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Federal Register / Vol. 86, No. 151 / Tuesday, August 10, 2021 / Notices
jbell on DSKJLSW7X2PROD with NOTICES

2. Title: Minimum Requirements for Appraisal Management Companies OMB Number: 30640195.
Form Number: None.
Affected Public: Individuals or households; business or other for profit.
General Description of Collection:
This information collection comprises recordkeeping and disclosure requirements under regulations issued by the Federal Deposit Insurance Corporation FDIC, jointly with the Office of the Comptroller of the Currency OCC, the Board of Governors of the Federal Reserve System FRB, the National Credit Union Administration NCUA, the Bureau of Consumer Financial Protection CFPB, and the Federal Home Finance Agency FHFA
collectively, the agencies that implement the minimum requirements in Section 1473 of the Dodd-Frank Wall Street Reform and Consumer Protection Act Dodd-Frank Act or the Act to be applied by states 23 in the registration and supervision of appraisal management companies AMCs. The regulations also implement the requirement in Section 1473 of the Dodd-Frank Act for states to report to the Appraisal Subcommittee ASC of the Federal Financial Institutions Examination Council FFIEC the information required by the ASC to administer the new national registry of appraisal management companies AMC
National Registry or Registry. The information collection IC requirements are established in Part 323 of the FDICs codified regulations.
This information collection was last approved for renewal on October 16, 2018 2018 ICR with a total annual burden estimate of 421 hours. The 2018
ICR contains two recordkeeping and two reporting IC requirements. The FDIC
notes that the ASC has issued its own regulations or guidance implementing the requirements from the Act related to the information to be presented to the ASC by the participating states, and submitted an IC related to this reporting requirement.24 Accordingly, the FDIC is not taking PRA burden for the associated IC previously included as State Reporting Requirements to Appraisal Subcommittee and has removed it from its current ICR
submission.
For each of the remaining ICs, FDICs estimation methodology is to compute 23 States include the 50 U.S. states, the District of Columbia, and the territories of Guam, Mariana Islands, Puerto Rico, and the U.S. Virgin Islands.
See 12 CFR 323.9.
24 See OMB No. 31390009 and the accompanying Supporting Statement submitted by the ASC in 2021, available at https
www.reginfo.gov/public/do/PRAViewICR?ref_
nbr=202102-3139-001 accessed June 2, 2021.

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the total estimated burden hours for that IC and then assign an agreed-upon share of the burden hours to each of the regulatory agencies FDIC, FRB, OCC, and FHFA.25 The FDICs estimated annual burden is calculated by finding the product of the estimated annual number of respondents, the estimated annual number of responses per respondent, the estimated burden hours per response and the share of the burden attributable to the FDIC.
Burden Estimate:
Estimated Number of Respondents IC 1: Written Notice of Appraiser Removal From Network or Panel This IC relates to the written notice of appraiser removal from the network or panel pursuant to 323.10. The number of respondents is estimated to be equal to the number of appraisers who leave the profession each year multiplied by the estimated percentage of appraisers who work for AMCs. The number of appraisers who leave is calculated by adding the number of appraisers who are laid off or resign to the number of appraisers that have had their licenses revoked or surrendered. This estimation methodology is similar to the methodology used in the 2018 ICR.
The number of appraisers who are laid off or resign each year is estimated by multiplying the annual rate of Total separations by the number of appraisers for each year. Using data from the Bureau of Labor Statistics BLS for the finance and insurance industry, shown in Table 1 below, the annual rate of Total separations in 2020 is 25.1 percent.26 The rate for 2020
is within the range of annual rates between 2011 and 2020 20.4 to 26.0
percent, with a median of 24.8 percent and is a reasonable estimate for future periods.

TABLE 1ANNUAL RATE OF TOTAL
SEPARATIONS FOR THE FINANCE AND
INSURANCE INDUSTRY IN THE UNITED
STATESContinued Value in %

Year 2017
2018
2019
2020

25.2
24.2
24.6
25.1

Source: BLS, Job Openings and Labor Turnover Survey: Finance and Insurance Series ID: JTU520000000000000TSR, available at https www.bls.gov/data/ accessed June 4, 2021.

The number of appraisers is estimated by using the number of appraisers in 2020 as a proxy for the level of appraiser employment over the next three years.27
In 2020, the total number of appraisers was 86,000 and is similar to the annual average of 87,000 appraisers between 2011 and 2020. Table 2 contains data on annual employment level for appraisers in the U.S. between 2011 and 2020:

TABLE 2ANNUAL LEVEL OF EMPLOYMENT FOR APPRAISERS IN THE
UNITED STATES
Year 2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

Value in thousands 88
93
98
95
76
73
97
84
84
86

Source: BLS, EmployedAppraisers and assessors of real estate Series ID:
LNU02038218, available at https
beta.bls.gov/dataViewer/view/timeseries/
LNU02038218 accessed June 2, 2021.

TABLE 1ANNUAL RATE OF TOTAL
SEPARATIONS FOR THE FINANCE AND
Given the data summarized above, the INSURANCE INDUSTRY IN THE UNITED number of appraisers who are laid off or resign is estimated by multiplying the STATES
Value in %

Year 2011
2012
2013
2014
2015
2016

20.4
23.6
26.0
25.0
24.5
23.9

25 The agencies agreed to this burden-sharing methodology in 2018.
26 Bureau of Labor Statistics BLS, Job Openings and Labor Turnover Survey: Finance and Insurance Series ID: JTU520000000000000TSR, available at https www.bls.gov/data/ accessed June 4, 2021.

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annual number of appraisers by the annual separation rate 86,000 25.1
percent = 21,586.
As stated above, respondents to this IC also include appraisers who have their license revoked or surrendered each year. According to the ASC, between January 1, 2010 and December 31, 2019, the counts of appraisers who have had their license revoked or surrendered are 804 and 576,
27 BLS, EmployedAppraisers and assessors of real estate Series ID: LNU02038218, available at https beta.bls.gov/dataViewer/view/timeseries/
LNU02038218 accessed June 2, 2021.

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