Notice2023-05838
Agency Information Collection Activities; Proposed Information Collection: Appraiser Profession Survey
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
March 22, 2023
Issuing agencies
Federal Financial Institutions Examination Council
Abstract
The ASC is seeking approval from the Office of Management and Budget (OMB) for the information collection described below. In accordance with the Paperwork Reduction Act, ASC is requesting comments from all interested parties on the proposed collection of information. The purpose of this notice is to allow for 60 days of public comment.
Full Text
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<title>Federal Register, Volume 88 Issue 55 (Wednesday, March 22, 2023)</title>
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[Federal Register Volume 88, Number 55 (Wednesday, March 22, 2023)]
[Notices]
[Pages 17224-17226]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-05838]
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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
[Docket No. AS23-02]
Agency Information Collection Activities; Proposed Information
Collection: Appraiser Profession Survey
AGENCY: Appraisal Subcommittee of the Federal Financial Institutions
Examination Council (ASC).
ACTION: Notice and request for comment.
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SUMMARY: The ASC is seeking approval from the Office of Management and
Budget (OMB) for the information collection described below. In
accordance with the Paperwork Reduction Act, ASC is requesting comments
from all interested parties on the proposed collection of information.
The purpose of this notice is to allow for 60 days of public comment.
DATES: Comments will be accepted until May 22, 2023.
ADDRESSES: Commenters are encouraged to submit comments by the Federal
eRulemaking Portal or email, if possible. You may submit comments,
identified
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by Docket Number AS23-02, by any of the following methods:
<bullet> Federal eRulemaking Portal: <a href="https://www.regulations.gov">https://www.regulations.gov</a>.
Follow the instructions for submitting comments.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#176072757a76646372655776647439707861"><span class="__cf_email__" data-cfemail="760113141b17050213043617051558111900">[email protected]</span></a>. Include the docket number AS23-
02 in the subject line of the message.
<bullet> Mail: Address to Appraisal Subcommittee, Attn: Lori
Schuster, Management and Program Analyst, 1325 G Street NW, Suite 500,
Washington, DC 20005.
<bullet> Hand Delivery/Courier: Appraisal Subcommittee, 1325 G
Street NW, Suite 500, Washington, DC 20005.
In general, the ASC will enter all comments received on the Federal
eRulemaking (<a href="http://Regulations.gov">Regulations.gov</a>) website without change, including any
business or personal information that you provide, 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. At the close of
the comment period, all public comments will also be made available on
the ASC's website at <a href="https://www.asc.gov">https://www.asc.gov</a> (follow link in ``News and
Events'') as submitted, unless modified for technical reasons.
FOR FURTHER INFORMATION CONTACT: Lori Schuster, Management and Program
Analyst, <a href="/cdn-cgi/l/email-protection#abc7c4d9c2ebcad8c885ccc4dd"><span class="__cf_email__" data-cfemail="c5a9aab7ac85a4b6a6eba2aab3">[email protected]</span></a>, (202) 595-7578, or Juan Burgos, Acting General
Counsel, <a href="/cdn-cgi/l/email-protection#f9938c9897b9988a9ad79e968f"><span class="__cf_email__" data-cfemail="147e61757a547567773a737b62">[email protected]</span></a>, (202) 792-1170, ASC, 1325 G Street NW, Suite
500, Washington, DC 20005. The above phone numbers are not toll-free
numbers. Persons with hearing or speech impairments may access these
numbers through TTY by calling the toll-free Federal Relay Service at
(800) 877-8339.
SUPPLEMENTARY INFORMATION: This notice informs the public that the ASC
is seeking approval from OMB for the information collection described
in Section A below.
A. Overview of Information Collection
Title of Information Collection: Appraiser Profession Survey.
OMB Number: New Collection.
Type of Request: New Collection.
Form Number: N/A.
Description of the need for the information and proposed use: The
importance of the appraisal industry and appraisers in the mortgage
financing industry and other financial services cannot be exaggerated.
Appraisals provide an objective assessment of a property's value and
condition, which is essential for lending industries to mitigate risks,
and for current and prospective homeowners or sellers to make informed
decisions regarding moving forward with a transaction. Under section
1103 of the Financial Institutions Reform, Recovery, and Enforcement
Act of 1989 (FIRREA), the ASC has the authority to monitor the
requirements established by States for the certification and licensing
of individuals who are qualified to perform appraisals in connection
with federally related transactions, including a code of professional
responsibility.\1\ In addition, under section 1106 of FIRREA the ASC
has the authority to take testimony, receive evidence, provide
information, and perform research, as it considers appropriate.\2\ On
June 1, 2021, President Biden launched the Property Appraisal and
Valuation Equity (PAVE) Task Force, made up of 13 Federal agencies and
offices, and charged with developing actions and recommendations to
foster a more equitable home appraisal industry. In the PAVE Action
Plan, released last year, the PAVE Task Force recognizes the barriers
presented to women and communities of color in gaining access to the
appraisal profession.\3\ Additionally, various studies, and other third
party information from across the country indicate that there are
significant barriers to entry to the appraisal profession that are
negatively impacting diversity and supply in the profession.\4\ Hence,
the ASC is proposing a collection of information directly from
appraisal professionals, who belong to underserved communities that
historically have been denied equitable treatment due to their race or
ethnicity, or both.\5\ The Appraiser Profession Survey will result in
data that are needed for the ASC to better understand the challenges
facing the appraisal industry today including barriers to entry into
the profession and appraiser shortages. The objective is, in part, to
collect new data about real estate appraisers of single-family
residential properties. This data collection will improve the ASC's
understanding of the current demographics of the appraisal profession,
barriers to entry for aspiring appraisers, especially women and persons
from underserved communities historically denied equitable treatment
due to their race or ethnicity, or both, current trends and patterns of
the appraisal practice, including the use of new valuation technologies
and appraisal engagement practices, geographic differences in the
number of appraisers in urban and rural areas; and potential market
imbalances between appraiser supply and demand. These data are not
available elsewhere and are essential to ASC policy development. Data
collection will focus on characteristics of appraisers that are not
available in other data sources, such as the ASC's National Registry of
certified and licensed appraisers. Furthermore, under federal law,
certain minimum appraisal standards and appraiser qualifications are
set by the Appraisal Foundation's (TAF) Appraisal Standards Board and
Appraiser Qualifications Board, respectively.\6\ Accordingly, of
interest to the ASC are the real world experiences of active appraisers
and the potential impacts of TAF's policies and to what extent
appraiser training requirements are relevant to the necessary
experience needed to enter the profession. Of particular interest to
the ASC is how TAF policies may disproportionately affect aspiring
appraisers who historically have been denied equitable treatment
because of their race or ethnicity, or both. The survey will use online
data collection and solicit responses by email and U.S. postal mail.
The ASC will use appropriate statistical sampling techniques and
existing datasets to draw the sample. The ASC may work with private
sector providers and membership associations to identify prospective
respondents to the survey. The ASC will draw a representative sample of
the appraisers in the ASC Appraiser Registry and oversample appraisers
that historically have been denied equitable treatment because of their
race or ethnicity, or both. Based on the U.S. Bureau of Labor
Statistics (BLS) reports from 2022, there are an estimated 100,000
property appraisers and assessors (appraisers cannot be separated from
assessors). Of this group of 100,000 persons, approximately 7,600 are
persons of color (non-white) and approximately 7,800 are persons who
identify as Hispanic or Latino.\7\ Because persons who historically
have been denied equitable treatment because of their race or
ethnicity, or both, is a
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significant concern, ASC wants to include the experiences of these
appraisers in the survey.
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\1\ 12 U.S.C. 3332.
\2\ 12 U.S.C. 3335.
\3\ <a href="https://pave.hud.gov/sites/pave.hud.gov/files/documents/PAVEActionPlan.pdf">https://pave.hud.gov/sites/pave.hud.gov/files/documents/PAVEActionPlan.pdf</a>.
\4\ See, e.g., National Fair Housing Alliance Report ``Appraisal
Standards and Appraiser Criteria Report'' at <a href="https://nationalfairhousing.org/issue/issue-appraisal-bias/">https://nationalfairhousing.org/issue/issue-appraisal-bias/</a>.
\5\ See Executive Order No. 14091 (``Further Advancing Racial
Equity and Support for Underserved Communities Through the Federal
Government''); and Executive Order No. 13985 (``Advancing Racial
Equity and Support for Underserved Communities Through the Federal
Government''); see also 62 FR 58782 (Revisions to the Standards for
the Classification of Federal Data on Race and Ethnicity).
\6\ 12 U.S.C. 3331, 3339 and 3345.
\7\ See <a href="https://www.bls.gov/cps/cpsaat11.htm">https://www.bls.gov/cps/cpsaat11.htm</a>.
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This Federal Register Notice provides an opportunity for the public
to comment on the information collection for the Appraiser Profession
Survey. The purpose of the survey is to learn about the experiences of
appraisers, including women appraisers and appraisers from underserved
communities (as defined by Executive Order 14091), and to better
understand training practices and appraisal industry practices. In
addition to the survey, the ASC plans to conduct in-depth interviews
with several types of groups: appraisers who historically have been
denied equitable treatment because of their race or ethnicity or both,
women appraisers, rural appraisers, and urban appraisers living or
working, or both, in historically underserved communities. The ASC
wants to better understand the different experiences of urban and rural
appraisers, and appraisers who historically have been denied equitable
treatment because of their race, or ethnicity, or both.
Respondents: Residential real estate appraisers, both active and
inactive.
Estimated Number of Respondents: This information collection will
affect approximately 1,500 respondents.
Estimated Time per Response: The survey is expected to take up to
30 minutes.
Qualitative interviews with up to 75 respondents will take
approximately 60 minutes to complete.
Frequency of Response: One time for all surveys and qualitative
interviews. Up to 75 appraisers may also be selected for both the
survey and interviews.
Estimated Total Annual Burden Hours: 825 hours for all surveys and
qualitative interviews.
Estimated Total Annual Cost: $27,786.00 for all surveys and
qualitative interviews.
Respondent's Obligation: Participation is voluntary.
Legal Authority: The collection of information is conducted under
sections 3506(c)(2)(a) and 3507 of the Paperwork Reduction Act of 1995
(44 U.S.C. 3506(c)(2)(a) and 3507); 12 U.S.C. 3332 and 12 U.S.C. 3335.
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Number of Frequency of Responses per Burden hour Annual burden Hourly cost
Information collection respondents response annum per response hours per response Cost
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Appraiser survey........................ 1,500 1 1 0.5 750 $33.68 $25,260.00
Qualitative interviews.................. 75 1 1 1 75 33.68 2,526.00
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Total............................... 1,575 .............. .............. .............. 825 .............. 27,786.00
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Source: National estimates for Property Appraisers and Assessors, Occupational Employment and Wages, May 2021. U.S. Bureau of Labor Statistics (<a href="https://www.bls.gov/oes/current/oes132020.htm">https://www.bls.gov/oes/current/oes132020.htm</a>).
To arrive at the dollar cost of the estimated response burden, we
have used estimates from the BLS on average hourly earnings in May 2021
for Property Appraisers and Assessors.
B. Solicitation of Public Comment
This notice is soliciting comments from members of the public and
affected parties concerning the collection of information described in
Section A on the following:
(1) Whether the proposed collection of information would achieve
the ASC's stated goals as discussed above or is there is another method
that the ASC should consider;
(2) The accuracy of the ASC's estimate of the burden of the
proposed collection of information;
(3) Ways to enhance the quality, utility, and clarity of the
information to be collected; and
(4) Ways to minimize the burden of the collection of information on
those who are to respond, including with appropriate automated
collection techniques or other forms of information technology (e.g.,
permitting electronic submission of responses).
ASC encourages interested parties to submit comments in response to
these questions.
C. Authority
Sections 3506(c)(2)(a) and 3507 of the Paperwork Reduction Act of
1995 (44 U.S.C. 3506(c)(2)(a) and 3507); 12 U.S.C. 3332 and 12 U.S.C.
3335.
By the Appraisal Subcommittee.
James R. Park,
Executive Director.
[FR Doc. 2023-05838 Filed 3-21-23; 8:45 am]
BILLING CODE 6700-01-P
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