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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:
3170-0016
ICR Reference No:
201204-3170-008
Status:
Historical Active
Previous ICR Reference No:
201110-3170-013
Agency/Subagency:
CFPB
Agency Tracking No:
Title:
Real Estate Settlement Procedures Act (Regulation X) 12 CFR 1024
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
07/26/2012
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/26/2012
Terms of Clearance:
Please refer to previous terms of clearance: In an effort to minimize industry burden, OMB has established an agreement between HUD and CFPB to permit regulated industries to use either the HUD control number (2502-0265) associated with this information collection, issued prior to the Dodd-Frank Act, or the CFPB control number. With the enactment of the Dodd-Frank Act, the authority for this collection has transferred to CFPB. However, this is only permissible until the CFPB issues a final rule revising or replacing the existing HUD-1/1A and GFE forms that is required pursuant to the Dodd-Frank Act.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2015
36 Months From Approved
07/31/2012
Responses
149,590,000
0
149,590,000
Time Burden (Hours)
17,183,000
0
17,183,000
Cost Burden (Dollars)
727,302,490
0
727,302,490
Abstract:
Certain disclosures are required by the Real Estate Settlement Procedures Act (RESPA) of 1974, as amended by Section 461 of the Housing and Urban-Rural Recovery Act of 1983 (HURRA), and other various amendments. The statute is found at 12 U.S.C. 2601 et seq. The implementing regulations have been published by the Department of Housing and Urban Development (HUD) at 24 CFR 3500. In light of the transfer of HUD's rulemaking authority for RESPA to the Bureau of Consumer Financial Protection (CFPB), the CFPB is adopting an interim final rule (Interim Final Rule) recodifying HUD's Regulation X at 12 CFR 1024 to reflect the transfer of authority and to help facilitate compliance with RESPA and its implementing regulations to help prevent confusion regarding regulatory and supervisory authority. Required disclosures include: the Good Faith Estimate (GFE), the Special Information Booklet, the HUD-1/HUD-1A Settlement Statements, the Servicing Disclosure Statement, and, as applicable, the Servicing Transfer Disclosure. Other disclosures may be required under certain circumstances and include: the Initial Escrow Account Statement, the Annual Escrow Account Statement, the Affiliated Business Disclosure, and the Consumer Disclosure for Voluntary Escrow Account Payments. This collection helps to protect consumers in several respects. The Special Information Booklet helps to protect consumers from unnecessarily high settlement costs by providing information about the nature and cost of real estate settlement services. The GFE and HUD-1/HUD-1A Settlement Statements enable consumers to compare estimated settlement costs with actual settlement costs. The Affiliated Business Disclosure helps to protect borrowers from unncessarily high settlement service charges due to the settlement service provider's use of an affiliated provider. Disclosures related to the servicing of the mortgage loan help to protect consumers if the servicing of the loan could be or is transferred.Disclosures related to consumers' escrow accounts help to protect them from unneccessarily high escrow charges.
Authorizing Statute(s):
US Code:
12 USC 1601
Name of Law: Real Estate Settlement Procedures Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3170-AA06
Final or interim final rulemaking
76 FR 78978
12/20/2011
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
77 FR 2685
01/19/2012
30-day Notice:
Federal Register Citation:
Citation Date:
77 FR 24183
04/23/2012
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
7
IC Title
Form No.
Form Name
Affiliated Business Agreement
Annual Escrow
GFE/Information Booklet
HUD-1 or HUD 1A Disclosure
Initial Escrow
Transfer Disclosure
Voluntary Escrow Account Payments
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
149,590,000
149,590,000
0
0
0
0
Annual Time Burden (Hours)
17,183,000
17,183,000
0
0
0
0
Annual Cost Burden (Dollars)
727,302,490
727,302,490
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]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Yes
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Lea Mosena 202 435-7152
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:
04/26/2012
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