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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:
201304-2502-009
Status:
Historical Active
Previous ICR Reference No:
201210-2502-005
Agency/Subagency:
HUD/OH
Agency Tracking No:
Title:
Real Estate Settlement Procedures Act (RESPA) Disclosures
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:
11/01/2013
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/01/2013
Terms of Clearance:
After two years, HUD and CFPB shall update OMB on the status of revisions to form to reflect new rulemakings. If new rules amending the collection are not issued, HUD shall seek further approval of this collection. In addition, HUD and CFPB shall evaluate and fully account for the cost burden to respondents.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2015
36 Months From Approved
10/31/2013
Responses
149,589,500
0
149,589,500
Time Burden (Hours)
17,183,450
0
17,183,450
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
60-day Notice:
Federal Register Citation:
Citation Date:
78 FR 24222
04/24/2013
30-day Notice:
Federal Register Citation:
Citation Date:
78 FR 39306
07/01/2013
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
GFE, HUD 1, HUD 1 a, HUD1
Uniform Settlement Statement
,
Good Faith Estimate
,
Settlement Statement Optional for Transactions w/o sellers
,
Uniform Settlement Statement
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
149,589,500
0
0
0
0
Annual Time Burden (Hours)
17,183,450
17,183,450
0
0
0
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]?
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:
LaJuan Gladden 202 402-3182 lajuan.e.gladden@hud.gov
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:
07/01/2013
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