Real Estate Settlement Procedures Act (RESPA) Disclosures

Forms and Documents

Document Name	Status
Form HUD 1 Real Estate Settlement Procedures Act (RESPA) Disclosures Form and Instruction	Modified
Policy Statement 2001-1.pdf Supplementary Document	2012-10-16
Emergency Letter HUD1.doc Supplementary Document	2012-10-16
83i 2502-0265.doc Supporting Statement A	2012-10-16

IC Document Collections

IC ID	Document Title	Status
27091	Real Estate Settlement Procedures Act (RESPA) Disclosures Form and Instruction	Modified

ICR Details

OMB Control No: 2502-0265	ICR Reference No: 201210-2502-005
Status: Historical Active	Previous ICR Reference No: 200905-2502-005
Agency/Subagency: HUD/OH	Agency Tracking No:
Title: Real Estate Settlement Procedures Act (RESPA) Disclosures
Type of Information Collection: Reinstatement without change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 11/09/2012
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/16/2012
	Date Received in OIRA: 10/31/2012
Terms of Clearance: HUD shall set processes to avoid emergency clearances in the future.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2013	6 Months From Approved
Responses	149,589,500	0	0
Time Burden (Hours)	17,183,450	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Real Estate Settlement Procedures Act of 1974, (RESPA), 12 U.S.C. 2601 et.seq., and the implementing Regulation X, codified at 24 CFR 3500, require settlement providers to give homebuyers certain disclosure information at and before settlement, and pursuant to the servicing of the loan and escrow account. This includes a Special Information Booklet, a Good Faith Estimate, an Initial Servicing Disclosure, the Form HUD-1 or Form HUD-1A, and when applicable an Initial Escrow Account Statement, an Annual Escrow Account Statement, an Escrow Account Disbursement Disclosure, an Affiliated.....

Emergency Justfication: In compliance with the requirements of 5 CFR 1320.13, this letter requests emergency processing within 14 days from the date of publication. This emergency processing is essential for the HUD-1 and GFE forms currently in use by the mortgage industry to remain in Paperwork Reduction Act (PRA) compliance. The agency cannot reasonably comply with the normal clearance procedures under this part because public harm is reasonably likely to result if normal clearance procedures are followed. The forms are required by Real Estate Settlement Procedures Act (RESPA) but are used for virtually all one-to-four family residential transactions and have become a standard instrument for settlement procedures throughout the industry.

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Authorizing Statute(s): US Code: 12 USC 2601 Name of Law: RESPA
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
2502-AI61	Final or interim final rulemaking	73 FR 222	11/17/2008

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Federal Register Notices & Comments
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 64821	10/23/2012
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
Real Estate Settlement Procedures Act (RESPA) Disclosures	GFE, HUD 1, HUD 1 a, HUD1	Uniform Settlement Statement ,   Good Faith Estimate ,   Settlement Statement Optional for Transactions w/o sellers ,   Uniform Settlement Statement

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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	149,589,500	0	0	0	149,589,500	0
Annual Time Burden (Hours)	17,183,450	0	0	0	17,183,450	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:

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Annual Cost to Federal Government: $326,874,750

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]? Yes

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: 10/31/2012

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