NOTICE OR INITIAL AND ANNUAL EXCROW ACCOUNT STATEMENTS REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA), SECTION 10 24 CFR PART 3500 (REGULATION X)

Forms and Documents

Document Name	Status

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Document Title	Status
144720	NOTICE OR INITIAL AND ANNUAL EXCROW ACCOUNT STATEMENTS REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA), SECTION 10 24 CFR PART 3500 (REGULATION X)	Migrated

ICR Details

OMB Control No: 2502-0457	ICR Reference No: 199103-2502-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: HUD/OH	Agency Tracking No:
Title: NOTICE OR INITIAL AND ANNUAL EXCROW ACCOUNT STATEMENTS REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA), SECTION 10 24 CFR PART 3500 (REGULATION X)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/04/1991
	Date Received in OIRA: 03/01/1991
Terms of Clearance: Pursuant to 5 CFR 1320.18, OMB has approved the request for emergency processing of this information collection for 60 days. HUD shall resubmit the paperwork package within 60 days to receive a final approval. HUD shall submit information to indicate that it has taken all practicable steps to consult with interested agencies and members of the public in order to minimize the burden within this sixty day period.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/1991	04/30/1991
Responses	43,000,000	0	0
Time Burden (Hours)	10,600,000	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: SECTION 942 OF P.L. 101-625 ADDS A NEW SEC. 10(C)(1) TO RESPA, WHICH REQUIRES THE SERVICER OF A FEDERALLY RELATED MORTGAGE LOAN TO PROVIDE THE BORROWER WITH AN INITIAL ESCROW ACCOUNT STATEMENT, AND REQUIRES HUD TO PRESCRIBE A FORMAT FOR SUCH. SECTION 942 ALSO ADDS A NEW SEC. 10(C)(2) REQUIRING AN ANNUAL ESCROW ACCOUNT STATEMENT. THIS NOTIC PROVIDES INFORMATION ON SUCH.

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Authorizing Statute(s): None

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
NOTICE OR INITIAL AND ANNUAL EXCROW ACCOUNT STATEMENTS REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA), SECTION 10 24 CFR PART 3500 (REGULATION X)

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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	43,000,000	0	0	43,000,000	0	0
Annual Time Burden (Hours)	10,600,000	0	0	10,600,000	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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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]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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: 03/01/1991

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