Agency Information Collection Activity: Industry Standard Forms for Completing an Appraisal Required by VA, 73508 [2024-20320]

Agencies

• DEPARTMENT OF VETERANS AFFAIRS

[Federal Register Volume 89, Number 175 (Tuesday, September 10, 2024)]
[Notices]
[Page 73508]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-20320]


-----------------------------------------------------------------------

DEPARTMENT OF VETERANS AFFAIRS

[OMB Control No. 2900-0890]


Agency Information Collection Activity: Industry Standard Forms 
for Completing an Appraisal Required by VA

AGENCY: Veterans Benefits Administration, Department of Veterans 
Affairs.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: Veterans Benefits Administration (VBA), Department of Veterans 
Affairs (VA), is announcing an opportunity for public comment on the 
proposed collection of certain information by the agency. Under the 
Paperwork Reduction Act (PRA) of 1995, Federal agencies are required to 
publish notice in the Federal Register concerning each proposed 
collection of information, including each proposed extension of a 
currently approved collection, and allow 60 days for public comment in 
response to the notice.

DATES: Written comments and recommendations on the proposed collection 
of information should be received on or before November 12, 2024.

ADDRESSES: Comments must be submitted through www.regulations.gov.

FOR FURTHER INFORMATION CONTACT: Program-Specific information: Nancy J. 
Kessinger, 202-632-8924, [email protected].
    VA PRA information: Maribel Aponte, 202-461-8900, 
[email protected].

SUPPLEMENTARY INFORMATION: Under the PRA of 1995, Federal agencies must 
obtain approval from the Office of Management and Budget (OMB) for each 
collection of information they conduct or sponsor. This request for 
comment is being made pursuant to section 3506(c)(2)(A) of the PRA.
    With respect to the following collection of information, VBA 
invites comments on: (1) whether the proposed collection of information 
is necessary for the proper performance of VBA's functions, including 
whether the information will have practical utility; (2) the accuracy 
of VBA'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 respondents, including through the use 
of automated collection techniques or the use of other forms of 
information technology.
    Title: Industry Standard Forms for Completing an Appraisal Required 
by VA (FNMA Forms 1004, 1004C, 1025, 2055 and 1075).
    OMB Control Number: 2900-0890.
    Type of Review: Extension 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. 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.
    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. 2024-20320 Filed 9-9-24; 8:45 am]
BILLING CODE 8320-01-P