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Federal Register / Vol. 86, No. 208 / Monday, November 1, 2021 / Notices
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4. AMC Disclosure Requirements Written Notice of Appraiser Removal From Network or Panel Redesignated IC 3; Formerly IC 4
An entity meets the definition of an AMC that is subject to the requirements of the AMC regulation if, among other things, it oversees an appraiser panel of more than 15 state-certified or statelicensed appraisers in a state, or 25 or more state-certified or state-licensed appraisers in two or more states, within a given 12-month period.13 For purposes of determining whether a company qualifies as an AMC under that definition, the regulation provides that an appraiser in an AMCs network or panel is deemed to remain on the network or panel until: i The AMC
sends a written notice to the appraiser removing the appraiser with an explanation; or ii receives a written notice from the appraiser asking to be removed or a notice of the death or incapacity of the appraiser.14 The AMC
would retain these notices in its files.
FHFA is correcting the title of this IC
from AMC Recordkeeping Requirements to AMC Disclosure Requirements Written Notice of Appraiser Removal From Network or Panel to reflect that it is a disclosure requirement instead of a reporting requirement and redesignating it to IC
3 from IC 4.
B. Burden Estimate For the information collections described above, the general methodology is to compute the industry-wide burden hours for participating states and AMCs and then assign a share of the burden hours to each of the Agencies for each information collection.
As noted above, each of the Agencies AMC regulations contains reporting and recordkeeping requirements applying to participating states and to both federally regulated and non-federally regulated AMCs.15 The Agencies have estimated that approximately 3,860 entities meet the regulatory definition of an appraisal management company. 16
According to the AMC National Registry, 3,817 rounded to 3,820 are state-regulated.17 Unlike the insured depository institutions regulated by the OCC, FDIC, and the Board, none of FHFAs regulated entities owns or controls an AMC or, by law, could ever own or control an AMC. Accordingly, 13 See
12 CFR 1222.21c1iii.
12 CFR 1222.22b.
15 In FHFAs regulations, the definition for AMC
is set forth at 12 CFR 1222.21c.
16 Id. at 58276.
17 Id.
14 See
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the Agencies have agreed that responsibility for the burdens arising from reporting and recordkeeping requirements imposed upon federally regulated AMCs are to be split evenly among the OCC, FDIC, and the Board, and that FHFA will not include those burdens in its totals. The four Agencies have agreed to split the total burdens imposed upon participating states and upon non-federally regulated AMCs evenly between them.
Thus, for IC 1 State Recordkeeping Requirements, which relates to reporting and recordkeeping requirements imposed upon participating states, each agency is responsible for 25 percent of the total estimated burden. For IC 3AMC
Disclosure Requirements Written Notice of Appraiser Removal From Network or Panel which relates to disclosure requirements imposed upon both federally regulated AMCs and nonfederally regulated AMCs, the OCC, FDIC, and the Board are each responsible for 30 percent of the total burden, while FHFA is responsible only for 10 percent of the burden imposed.18
The Agencies estimate the total annualized hour burden placed on respondents by the information collection in the joint AMC regulations to be 8,208 hours. FHFA estimates its share of the hour burden to be 837
hours. The calculations on which those estimations are based are described below.
1. State Recordkeeping Requirements IC 1
The estimated burden hours on participating states for developing and maintaining an AMC licensing program is calculated by multiplying the number of states without a registration and licensing program by the hour burden to develop the system. The total burden hours are then equally divided among the FDIC, OCC, Board, and FHFA.
According to the ASC there are four states the territories of Guam, Mariana Islands, Puerto Rico, and the U.S. Virgin Islands that have not developed a system to register and oversee AMCs.19
The burden estimate of 40 hours per state without a registration system is unchanged from the estimate provided for the currently-approved ICR.
Therefore, the total estimated burden 18 FHFAs IC2 AMC Disclosure Requirements State-regulated AMCs now collects information relating only to state-regulated AMCs, but FHFA
will still be allocated only 10 percent of the burden.
See 86 FR at 58277.
19 Appraisal Subcommittee States Status on Implementation of AMC Programs, available at https www.asc.gov/National-Registries/
StatesStatus.aspx.

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attributable to all of the Agencies is: 4
states 40 hours/state = 160 hours. The estimated burden hours attributable to FHFA are 160 hours 25 percent = 40
hours.
2. AMC Disclosure Requirements StateRegulated AMCs IC 2
The burden for AMC disclosure requirements for information needed to determine the AMC National Registry fee and information regarding compliance with the AMC ownership restrictions is calculated by multiplying the number of AMCs by the frequency of response and then by the burden per response. As described above, 30
percent of the burden hours are then assigned to each of the FDIC, OCC, and the Board, while 10 percent are assigned to FHFA. There are 3,820 state-regulated AMCs.
The frequency of response is estimated as the number of states that do not have an AMC registration program in which the average AMC
operates.20 As discussed above, 4 states do not have AMC registration or oversight programs. According to the Consumer Financial Protection Bureau CFPB, the average AMC operates in 19.56 states.21 Therefore, the average AMC operates in approximately 2 states that do not have AMC registration systems: 4 states/55 states 19.56
states = 1.422 states, rounded to 2 states.
The burden estimate of one hour per response is unchanged from the estimate provided for the currentlyapproved ICR. Therefore, the total estimated hour burden is: 3,820 AMCs 2 states 1 hour = 7,640 hours. The estimated burden hours attributable to FHFA are 7,640 hours 10 percent =
764 hours.
3. AMC Disclosure Requirements Written Notice of Appraiser Removal From Network or Panel IC 3
The burden for disclosure by AMCs of written notices of appraiser removal from a network or panel is estimated to be equal to the number of appraisers who leave the profession per year multiplied by the estimated percentage of appraisers who work for AMCs, then 20 The number of states includes all U.S. states, territories, and districts to include: The Commonwealth of the Northern Mariana Islands;
the District of Columbia; Guam; Puerto Rico; and the U.S. Virgin Islands.
21 See OMB No. 30640195 and the accompanying Supporting Statement submitted by the FDIC in 2018, available at https
www.reginfo.gov/public/do/PRAViewICR?ref_
nbr=201804-3064-013. Additional details on the survey can be found in the text accompanying the final rule. See Minimum Requirements for Appraisal Management Companies, 80 FR 32,677
June 9, 2015.

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