In an effort to
minimize industry burden, OMB has established an agreement between
HUD and CFPB to permit regulated industries to use either the HUD
control number (2502-0265) associated with this information
collection, issued prior to the Dodd-Frank Act, or the CFPB control
number. With the enactment of the Dodd-Frank Act, the authority for
this collection has transferred to CFPB. However, this is only
permissible until the CFPB issues a final rule revising or
replacing the existing HUD-1/1A and GFE forms that is required
pursuant to the Dodd-Frank Act.
Inventory as of this Action
Requested
Previously Approved
06/30/2012
6 Months From Approved
149,590,000
0
0
17,183,000
0
0
727,302,490
0
0
Certain disclosures are required by
the Real Estate Settlement Procedures Act (RESPA) of 1974, as
amended by Section 461 of the Housing and Urban-Rural Recovery Act
of 1983 (HURRA), and other various amendments. The statute is found
at 12 U.S.C. 2601 et seq. The implementing regulations have been
published by the Department of Housing and Urban Development (HUD)
at 24 CFR 3500. In light of the transfer of HUD's rulemaking
authority for RESPA to the Bureau of Consumer Financial Protection
(CFPB), the CFPB is adopting an interim final rule (Interim Final
Rule) recodifying HUD's Regulation X at 12 CFR 1024 to reflect the
transfer of authority and to help facilitate compliance with RESPA
and its implementing regulations to help prevent confusion
regarding regulatory and supervisory authority. Required
disclosures include: the Good Faith Estimate (GFE), the Special
Information Booklet, the HUD-1/HUD-1A Settlement Statements, the
Servicing Disclosure Statement, and, as applicable, the Servicing
Transfer Disclosure. Other disclosures may be required under
certain circumstances and include: the Initial Escrow Account
Statement, the Annual Escrow Account Statement, the Affiliated
Business Disclosure, and the Consumer Disclosure for Voluntary
Escrow Account Payments. This collection helps to protect consumers
in several respects. The Special Information Booklet helps to
protect consumers from unnecessarily high settlement costs by
providing information about the nature and cost of real estate
settlement services. The GFE and HUD-1/HUD-1A Settlement Statements
enable consumers to compare estimated settlement costs with actual
settlement costs. The Affiliated Business Disclosure helps to
protect borrowers from unncessarily high settlement service charges
due to the settlement service provider's use of an affiliated
provider. Disclosures related to the servicing of the mortgage loan
help to protect consumers if the servicing of the loan could be or
is transferred.Disclosures related to consumers' escrow accounts
help to protect them from unneccessarily high escrow
charges.
The Bureau of Consumer
Financial Protection (CFPB) respectfully requests emergency
processing and approval of the collection of information discussed
below because the use of normal clearance procedures is reasonably
likely to prevent and disrupt an existing collection of
information. Under the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act), rulemaking authority for the Real
Estate Settlement Procedures Act (RESPA) of 1974, as amended by
Section 461 of the Housing and Urban-Rural Recovery Act of 1983
(HURRA), and other various amendments, transferred from the
Department of Housing and Urban Development (HUD) to the CFPB on
July 21, 2011. In addition to the transfer of rulemaking authority
under the Dodd-Frank Act, the CFPB received certain enforcement
authorities with respect to RESPA. The CFPB is in the process of
publishing for public comment an interim final rule establishing a
new regulation in 12 CFR Part 1024 (Regulation X). This interim
final rule substantially replicates HUDs RESPA rule, and will not
impose any new substantive obligations on regulated entities or any
new information collection requirements. As the CFPB now has
enforcement authority over certain populations that have been under
the jurisdiction of other agencies, the CFPB is requesting approval
of a new OMB control number for its collection activities under
Regulation X. To prevent disruptions of approved information
collections, the CFPB is requesting emergency processing and
approval of the following information collection request. Upon
receipt of emergency approval from the Office of Management and
Budget, the CFPB will begin a standard approval process for this
collection and will seek public input at that time.
US Code:
12
USC 1601 Name of Law: Real Estate Settlement Procedures Act
PL: Pub.L. 111 - 203 X Name of Law: Wall
Street Reform and Consumer Protection Act
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.
Supporting Statement for Regulation X 20111020 v2.docx
Affiliated Business Agreement