Real Estate Title Clearance and Loan Closing - 7 CFR 1927-B

Forms and Documents

Document Name	Status
Form 1927-05 7 CFR 1927-B, "Real Estate Title Clearance and Loan Closing" Form	Modified
Form 1927-05 7 CFR 1927 - Private Sector Form	Modified
2010 1927-B paperburden.doc Supporting Statement A	2010-08-18
20101927-B BURDEN.xlsx Supplementary Document	2010-08-10

IC Document Collections

IC ID	Document Title	Status
1998	7 CFR 1927-B, "Real Estate Title Clearance and Loan Closing" Form	Modified
180080	7 CFR 1927 - Private Sector Form	Modified

ICR Details

OMB Control No: 0575-0147	ICR Reference No: 201006-0575-001
Status: Historical Active	Previous ICR Reference No: 200704-0575-003
Agency/Subagency: USDA/RHS	Agency Tracking No:
Title: Real Estate Title Clearance and Loan Closing - 7 CFR 1927-B
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/10/2010
	Date Received in OIRA: 08/18/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2013	36 Months From Approved	12/31/2010
Responses	58,810	0	90,399
Time Burden (Hours)	5,395	0	25,042
Cost Burden (Dollars)	0	0	0

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Abstract: This regulation promulgates the policies and procedures or real estate title clearance and closing of loans, assumptions, voluntary conveyances, and credit sales in connection with insured loans. This regulation does not apply to guaranteed loans.

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Authorizing Statute(s): US Code: 7 USC 1926a Name of Law: Consolidated Farm and Rural Development Act
   PL: Pub.L. 102 - 550 501 Name of Law: Housing Act of 1949
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 34684	06/18/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 50743	08/17/2010
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
7 CFR 1927 - Private Sector	1927-05, 1927-08, 1927-19, 1927-20, 1927-09, 1927-10, 3550-25, 1927-16	Affidavit Regarding Work of Improvement ,   Agreement with Prior Lienholder ,   Preliminary Title Opinion ,   Final Title Opinion ,   Loan Closing Instructions/Loan Closing Statement ,   Notification of Loan Closing ,   Cetification of Attorney ,   Certification of Title Insurance Company
7 CFR 1927-B, "Real Estate Title Clearance and Loan Closing"	1927-05, 1927-08, 1927-09, 1927-20, 1927-10, 3550-25, 1927-16, 1927-19	Affidavit Regarding Work of Improvement ,   Agreement with Prior Lienholder ,   Preliminary Title Opinion ,   Final Title Opinion ,   Loan Closing Instructions/Loan Closing Statement ,   Notification of Loan Closing ,   Certification of Attorney ,   Certification of Title Insurance Company

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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	58,810	90,399	0	0	-31,589	0
Annual Time Burden (Hours)	5,395	25,042	0	0	-19,647	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: The change in burden (-19,647 hours, and -31,589 responses) is a combination of FSA no longer utilizing RD forms and removing burden associated with form 3550-25. The form is completed by RD personnel and only the closing attorney's signature is required.

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Annual Cost to Federal Government: $2,378,530

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]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

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: 08/18/2010

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