Agency Information Collection Activities: Submission for OMB Review; Comment Request; Real Estate Lending and Appraisals, 57254-57255 [2022-20227]

Agencies

• Office of the Comptroller of the Currency
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 87, Number 180 (Monday, September 19, 2022)]
[Notices]
[Pages 57254-57255]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-20227]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Submission for OMB 
Review; 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 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.'' The OCC also is giving notice that is 
has sent the collection to OMB for review.

DATES: Comments must be received by October 19, 2022.

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, 1557-0190, 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 
``1557-0190'' 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.
    Written comments and recommendations for the proposed information 
collection should also be sent within 30 days of publication of this 
notice to www.reginfo.gov/public/do/PRAMain. You can find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function.
    On June 7, 2022, the OCC published a 60-day notice for this 
information collection, 87 FR 34756. You may review comments and other 
related materials that pertain to this information collection following 
the close of the 30-day comment period for this notice by the method 
set forth in the next bullet.
     Viewing Comments Electronically: Go to www.reginfo.gov. 
Hover over the ``Information Collection Review'' tab and click on 
``Information Collection Review'' from the 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.
     For assistance in navigating www.reginfo.gov, 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. The OCC asks 
that OMB extend its approval of the collection in this notice.
    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(b) 
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

[[Page 57255]]

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.
    Twelve CFR 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 total equity capital on its most recent report of 
condition.
    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: 1,413.
    Estimated Annual Burden: 193,857.
    Comments: On June 7, 2022, the OCC published a 60-day notice for 
this information collection, 87 FR 34756. 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. 2022-20227 Filed 9-16-22; 8:45 am]
BILLING CODE 4810-33-P