81_FR_77215 81 FR 77001 - Agency Information Collection Activities: Information Collection Renewal; Comment Request; Appraisals for Higher-Priced Mortgage Loans

81 FR 77001 - Agency Information Collection Activities: Information Collection Renewal; Comment Request; Appraisals for Higher-Priced Mortgage Loans

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency

Federal Register Volume 81, Issue 214 (November 4, 2016)

Page Range77001-77002
FR Document2016-26683

The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to 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, ``Appraisals for Higher-Priced Mortgage Loans.''

Federal Register, Volume 81 Issue 214 (Friday, November 4, 2016) 
[Federal Register Volume 81, Number 214 (Friday, November 4, 2016)]
[Notices]
[Pages 77001-77002]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-26683]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Comment Request; Appraisals for Higher-Priced Mortgage Loans

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 the general public and other Federal 
agencies to take this opportunity to 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, ``Appraisals for Higher-Priced Mortgage Loans.''

DATES: Comments must be submitted on or before January 3, 2017.

ADDRESSES:  Because paper mail in the Washington, DC area and at the 
OCC is subject to delay, commenters are encouraged to submit comments 
by email, if possible. Comments may be sent to: Legislative and 
Regulatory Activities Division, Office of the Comptroller of the 
Currency, Attention: 1557-0313, 400 7th Street SW., Suite 3E-218, mail 
stop 9W-11, Washington, DC 20219. In addition, comments may be sent by 
fax to (571) 465-4326 or by electronic mail to [email protected]. 
You may personally inspect and photocopy comments at the OCC, 400 7th 
Street SW., Washington, DC 20219. For security reasons, the OCC 
requires that visitors make an appointment to inspect comments. You may 
do so by calling (202) 649-6700 or, for persons who are deaf or hard of 
hearing, TTY, (202) 649-5597. Upon arrival, visitors will be required 
to present valid government-issued photo identification and submit to 
security screening in order to inspect and photocopy comments.
    All 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.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance 
Officer, (202) 649-5490 or, for persons who are deaf or hard of 
hearing, TTY, (202) 649-5597, Legislative and Regulatory Activities 
Division, Office of the Comptroller of the Currency, 400 7th Street 
SW., Suite 3E-218, mail stop 9W-11, Washington, DC 20219.

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. Section 
3506(c)(2)(A) of title 44 requires Federal agencies to provide a 60-day 
notice in the Federal Register concerning each proposed collection of 
information, including each proposed extension of an existing 
collection of information, before submitting the collection to OMB for 
approval. To comply with this requirement, the OCC is publishing notice 
of the proposed collection of information set forth in this document.
    This information collection relates to section 1471 of the Dodd-
Frank Act, which added a new section 129H to the Truth in Lending Act 
(TILA) establishing special appraisal requirements for ``higher-risk 
mortgages.'' For certain mortgages with an annual percentage rate that 
exceeds the average prime offer rate by a specified percentage, 
creditors must obtain an appraisal or appraisals meeting certain 
specified standards, provide applicants with a notification regarding 
the use of the appraisals, and give applicants a copy of the written 
appraisals used. The statute permits the OCC to issue a rule to include 
exemptions from these requirements.
    The information collection requirements are found in 12 CFR 
34.203(c)(1), (c)(2), (d), (e) and (f). This information is required to 
protect consumers and promote the safety and soundness of creditors 
making higher-priced mortgage loans (HPMLs) subject to 12 CFR part 34, 
subpart G. This information is used by creditors to evaluate real 
estate collateral securing HPMLs subject to 12 CFR 1026.35(c) and by 
consumers entering these transactions. The collections of information 
are mandatory for creditors making HPMLs subject to 12 CFR part 34, 
subpart G.
    Under 12 CFR 34.203(e) and (f), a creditor must, no later than the 
third business day after the creditor receives a consumer's application 
for an HPML, provide a disclosure to the consumer that informs the 
consumer of the purpose of the appraisal, that the creditor will 
provide the consumer with a copy of any appraisal, and that the 
consumer may choose to have a separate appraisal conducted at the 
expense of the consumer (Initial Appraisal Disclosure). If a loan is an 
HPML subject to 12 CFR 1026.35(c), then the creditor is 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 (Written Appraisal) and provide a copy 
of the Written Appraisal to the consumer. Under 12 CFR 34.203(d)((1), a 
creditor is required to obtain an additional appraisal (Additional 
Written Appraisal) for an HPML that is subject to 12 CFR part 34, 
subpart G if: (1) The seller acquired the property securing the loan 90 
or fewer days prior to the date of the consumer's agreement to acquire 
the property and the resale price exceeds the seller's acquisition 
price by more than 10 percent; or (2) the seller acquired the property 
securing the loan 91 to 180 days prior to the date of the consumer's 
agreement to acquire the property and the resale price exceeds the 
seller's acquisition price by more than 20 percent.
    Under 12 CFR 34.203(d)(3) and (4), the Additional Written Appraisal 
must meet the requirements described in 12 CFR 34.203(c)(1) and also 
include an analysis of: (1) The difference between the price at which 
the seller acquired the property and the price the consumer agreed to 
pay; (2) changes in market conditions between the date the seller 
acquired the property and the date the consumer agreed to acquire the 
property; and (3) any improvements

[[Page 77002]]

made to the property between the date the seller acquired the property 
and the date on which the consumer agreed to acquire the property. 
Under 12 CFR 34.203(f), a creditor is required to provide a copy of any 
Additional Written Appraisal to the consumer.
    Affected Public: Businesses or other for-profit.
    Burden Estimates:
    Estimated Number of Respondents: 1,399.
    Estimated Total Annual Burden: 19,946 hours.
    Frequency of Response: On occasion.
    Comments: Comments submitted in response to this notice will be 
summarized and included in the request for OMB approval. All comments 
will become a matter of public record. Comments are 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.

    Dated: October 31, 2016.
Karen Solomon,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2016-26683 Filed 11-3-16; 8:45 am]
 BILLING CODE 4810-33-P

Federal Register / Vol. 81, No. 214 / Friday, November 4, 2016 / Notices 77001 approximately two times per year or as You may personally inspect and appraisals used. The statute permits the necessary. Subcommittees may be photocopy comments at the OCC, 400 OCC to issue a rule to include formed to address specific 7th Street SW., Washington, DC 20219. exemptions from these requirements. transportation equity issues. For security reasons, the OCC requires The information collection The Committee will make that visitors make an appointment to requirements are found in 12 CFR recommendations that provide timely, inspect comments. You may do so by 34.203(c)(1), (c)(2), (d), (e) and (f). This comprehensive, inclusive advice to the calling (202) 649–6700 or, for persons information is required to protect Secretary on transportation opportunity who are deaf or hard of hearing, TTY, consumers and promote the safety and public policy issues that advance the (202) 649–5597. Upon arrival, visitors soundness of creditors making higher- principles of providing opportunity and will be required to present valid priced mortgage loans (HPMLs) subject access to everyone. government-issued photo identification to 12 CFR part 34, subpart G. This and submit to security screening in information is used by creditors to Issued in Washington, DC, on October 27, 2016. order to inspect and photocopy evaluate real estate collateral securing comments. HPMLs subject to 12 CFR 1026.35(c) Blair C. Anderson, All comments received, including and by consumers entering these Under Secretary of Transportation for Policy. transactions. The collections of attachments and other supporting [FR Doc. 2016–26674 Filed 11–3–16; 8:45 am] information are mandatory for creditors materials, are part of the public record BILLING CODE 4910–9X–P and subject to public disclosure. Do not making HPMLs subject to 12 CFR part include any information in your 34, subpart G. comment or supporting materials that Under 12 CFR 34.203(e) and (f), a DEPARTMENT OF THE TREASURY you consider confidential or creditor must, no later than the third inappropriate for public disclosure. business day after the creditor receives Office of the Comptroller of the a consumer’s application for an HPML, FOR FURTHER INFORMATION CONTACT: Currency provide a disclosure to the consumer Shaquita Merritt, OCC Clearance that informs the consumer of the Agency Information Collection Officer, (202) 649–5490 or, for persons purpose of the appraisal, that the Activities: Information Collection who are deaf or hard of hearing, TTY, creditor will provide the consumer with Renewal; Comment Request; (202) 649–5597, Legislative and a copy of any appraisal, and that the Appraisals for Higher-Priced Mortgage Regulatory Activities Division, Office of consumer may choose to have a separate Loans the Comptroller of the Currency, 400 7th appraisal conducted at the expense of Street SW., Suite 3E–218, mail stop 9W– AGENCY: Office of the Comptroller of the the consumer (Initial Appraisal 11, Washington, DC 20219. Disclosure). If a loan is an HPML subject Currency (OCC), Treasury. SUPPLEMENTARY INFORMATION: Under the to 12 CFR 1026.35(c), then the creditor ACTION: Notice and request for comment. PRA (44 U.S.C. 3501–3520), Federal is required to obtain a written appraisal agencies must obtain approval from the prepared by a certified or licensed SUMMARY: The OCC, as part of its OMB for each collection of information continuing effort to reduce paperwork appraiser who conducts a physical visit that they conduct or sponsor. of the interior of the property that will and respondent burden, invites the ‘‘Collection of information’’ is defined general public and other Federal secure the transaction (Written in 44 U.S.C. 3502(3) and 5 CFR Appraisal) and provide a copy of the agencies to take this opportunity to 1320.3(c) to include agency requests or comment on a continuing information Written Appraisal to the consumer. requirements that members of the public Under 12 CFR 34.203(d)((1), a creditor collection as required by the Paperwork submit reports, keep records, or provide Reduction Act of 1995 (PRA). is required to obtain an additional information to a third party. Section appraisal (Additional Written In accordance with the requirements 3506(c)(2)(A) of title 44 requires Federal of the PRA, the OCC may not conduct Appraisal) for an HPML that is subject agencies to provide a 60-day notice in to 12 CFR part 34, subpart G if: (1) The or sponsor, and the respondent is not the Federal Register concerning each required to respond to, an information seller acquired the property securing the proposed collection of information, loan 90 or fewer days prior to the date collection unless it displays a currently including each proposed extension of an valid Office of Management and Budget of the consumer’s agreement to acquire existing collection of information, the property and the resale price (OMB) control number. before submitting the collection to OMB The OCC is soliciting comment exceeds the seller’s acquisition price by for approval. To comply with this more than 10 percent; or (2) the seller concerning renewal of its information requirement, the OCC is publishing acquired the property securing the loan collection titled, ‘‘Appraisals for Higher- notice of the proposed collection of 91 to 180 days prior to the date of the Priced Mortgage Loans.’’ information set forth in this document. consumer’s agreement to acquire the DATES: Comments must be submitted on This information collection relates to property and the resale price exceeds or before January 3, 2017. section 1471 of the Dodd-Frank Act, the seller’s acquisition price by more ADDRESSES: Because paper mail in the which added a new section 129H to the than 20 percent. Washington, DC area and at the OCC is Truth in Lending Act (TILA) Under 12 CFR 34.203(d)(3) and (4), subject to delay, commenters are establishing special appraisal the Additional Written Appraisal must encouraged to submit comments by requirements for ‘‘higher-risk meet the requirements described in 12 email, if possible. Comments may be mortgages.’’ For certain mortgages with CFR 34.203(c)(1) and also include an asabaliauskas on DSK3SPTVN1PROD with NOTICES sent to: Legislative and Regulatory an annual percentage rate that exceeds analysis of: (1) The difference between Activities Division, Office of the the average prime offer rate by a the price at which the seller acquired Comptroller of the Currency, Attention: specified percentage, creditors must the property and the price the consumer 1557–0313, 400 7th Street SW., Suite obtain an appraisal or appraisals agreed to pay; (2) changes in market 3E–218, mail stop 9W–11, Washington, meeting certain specified standards, conditions between the date the seller DC 20219. In addition, comments may provide applicants with a notification acquired the property and the date the be sent by fax to (571) 465–4326 or by regarding the use of the appraisals, and consumer agreed to acquire the electronic mail to prainfo@occ.treas.gov. give applicants a copy of the written property; and (3) any improvements VerDate Sep<11>2014 17:52 Nov 03, 2016 Jkt 241001 PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 E:\FR\FM\04NON1.SGM 04NON1

77002 Federal Register / Vol. 81, No. 214 / Friday, November 4, 2016 / Notices made to the property between the date techniques or other forms of information DATES: OFAC’s action described in this the seller acquired the property and the technology; and notice was effective on November 1, date on which the consumer agreed to (e) Estimates of capital or start-up 2016. acquire the property. Under 12 CFR costs and costs of operation, 34.203(f), a creditor is required to maintenance, and purchase of services FOR FURTHER INFORMATION CONTACT: provide a copy of any Additional to provide information. Associate Director for Global Targeting, Written Appraisal to the consumer. Dated: October 31, 2016. tel.: 202/622–2420, Assistant Director Affected Public: Businesses or other Karen Solomon, for Sanctions Compliance & Evaluation, for-profit. tel.: 202/622–2490, Assistant Director Deputy Chief Counsel, Office of the Burden Estimates: for Licensing, tel.: 202/622–2480, Office Comptroller of the Currency. Estimated Number of Respondents: of Foreign Assets Control, or Chief 1,399. [FR Doc. 2016–26683 Filed 11–3–16; 8:45 am] Counsel (Foreign Assets Control), tel.: Estimated Total Annual Burden: BILLING CODE 4810–33–P 202/622–2410, Office of the General 19,946 hours. Counsel, Department of the Treasury Frequency of Response: On occasion. Comments: Comments submitted in DEPARTMENT OF THE TREASURY (not toll free numbers). response to this notice will be SUPPLEMENTARY INFORMATION: summarized and included in the request Office of Foreign Assets Control for OMB approval. All comments will Electronic Availability Sanctions Action Pursuant to become a matter of public record. Executive Order 13224 The SDN List and additional Comments are invited on: (a) Whether the collection of AGENCY: Office of Foreign Assets information concerning OFAC sanctions information is necessary for the proper Control, Treasury. programs are available from OFAC’s performance of the functions of the ACTION: Notice. Web site (www.treas.gov/ofac). OCC, including whether the information Notice of OFAC Action has practical utility; SUMMARY: The Treasury Department’s (b) The accuracy of the OCC’s Office of Foreign Assets Control (OFAC) On November 1, 2016, OFAC blocked estimate of the information collection is publishing the names of 2 individuals the property and interests in property of burden; and 1 entity whose property and the following 2 individuals and 1 entity (c) Ways to enhance the quality, interests in property are blocked pursuant to E.O. 13224, ‘‘Blocking utility, and clarity of the information to pursuant to Executive Order 13224 of Property and Prohibiting Transactions be collected; September 23, 2001, ‘‘Blocking Property With Persons Who Commit, Threaten To (d) Ways to minimize the burden of and Prohibiting Transactions With Commit, or Support Terrorism’’: the collection on respondents, including Persons Who Commit, Threaten To through the use of automated collection Commit, or Support Terrorism.’’ Individuals asabaliauskas on DSK3SPTVN1PROD with NOTICES VerDate Sep<11>2014 17:52 Nov 03, 2016 Jkt 241001 PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 E:\FR\FM\04NON1.SGM 04NON1


Document Created: 2018-02-14 08:26:17
Document Modified: 2018-02-14 08:26:17
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice and request for comment.
DatesComments must be submitted on or before January 3, 2017.
ContactShaquita Merritt, OCC Clearance Officer, (202) 649-5490 or, for persons who are deaf or hard of hearing, TTY, (202) 649-5597, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street SW., Suite 3E-218, mail stop 9W-11, Washington, DC 20219.
FR Citation81 FR 77001 
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