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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:
3170-0025
ICR Reference No:
201602-3170-003
Status:
Historical Active
Previous ICR Reference No:
201311-3170-002
Agency/Subagency:
CFPB
Agency Tracking No:
Title:
Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act (Regulation X)
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 without change
Conclusion Date:
05/05/2016
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/17/2016
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2019
36 Months From Approved
05/31/2016
Responses
7,049,996
0
14,911,600
Time Burden (Hours)
117,500
0
274,667
Cost Burden (Dollars)
138,705
0
2,680,280
Abstract:
Regulation X 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 amendment to Regulation X requires lenders to provide mortgage applicants a list of certified homeownership counselors at or soon after the time of their application. This requirement is meant to help applicants be informed about the process of applying for a mortgage, and receive additional non-biased guidance if desired.
Authorizing Statute(s):
US Code:
12 USC 2601
Name of Law: Real Estate Settlement Procedures Act of 1974
US Code:
12 USC 1601
Name of Law: Real Estate Settlement Procedures Act of 1974
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
80 FR 73734
11/25/2015
30-day Notice:
Federal Register Citation:
Citation Date:
81 FR 8052
02/17/2016
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
One Time: Training and System Updates
One time: Reviewing regulation
Provision of List of Homeownership Counselors or Counseling Organizations to Applicants for Federally Related Mortgage Loans
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
7,049,996
14,911,600
0
0
-7,861,604
0
Annual Time Burden (Hours)
117,500
274,667
0
0
-157,167
0
Annual Cost Burden (Dollars)
138,705
2,680,280
0
0
-2,541,575
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:
The new estimates calculated by the CFPB reflect improved calculations done on the market. In particular, the previous estimates were for the entire market and not just for those respondents under the CFPB enforcement authority. Therefore the total respondents, annual respondents, and burden hours are lower to reflect that. While the cost burden is also lower to reflect the actual number of CFPB respondents, we also estimate a lower cost per printed disclosure from $.10 to $.01. This is both because we believe many respondents send this list electronically and therefore have no additional costs, and for those that do print it, the cost is extremely minimal.
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:
02/17/2016
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