Notice2024-26803
Agency Information Collection Activity Under OMB Review: Industry Standard Forms for Completing an Appraisal Required by VA
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
November 18, 2024
Issuing agencies
Veterans Affairs Department
Abstract
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.
Full Text
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<title>Federal Register, Volume 89 Issue 222 (Monday, November 18, 2024)</title>
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[Federal Register Volume 89, Number 222 (Monday, November 18, 2024)]
[Notices]
[Pages 90832-90833]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-26803]
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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.
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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: <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>, 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.
[[Page 90833]]
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]
BILLING CODE 8320-01-P
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</html>Indexed from Federal Register on November 18, 2024.
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