The Department of Housing and Urban Development (HUD) is seeking approval from the Office of Management and Budget (OMB) for collecting information related to appraiser designations and appraisal reports. This request is in line with the Paperwork Reduction Act, allowing for a 60-day period for public comment on the proposal. The information gathered is crucial for ensuring accurate appraisals, particularly for Federal Housing Administration (FHA) insured mortgages, to safeguard the interests of HUD, taxpayers, and the FHA insurance fund. HUD encourages feedback on the necessity, accuracy, and potential burden of this information collection process.
Simple Explanation
The Department of Housing and Urban Development (HUD) wants to know what people think about a plan to check how well the people who guess house prices (called appraisers) do their job. They're asking everyone to share their thoughts, but the details of what they're asking and how their comments will be used are a bit tricky to understand.