[Federal Register Volume 85, Number 99 (Thursday, May 21, 2020)]
[Notices]
[Pages 31025-31026]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-10964]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review; Appraisals for Higher-Priced
Mortgage Loans
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, ``Appraisals for Higher-Priced Mortgage Loans.'' The
OCC also is giving notice that it has sent the collection to OMB for
review.
DATES: Comments must be submitted on or before June 22, 2020.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
Email: [email protected].
Mail: Chief Counsel's Office, Attention: Comment
Processing, 1557-0313, Office of the Comptroller of the Currency, 400
7th Street SW, Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and
``1557-0313'' in your comment. In general, the OCC will publish
comments on www.reginfo.gov 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.
Additionally, please send a copy of your comments by mail to: OCC
Desk Officer, 1557-0313, U.S. Office of Management and Budget, 725 17th
Street NW, #10235, Washington, DC 20503 or by email to
[email protected].
You may review comments and other related materials that pertain to
this information collection \1\ following the close of the 30-day
comment period for this notice by any of the following methods:
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\1\ On February 24, 2020, the OCC published a 60-day notice for
this information collection, 84 FR 10511.
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Viewing Comments Electronically: Go to www.reginfo.gov.
Click on the ``Information Collection Review'' tab. Underneath the
``Currently under Review'' section heading, from the drop-down menu
select ``Department of Treasury'' and then click ``submit.'' This
information collection can be located by searching by OMB control
number ``1557-0313'' or ``Appraisals for Higher-Priced Mortgage
Loans.'' Upon finding
[[Page 31026]]
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.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, (202) 649-5490 or,
for persons who are deaf or hearing impaired, TTY, (202) 649-5597,
Chief Counsel's Office, Office of the Comptroller of the Currency, 400
7th Street SW, Suite 3E-218, Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.),
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.
The OCC asks OMB to extend its approval of the collection contained in
this notice.
Title: Appraisals for Higher-Priced Mortgage Loans.
Description: This information collection relates to section 1471 of
the Dodd-Frank Wall Street Reform and Consumer Protection Act, which
added a new section 129H to the Truth in Lending Act (TILA)
establishing special appraisal requirements for ``higher-risk
mortgages.'' For certain mortgages with an annual percentage rate that
exceeds the average prime offer rate by a specified percentage,
creditors must obtain an appraisal or appraisals meeting certain
specified standards, provide applicants with a notification regarding
the use of the appraisals, and give applicants a copy of the written
appraisals used. The statute permits the OCC to issue a rule to include
exemptions from these requirements.
The information collection requirements are found in 12 CFR
34.203(c)(1), (c)(2), (d), (e) and (f). This information is required to
protect consumers and promote the safety and soundness of creditors
making higher-priced mortgage loans (HPMLs) subject to 12 CFR part 34,
subpart G. This information is used by creditors to evaluate real
estate collateral securing HPMLs subject to 12 CFR 1026.35(c) and by
consumers entering these transactions. The collections of information
are mandatory for creditors making HPMLs subject to 12 CFR part 34,
subpart G.
Under 12 CFR 34.203(e) and (f), a creditor must, no later than the
third business day after the creditor receives a consumer's application
for an HPML, provide the consumer with a disclosure that informs the
consumer that the creditor may order an appraisal to determine the
value of the property and charge the consumer for that appraisal, that
the creditor will provide the consumer with a copy of any appraisal,
and that the consumer may choose to have an additional appraisal
conducted at the expense of the consumer. If a loan is an HPML subject
to 12 CFR 34.203(c), then, under 12 CFR 34.203(c)(1) and (2), the
creditor is required to obtain a written appraisal prepared by a
certified or licensed appraiser who conducts a physical visit of the
interior of the property that will secure the transaction (Written
Appraisal) and provide a copy of the Written Appraisal to the consumer.
Under 12 CFR 34.203(d)(1), a creditor is required to obtain an
additional appraisal (Additional Written Appraisal) for an HPML that is
subject to 12 CFR part 34, subpart G if: (1) The seller acquired the
property securing the loan 90 or fewer days prior to the date of the
consumer's agreement to acquire the property and the price in the
consumer's agreement to acquire the property exceeds the seller's
acquisition price by more than 10 percent; or (2) the seller acquired
the property securing the loan 91 to 180 days prior to the date of the
consumer's agreement to acquire the property and the price in the
consumer's agreement to acquire the property exceeds the seller's
acquisition price by more than 20 percent.
Under 12 CFR 34.203(d)(3) and (4), the Additional Written Appraisal
must meet the requirements described in 12 CFR 34.203(c)(1) and also
include an analysis of: (1) The difference between the price at which
the seller acquired the property and the price the consumer is
obligated to pay to acquire the property; (2) changes in market
conditions between the date the seller acquired the property and the
date of the consumer's agreement to acquire the property; and (3) any
improvements made to the property between the date the seller acquired
the property and the date of the consumer's agreement to acquire the
property. Under 12 CFR 34.203(f), a creditor is required to provide the
consumer with a copy of any Additional Written Appraisal.
Affected Public: Businesses or other for-profit.
Type of Submission: Regular.
Burden Estimates:
Estimated Number of Respondents: 1,134.
Estimated Total Annual Burden: 292 hours.
Frequency of Response: On occasion.
Comments: On February 24, 2020, the OCC published a 60-day notice
for this information collection, 84 FR 10511. No comments were
received. Comments continue to be 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. 2020-10964 Filed 5-20-20; 8:45 am]
BILLING CODE 4810-33-P