THIS REQUEST IS
APPROVED FOR USE THROUGH APRIL 1985. THE DEPARTMENT'S REQUEST THAT
THE "GOOD FAITH ESTIMATE OF SETTLEMENT COSTS" BE CONSIDER
INFORMATION THAT THE RESPONDENTS MUST OBTAIN AND PROVIDE IN THE
NORMAL COURSE OF BUSINESS ACTIVITY IS DENIED BECAUSE NOT ALL
RESPONDENTS WOUL HAVE PROVIDED CONSUMERS WITH THE
INFORMATION.HOWEVER, IT HAS BEEN RECOGNIZED THAT THE "GOOD FAITH
ESTIMATE" PROVIDES THE BASIC INFORMATI USED TO COMPLETE THE FORM
HUD-1(OMB CONTROL NUMBER 2502-0249).THEREFOR OMB HAS ALLOCATED TO
THE "GOOD FAITH ESTAMATE" THE MAJORITY OF THE BURDEN ASSOCIATED
WITH SETTLEMENT DISCLOSURE AND HAS ALLOCATED TO THE FORM HUD-1 THE
MARGINAL BURDEN ASSOCIATED WITH TRANSFERING THE DATA TO THE
FORM.OMB DOCKET 2502-0249 WILL BE REVISED TO REFLECT THIS
DECISION.
Inventory as of this Action
Requested
Previously Approved
04/30/1985
04/30/1985
3,750,000
0
0
1,250,000
0
0
0
0
0
SECTION 5(C) AND (D) OF THE REAL
ESTATE SETTLEMENT PROCEDURES ACT (12 USC ET SEQ) REQUIRES EACH
LENDER TO PROVIDE TO BORROWERS A GOOD FAITH ESTIMATE OF THE AMOUNT
OF SETTLEMENT COSTS THE BORROWER IS LIKELY TO INCUR. THE PURPOSE IS
TO PROVIDE CONSUMERS WITH INFORMATION SO THEY CAN SHOP IN THE
SETTLEMENT MARKET.
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:
(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;
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.