Notice2022-12204
Agency Information Collection Activities: Information Collection Renewal; Comment Request; Real Estate Lending and Appraisals
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 7, 2022
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning renewal of its information collection titled, "Real Estate Lending and Appraisals."
Full Text
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<title>Federal Register, Volume 87 Issue 109 (Tuesday, June 7, 2022)</title>
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[Federal Register Volume 87, Number 109 (Tuesday, June 7, 2022)]
[Notices]
[Pages 34756-34758]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-12204]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Comment Request; Real Estate Lending and Appraisals
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to take this opportunity to comment on a continuing
information collection, as required by the Paperwork Reduction Act of
1995 (PRA). In accordance with the requirements of the PRA, the OCC may
not conduct or sponsor, and the respondent is not required to respond
to, an information collection unless it displays a currently valid
Office of Management and Budget (OMB) control number. The OCC is
soliciting comment concerning renewal of its information collection
titled, ``Real Estate Lending and Appraisals.''
[[Page 34757]]
DATES: Comments must be received by August 8, 2022.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible.
You may submit comments by any of the following methods:
<bullet> Email: <a href="/cdn-cgi/l/email-protection#552527343c3b333a153a36367b21273034267b323a23"><span class="__cf_email__" data-cfemail="473735262e2921280728242469333522263469202831">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0190, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
<bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
<bullet> Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and
``1557-0190'' in your comment. In general, the OCC will publish
comments on <a href="http://www.reginfo.gov">www.reginfo.gov</a> without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
Following the close of this notice's 60-day comment period, the OCC
will publish a second notice with a 30-day comment period. You may
review comments and other related materials that pertain to this
information collection beginning on the date of publication of the
second notice for this collection by the method set forth in the next
bullet.
<bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
Hover over the ``Information Collection Review'' drop down menu. From
the ``Currently under Review'' drop-down menu, select ``Department of
Treasury'' and then click ``submit.'' This information collection can
be located by searching by OMB control number ``1557-0190'' or ``Real
Estate Lending and Appraisals.'' Upon finding the appropriate
information collection, click on the related ``ICR Reference Number.''
On the next screen, select ``View Supporting Statement and Other
Documents'' and then click on the link to any comment listed at the
bottom of the screen.
<bullet> For assistance in navigating <a href="http://www.reginfo.gov">www.reginfo.gov</a>, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 649-5490, Chief Counsel's Office, Office of the
Comptroller of the Currency, 400 7th Street SW, Suite 3E-218, Mail Stop
9W-11, Washington, DC 20219. If you are deaf, hard of hearing, or have
a speech disability, please dial 7-1-1 to access telecommunications
relay services.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal
agencies must obtain approval from the OMB for each collection of
information that they conduct or sponsor. ``Collection of information''
is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency
requests or requirements that members of the public submit reports,
keep records, or provide information to a third party. Section
3506(c)(2)(A) of part 44 (44 U.S.C. 3506(c)(2)(A)) requires Federal
agencies to provide a 60-day notice in the Federal Register concerning
each proposed collection of information, including each proposed
extension of an existing collection of information, before submitting
the collection to OMB for approval. To comply with this requirement,
the OCC is publishing notice of the proposed collection of information
set forth in this document.
Title: Real Estate Lending and Appraisals.
OMB Control No.: 1557-0190.
Type of Review: Extension, without revision, of a currently
approved collection.
Description: Twelve CFR parts 34 and 160 contain a number of
reporting, recordkeeping, and disclosure requirements. Twelve CFR part
34, subpart B (Adjustable-Rate Mortgages (ARM)), subpart E (Other Real
Estate Owned (OREO)) and part 160 (Lending and Investment) contain
reporting requirements. Twelve CFR part 34, subpart C (Appraisal
Requirements), subpart D (Real Estate Lending Standards), and part 160
contains recordkeeping requirements. Twelve CFR 190.4(h) contains a
disclosure requirement concerning Federally-related residential
manufactured housing loans.
Twelve CFR part 34, subpart B, Sec. 34.22(a) and Sec. 160.35
require that for ARM loans, the loan documentation must specify an
index or combination of indices to which changes in the interest rate
will be linked. Sections 34.22(b) and 160.35(d)(3) set forth the notice
procedures for national banks and Federal savings associations to use
when seeking to use an alternative index.
Twelve CFR 34.44 provides minimum standards for the performance of
real estate appraisals, including the requirement that appraisals be in
writing and contain sufficient information and analysis to support the
institution's decision to engage in the transaction.
Twelve CFR 34.62, 160.101, and the related appendices require each
institution to adopt and maintain written policies that establish
appropriate limits and standards for extensions of credit that are
secured by liens on or interests in real estate, or that are made for
the purpose of financing permanent improvements to real estate. The
institution's board of directors must approve the real estate lending
policies at least annually.
Twelve CFR 7.1024(d) requires that, after holding any real estate
acquired for future bank expansion for one year, a national bank or
Federal savings association must state, by resolution or other official
action, its plans for the use of the property and make the resolution
or other action available for inspection by examiners. Twelve CFR 34.85
requires national banks and Federal savings associations to develop
prudent real estate collateral evaluation policies to monitor the value
of each parcel of OREO in a manner consistent with prudent banking
practice. Twelve CFR 34.85 establishes the appraisal requirements for
OREO held by institutions, with reference to the appraisal requirements
in 12 CFR 34, subpart C, ``Appraisals.''
Twelve CFR 34.85 requires national banks and Federal savings
associations to obtain an appraisal or evaluation, as appropriate, to
substantiate the market value of each parcel upon transfer to OREO. If
the institution has a valid and compliant appraisal or evaluation that
was previously obtained in connection with the underlying real estate
loan, it does not need to obtain a new appraisal or evaluation to
comply with these regulations.
Section 34.86 requires national banks and Federal savings
associations to notify the appropriate supervisory office at least 30
days before making advances under a development or improvement plan for
OREO if the total investment in the property will exceed 10 percent of
the institution's capital and surplus.
Twelve CFR 190.4(h) requires that for Federally-related residential
manufactured housing loans, a creditor must send a debtor a notice of
default at least 30 days prior to any repossession, foreclosure, or
acceleration of payments.
Affected Public: Businesses or other for-profit.
Frequency of Response: On occasion.
Burden Estimates:
Estimated Number of Respondents:
[[Page 34758]]
Estimated Annual Burden:
Comments: Comments submitted in response to this notice will be
summarized and included in the request for OMB approval. All comments
will become a matter of public record. Comments are invited on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimate of the information
collection burden;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection on respondents,
including through the use of automated collection techniques or other
forms of information technology; and
(e) Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2022-12204 Filed 6-6-22; 8:45 am]
BILLING CODE 4810-33-P
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