Government Extends Paperwork Requirements for Home Appraisal Companies
Published Date: 1/15/2025
Notice
Summary
The Federal Housing Finance Agency wants to keep collecting info from Appraisal Management Companies for three more years and is asking the public to share their thoughts by March 17, 2025. This affects companies that manage home appraisals and helps make sure rules stay clear and fair. No new costs or big changes are planned—just a smooth extension of current rules.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Who Counts as an Appraisal Management Company
Under the regulation, an entity is an appraisal management company if it oversees a panel of more than 15 state-certified or state-licensed appraisers in a state, or 25 or more such appraisers in two or more states within a 12-month period. Being an AMC makes the entity subject to the recordkeeping, reporting, and registration requirements described in Subpart B of 12 CFR part 1222.
Three-Year Extension Request
FHFA plans to ask the Office of Management and Budget to extend OMB control number 2590-0013, the ‘‘Minimum Requirements for Appraisal Management Companies,’’ for three years. The current control number expires on March 31, 2025, and FHFA is taking public comments through March 17, 2025.
Estimated Industry Burden Hours
The Agencies estimate the total annualized industry burden for the joint AMC information collections is 6,651 hours, and FHFA estimates its share of that burden at 678 hours per year. These totals represent the time respondents across states and AMCs will spend on the required reporting and recordkeeping.
Per-Collection Respondent Estimates
FHFA provides detailed estimates for each information collection: IC #1 (appraiser removal notices) has 28,270 total annual respondents with FHFA's share 2,827 and an average 5 minutes per response (FHFA hours = 236). IC #2 (state recordkeeping) notes 5 states without AMC programs with FHFA’s share estimated as 1 respondent at 40 hours. IC #3 (AMC disclosure) estimates 4,020 state-regulated AMCs with FHFA's share 402 and 1 hour per report.
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