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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:
201311-3170-004
Status:
Historical Inactive
Previous ICR Reference No:
201208-3170-004
Agency/Subagency:
CFPB
Agency Tracking No:
RIN 3170-0019 (Final Rule)
Title:
Real Estate Settlement Procedures Act (Regulation X) 12 CFR 1024
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Preapproved
Conclusion Date:
04/02/2014
Retrieve Notice of Action (NOA)
Date Received in OIRA:
01/13/2014
Terms of Clearance:
Pursuant to the previous terms of clearance, with publication of the final rule associated with this collection, the previous agreement between HUD and CFPB to permit regulated industries to use either the HUD control number (2502-0265) associated with this information collection, or the CFPB control number, is no longer applicable. Regulated entities now should only use this CFPB OMB control number for the information collections instruments previously associated with the HUD (2502-0265) forms. CFPB should work with HUD to ensure that HUD's related collection is discontinued.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2017
36 Months From Approved
12/31/2015
Responses
122,400
0
149,590,000
Time Burden (Hours)
6,387,350
0
17,183,000
Cost Burden (Dollars)
0
0
727,302,490
Abstract:
Regulation X, which implements the Real Estate Settlement Procedures Act (RESPA), ensures that consumers are provided with more helpful information about the cost of the mortgage settlement and protected from unnecessarily high settlement charges caused by certain abusive practices. Regulation X contains information collections in the form of third party disclosures and recordkeeping requirements. This collection also contains recordkeeping requirements.
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-AA19
Final or interim final rulemaking
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
Affiliated Business Agreement
Annual Escrow
GFE/Information Booklet
HUD-1 or HUD 1A Disclosure
Initial Escrow
Regulation X Disclosure Requirements
Transfer Disclosure
Voluntary Escrow Account Payments
ICR Summary of Burden
Total Request
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
122,400
149,590,000
0
-149,467,600
0
0
Annual Time Burden (Hours)
6,387,350
17,183,000
0
-10,795,650
0
0
Annual Cost Burden (Dollars)
0
727,302,490
0
-727,302,490
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Changing Regulations
Short Statement:
The final rule eliminates the majority of the ongoing PRA burden under Regulation X for the GFE and HUD-1 and HUD-1A Settlement Statement disclosures. On a market-wide basis, annual PRA burden in Regulation X decreases by approximately 10.8 million hours (these hours are being transferred to OMB No. 3170-0015 (Regulation Z)). The Bureau also notes that the $727,302,490 cost previously reported as cost burden was hourly costs and not O&M ("cost burden"). This submission corrects this error by removing these costs from the cost burden estimate.
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:
Darrin King 202-693-4129 King.Darrin@dol.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:
01/13/2014
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