[Federal Register Volume 84, Number 179 (Monday, September 16, 2019)]
[Notices]
[Pages 48614-48615]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-19927]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Submission for OMB 
Review; Comment Request (OMB No. 3064-0188)

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Agency information collection activities: submission for OMB 
review; comment request.

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SUMMARY: The FDIC, as part of its obligations under the Paperwork 
Reduction Act of 1995, invites the general public and other Federal 
agencies to take this opportunity to comment on the renewal of the 
existing information collection described below (3064-0188) on July 16, 
2019, the FDIC requested comment for 60 days on a proposal to renew the 
information collection described below. No comments were received. The 
FDIC hereby gives notice of its plan to submit to OMB a request to 
approve the renewal of this collection, and again invites comment on 
this renewal.

DATES: Comments must be submitted on or before October 16, 2019.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC by any of the following methods:
     https://www.FDIC.gov/regulations/laws/federal.
     Email: [email protected]. Include the name and number of 
the collection in the subject line of the message.
     Mail: Manny Cabeza (202-898-3767), Counsel, MB-3128, 
Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, 
DC 20429.
     Hand Delivery: Comments may be hand-delivered to the guard 
station at the rear of the 17th Street Building (located on F Street), 
on business days between 7:00 a.m. and 5:00 p.m.
    All comments should refer to the relevant OMB control number. A 
copy of the comments may also be submitted to the OMB desk officer for 
the FDIC: Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Washington, DC 
20503.

FOR FURTHER INFORMATION CONTACT: Manny Cabeza, Counsel, 202-898-3767, 
[email protected], MB-3128, Federal Deposit Insurance Corporation, 550 
17th Street NW, Washington, DC 20429.

SUPPLEMENTARY INFORMATION: On July 16, 2019, the FDIC requested comment 
for 60 days on a proposal to renew the information collection described 
below. No comments were received. The FDIC hereby gives notice of its 
plan to submit to OMB a request to approve the renewal of this 
collection, and again invites comment on this renewal.
    Proposal to renew the following currently approved collection of 
information:
    1. Title: Appraisal for Higher-Priced Mortgage Loans.
    OMB Number: 3064-0188.
    Form Number: None.
    Affected Public: Insured state nonmember banks and state savings 
associations.
    Burden Estimate:

                                                       Summary of Annual Burden and Internal Cost
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                                                                                                          Estimated
  Information collection (IC)                         Obligation  to      Estimated       Estimated       time per       Frequency  of     Total annual
          description              Type of burden        respond          number of     frequency of      response          response         estimated
                                                                         respondents      responses        (hours)                        burden (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Review and Provide Copy of Full  Third Party        Mandatory........           1,300              13            0.14  On Occasion......           2,366
 Interior Appraisal.              Disclosure.
Investigate and Verify           Recordkeeping....  Mandatory........           1,300               8            0.14  On Occasion......           1,456
 Requirement for Second
 Appraisal.
Conduct and Provide Second       Third Party        Mandatory........           1,300               1            0.14  On Occasion......             182
 Appraisal.                       Disclosure.
                                                                      ------------------------------------------------                   ---------------
    Total Estimated Annual       .................  .................  ..............  ..............  ..............  .................           4,004
     Burden.
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General Description of Collection

    Section 1471 of the Dodd-Frank Act established a new Truth in 
Lending (TILA) section 129H, which contains appraisal requirements 
applicable to higher-risk mortgages and prohibits a creditor from 
extending credit in the form of a higher-risk mortgage loan to any 
consumer without meeting those requirements. A higher-risk mortgage is 
defined as a residential mortgage loan secured by a principal dwelling 
with an annual percentage rate (APR) that exceeds the average prime 
offer rate (APOR) for a comparable transaction as of the date the 
interest rate is set by certain enumerated percentage point spreads. 
The rule requires that, within three days of application, a creditor 
provide a disclosure that informs consumers regarding the purpose of 
the appraisal, that the creditor will provide the consumer a copy of 
any appraisal, and that the consumer may choose to have a separate 
appraisal conducted at the expense of the consumer. If a loan meets the 
definition of a higher-risk mortgage loan, then the creditor would be 
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, and send a copy of the 
written appraisal to the consumer. To qualify for the safe harbor 
provided under the rule, a creditor is required to review the written 
appraisal as specified in the text of the rule and appendix A. If a 
loan is classified as a higher-risk mortgage loan that will finance the 
acquisition of the property to be mortgaged, and the property was 
acquired within the previous 180 days by the seller at a price that was 
lower than the current sale price, then the creditor is required to 
obtain an additional appraisal. A creditor is required to provide the 
consumer a copy of the appraisal reports performed in connection with 
the loan, without charge, at least days prior to consummation of the 
loan.
    There is no change in the method or substance of the collection. 
The overall reduction in burden hours is the result of economic 
fluctuation. In particular,

[[Page 48615]]

the number of respondents has decreased while the hours per response 
and frequency of responses have remained the same.

Request for Comment

    Comments are invited on: (a) Whether the collection of information 
is necessary for the proper performance of the FDIC's functions, 
including whether the information has practical utility; (b) the 
accuracy of the estimates of the burden of the information collection, 
including the validity of the methodology and assumptions used; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; and (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology. All 
comments will become a matter of public record.

Federal Deposit Insurance Corporation.

    Dated at Washington, DC, on September 11, 2019.
Valerie Best,
Assistant Executive Secretary.
[FR Doc. 2019-19927 Filed 9-13-19; 8:45 am]
 BILLING CODE 6714-01-P