Industry Standard Forms for Completing an Appraisal Required by VA (FNMA Forms 1004, 1004C, 1004D, 1025, 1073, 1075 and 2055)

Forms and Documents

Document Name	Status
Form 1004 Industry Standard Forms for Completing an Appraisal Required by VA Form and Instruction	New
White Paper (FNMA Forms) - Emergency Justification v2.docx Supplementary Document	2021-05-12
SUPPORTING_STATEMENT-FNMA_Forms-FO final - v2.docx Supporting Statement A	2021-05-10

IC Document Collections

IC ID	Document Title	Status
247292	Industry Standard Forms for Completing an Appraisal Required by VA Form and Instruction	New

ICR Details

OMB Control No:	ICR Reference No: 202105-2900-004
Status: Received in OIRA	Previous ICR Reference No:
Agency/Subagency: VA	Agency Tracking No: VBA-LGY-NK
Title: Industry Standard Forms for Completing an Appraisal Required by VA (FNMA Forms 1004, 1004C, 1004D, 1025, 1073, 1075 and 2055)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  Yes
Type of Review Request: Emergency	Approval Requested By: 05/20/2021
Date Submitted to OIRA: 05/12/2021

	Requested	Previously Approved
Expiration Date	6 Months From Approved
Responses	650,000	0
Time Burden (Hours)	10,833	0
Cost Burden (Dollars)	0	0

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Abstract: This information collection package seeks emergency 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.

Emergency Justfication: VA is requesting emergency approval to authorize collection of information using these Fannie Mae (FNMA) forms because accurate and thorough appraisal reporting is critical to the accuracy of underwriting for the mortgage insurance process. Additionally, VA is looking to expand the list of authorized forms for use due to ongoing needs related to the pandemic and to provide policy for appraisers to perform their duties in a COVID-19 environment. 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.

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Authorizing Statute(s): US Code: 38 USC 3731
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Industry Standard Forms for Completing an Appraisal Required by VA	1004, 1004c, 1004d, 1025, 1073, 1075, 2055	Uniform Residential Appraisal Report ,   Manufactured Home Appraisal Report ,   Appraisal Update and/or Completion Report ,   Small Residential Income Property Appraisal Report ,   Individual Condominium Unit Appraisal Report ,   Exterior-Only Inspection Individual Condominium Unit Appraisal Report ,   Exterior-Only Inspection Residential Appraisal Report

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	650,000	0	0	650,000	0	0
Annual Time Burden (Hours)	10,833	0	0	10,833	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new collection of information.

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Annual Cost to Federal Government: $352,430

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Yes

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Common Form ICR:  Yes

Description/Changes for Common Form Usage:  The appraisal report forms listed below are the most common forms used in real estate appraisal profession and are industry-standard forms. They were created to allow for standard reporting and analysis of single-family, Manufactured homes, Condominiums, and 2-4-unit multi-family dwellings. They are suitable for a building in a planned unit development (PUD). The forms that VA requests the appraisers provide to VA are industry standard forms based upon the property type.

Approved RCFs using this ICR

Agency/Sub Agency	RCF ID	RCF Title	RCF Status	IC Title

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 05/12/2021

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