Real Estate Settlement Procedures Act (Regulation X) 12 CFR 1024

ICR 201204-3170-008

OMB: 3170-0016

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2012-07-26
IC Document Collections
IC ID
Document
Title
Status
200127
Unchanged
200126
Unchanged
200125
Unchanged
200124
Unchanged
200123
Unchanged
200122
Unchanged
200120 Unchanged
ICR Details
3170-0016 201204-3170-008
Historical Active 201110-3170-013
CFPB
Real Estate Settlement Procedures Act (Regulation X) 12 CFR 1024
Extension without change of a currently approved collection   No
Regular
Approved with change 07/26/2012
Retrieve Notice of Action (NOA) 04/26/2012
Please refer to previous terms of clearance: 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
07/31/2015 36 Months From Approved 07/31/2012
149,590,000 0 149,590,000
17,183,000 0 17,183,000
727,302,490 0 727,302,490

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.

US Code: 12 USC 1601 Name of Law: Real Estate Settlement Procedures Act
  
None

3170-AA06 Final or interim final rulemaking 76 FR 78978 12/20/2011

  77 FR 2685 01/19/2012
77 FR 24183 04/23/2012
No

  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 149,590,000 149,590,000 0 0 0 0
Annual Time Burden (Hours) 17,183,000 17,183,000 0 0 0 0
Annual Cost Burden (Dollars) 727,302,490 727,302,490 0 0 0 0
No
No

$0
No
No
No
Yes
No
Uncollected
Lea Mosena 202 435-7152

  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:
 
 
 
 
 
 
 
    (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.
04/26/2012


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