The Federal Housing Finance Agency (FHFA) is inviting public comments on the "Minimum Requirements for Appraisal Management Companies" information collection as per the Paperwork Reduction Act of 1995. This information collection is intended for an extension review and approval by the Office of Management and Budget before its expiration in March 2025. The rules involve state-level requirements for registering and supervising appraisal management companies to ensure they comply with federal standards. FHFA is responsible for overseeing a portion of the reported data burden and is seeking feedback on its necessity, accuracy, and potential methods to reduce it.
Simple Explanation
The Federal Housing Finance Agency (FHFA) wants to make sure companies that check the value of houses are doing a good job, and they are asking people to help by sharing their thoughts about the rules they have. They need permission to keep collecting this information for three more years, so they want to know if what they're doing is helpful or if there are better ways to do it.