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Blank fields in records indicate information that was not collected or not collected electronically prior to July 2006.
Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
2502-0265
ICR Reference No:
198302-2502-001
Status:
Historical Active
Previous ICR Reference No:
Agency/Subagency:
HUD/OH
Agency Tracking No:
Title:
FAITH ESTIMATE OF SETTLEMENT COSTS
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
04/11/1983
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/24/1983
Terms of Clearance:
THIS REQUEST IS APPROVED FOR USE THROUGH APRIL 1985. THE DEPARTMENT'S REQUEST THAT THE "GOOD FAITH ESTIMATE OF SETTLEMENT COSTS" BE CONSIDER INFORMATION THAT THE RESPONDENTS MUST OBTAIN AND PROVIDE IN THE NORMAL COURSE OF BUSINESS ACTIVITY IS DENIED BECAUSE NOT ALL RESPONDENTS WOUL HAVE PROVIDED CONSUMERS WITH THE INFORMATION.HOWEVER, IT HAS BEEN RECOGNIZED THAT THE "GOOD FAITH ESTIMATE" PROVIDES THE BASIC INFORMATI USED TO COMPLETE THE FORM HUD-1(OMB CONTROL NUMBER 2502-0249).THEREFOR OMB HAS ALLOCATED TO THE "GOOD FAITH ESTAMATE" THE MAJORITY OF THE BURDEN ASSOCIATED WITH SETTLEMENT DISCLOSURE AND HAS ALLOCATED TO THE FORM HUD-1 THE MARGINAL BURDEN ASSOCIATED WITH TRANSFERING THE DATA TO THE FORM.OMB DOCKET 2502-0249 WILL BE REVISED TO REFLECT THIS DECISION.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/1985
04/30/1985
Responses
3,750,000
0
0
Time Burden (Hours)
1,250,000
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
SECTION 5(C) AND (D) OF THE REAL ESTATE SETTLEMENT PROCEDURES ACT (12 USC ET SEQ) REQUIRES EACH LENDER TO PROVIDE TO BORROWERS A GOOD FAITH ESTIMATE OF THE AMOUNT OF SETTLEMENT COSTS THE BORROWER IS LIKELY TO INCUR. THE PURPOSE IS TO PROVIDE CONSUMERS WITH INFORMATION SO THEY CAN SHOP IN THE SETTLEMENT MARKET.
Authorizing Statute(s):
None
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
FAITH ESTIMATE OF SETTLEMENT COSTS
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
3,750,000
0
0
0
3,750,000
0
Annual Time Burden (Hours)
1,250,000
0
0
0
1,250,000
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Uncollected
Is this ICR related to the Pandemic Response?
Uncollected
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
02/24/1983
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