The eRulemaking Program
11/18/2024 | Press release | Distributed by Public on 11/18/2024 08:44
Agency Information Collection Activities; Proposals, Submissions, and Approvals: Industry Standard Forms for Completing an Appraisal Required by VA
DEPARTMENT OF VETERANS AFFAIRS
[OMB Control No. 2900-0890]
Agency Information Collection Activity Under OMB Review: Industry Standard Forms for Completing an Appraisal Required by VA
AGENCY:
Veterans Benefits Administration, Department of Veterans Affairs.
ACTION:
Notice.
SUMMARY:
In compliance with the Paperwork Reduction Act (PRA) of 1995, this notice announces that the Veterans Benefits Administration, Department of Veterans Affairs, will submit the collection of information abstracted below to the Office of Management and Budget (OMB) for review and comment. The PRA submission describes the nature of the information collection and its expected cost and burden and it includes the actual data collection instrument.
DATES:
Comments and recommendations for the proposed information collection should be sent by December 18, 2024.
ADDRESSES:
To submit comments and recommendations for the proposed information collection, please type the following link into your browser: www.reginfo.gov/public/do/PRAMain, select "Currently under Review-Open for Public Comments", then search the list for the information collection by Title or "OMB Control No. 2900-0890."
SUPPLEMENTARY INFORMATION:
Title: Industry Standard Forms for Completing an Appraisal Required by VA FNMA Forms 1004, 1004C, 1004D, 1004 (Desktop), 1025, 1073, 1075 and 2055
OMB Control Number: 2900-0890.
Type of Review: Extension without change of a currently approved collection.
Abstract: This information collection package seeks approval of VA's requirement that appraisers utilize certain industry-standard forms in completing an appraisal. 38 U.S.C. 3731 authorizes the VA Secretary to establish a panel of appraisers, prescribe qualifications for such appraisers, and determine reasonable value of a property, construction, repairs or alterations based on an appraisal report provided by a panel appraiser for the purpose of guaranteeing a loan.
VA is requesting approval to authorize collection of these forms because accurate and thorough appraisal reporting is critical to the accuracy of underwriting for the mortgage process. Additionally, VA is looking to expand the list of authorized forms for use due to ongoing needs related to the pandemic. This collection of information provides a more thorough and complete appraisal of prospective VA-guaranteed properties ensuring that mortgages are acceptable for VA guarantee and thereby protect the interest of VA, taxpayers, and the Veterans Housing Benefit Program Fund. Policies and procedures for governing the VA appraisal program are set forth in Chapter 36, Title 38 of the CFR.
An agency may not conduct or sponsor, and a person is not required to respond to a collection of information unless it displays a currently valid OMB control number.
The Federal Register Notice with a 60-day comment period soliciting comments on this collection of information was published at 89 FR 73508, September 10, 2024.
Affected Public: Individuals or Households.
Estimated Annual Burden: 10,833.
Estimated Average Burden per Respondent: 1 minute.
Frequency of Response: One time.
Estimated Number of Respondents: 650,000.
(Authority: 44 U.S.C. 3501 et seq. )
Maribel Aponte,
VA PRA Clearance Officer, Office of Enterprise and Integration, Data Governance Analytics, Department of Veterans Affairs.
[FR Doc. 2024-26803 Filed 11-15-24; 8:45 am]
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