHFA, and NCUA) issued a final rule (Final Rule) amending Regulation Z, which implements the Truth in Lending Act (TILA), and the official interpretation to the regulation. The Final Rule requires that for certain mortgages with an annual percentage rate that exceeds the average prime offer rate by a specified percentage, creditors must (i) obtain an appraisal or appraisals meeting certain specified standards, (ii) provide applicants with a notification regarding the use of the appraisals, and (iii) give applicants a copy of the written appraisals used. The Final Rule will go into effect on January 18, 2014. The statute permits the OCC to inlcude exemptions from the requirements in any final rule. OMB approved the ICR for the Final Rule on February 22, 2013. On August 8, 2013, the Agencies issued a Supplemental Proposal, which would amend the Final Rule to provide additional exemptions for certain transactions. The OCC submitted an ICR relating to the Supplemental Proposal on August 8, 2013. On October 24, 2013, OMB filed a comment instructing the OCC to resubmit at the final rule stage. The Agencies have issued a rule finalizing the Supplemental Proposal and are filing this ICR as instructed by OMB.
Authorizing Statute(s):
PL:
Pub.L. 111 - 203 1471
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 1471 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1557-AD70
Final or interim final rulemaking
78 FR 78520
12/26/2013
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
4
IC Title
Form No.
Form Name
Conduct and Provide Second Appraisal
Investigate and Verify Requirement for Second Appraisal
One-Time Review of Instructions and Legal Guidance; Training
Review and Provide a Copy of a Full Interior Appraisal
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
2,840
198,658
0
-195,818
0
0
Annual Time Burden (Hours)
19,946
68,901
0
-48,955
0
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:
Yes
Burden Reduction Due to:
Changing Regulations
Short Statement:
The decrease in burden is due to the additional exemptions provided by the rule.
Annual Cost to Federal Government:
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]?
Yes
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Charlotte Bahin 202 874-4703
Common Form ICR:
No
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:
12/26/2013
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