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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:
200810-2502-001
Status:
Historical Active
Previous ICR Reference No:
200612-2502-003
Agency/Subagency:
HUD/OH
Agency Tracking No:
Title:
Real Estate Settlement Procedures Act (RESPA) Disclosures
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
02/03/2009
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/17/2008
Terms of Clearance:
This ICR has been approved. The change was a correction to reflect decreases in number of responses that were due to change in adjustment of agency estimate rather than due to agency discretion.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/29/2012
36 Months From Approved
11/30/2009
Responses
149,589,500
0
154,646,000
Time Burden (Hours)
17,183,450
0
11,238,680
Cost Burden (Dollars)
0
0
0
Abstract:
The Real Estate Settlement Procedures Act of 1974, (RESPA), 12 U.S.C. 2601 et.seq., and the implementing Regulation X, codified at 24 CFR 3500, require settlement providers to give homebuyers certain disclosure information at and before settlement, and pursuant to the servicing of the loan and escrow account. This includes a Special Information Booklet, a Good Faith Estimate, an Initial Servicing Disclosure, the Form HUD-1 or Form HUD-1A, and when applicable an Initial Escrow Account Statement, an Annual Escrow Account Statement, an Escrow Account Disbursement Disclosure, an Affiliated.....
Authorizing Statute(s):
US Code:
12 USC 2601
Name of Law: RESPA
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
2502-AI61
Final or interim final rulemaking
73 FR 222
11/17/2008
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
Real Estate Settlement Procedures Act (RESPA) Disclosures
TBD, HUD 1, HUD 1 a
Uniform Settlement Statement
,
Good Faith Estimate
,
Settlement Statement Optional for Transactions w/o sellers
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
149,589,500
154,646,000
0
0
-5,056,500
0
Annual Time Burden (Hours)
17,183,450
11,238,680
0
5,612,500
332,270
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Final Rule. The program change reported in item 13 of the OMB Form 83I represents an increase in the time is takes to complete the GFE. This increase is due to the amount of information that will be transmitted to the respondents. The adjustment reported in items 13 is due to changes in the economy. The Department is adjusting the previous estimate of 11,000,000 covered transactions per year to 12,500,000 covered transactions per year, resulting in increased burden hours. The adjustment is based on research conducted through the Federal National Mortgage Association, a housing Government Sponsored Enterprise. While it is unlikely that there will be 12,500,000 covered transactions in 2008, the Department believes that 12,500,000 covered transactions per year is a reasonable estimate in average years. This rule change will not increase the number of required responses. Changes in the number of responses, in all categories, are related to adjustments due to market changes, not program changes. Responses previously required through the Acknowledgement of Probable Transfer of Loan Servicing Disclosure will no longer be required. The information that was on the Acknowledgement of Probable Transfer of Loan Servicing Disclosure form will now be included on the Servicing Disclosure Statement which will be handed to borrowers with the GFE. The Servicing Disclosure Statement will not appreciably increase the burden of completing the GFE. The program change in line 13(f) is more fully explained in justification 12.
Annual Cost to Federal Government:
$326,874,750
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
Agency Contact:
Ivy Jackson 202 708-0502
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:
11/17/2008
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