Mortgage Servicing Amendment (Regulation Z)

Forms and Documents

Document Name	Status
Final Reg Z Supporting Statement 2-1.pdf Supporting Statement A	2013-02-14

IC Document Collections

IC ID	Document Title	Status
205322	Prompt crediting of payments and response to requests for payoff amounts (Non-Depository Institutions)	New
205321	Prompt crediting of payments and response to requests for payoff amounts (Depository Institutions)	New
204935	New Periodic Statement (Non-Depository Institutions)	Modified
204934	New Periodic Statement (Depository Institutions)	Modified
204933	Changes in Regulation Z Disclosure for Adjustable Rate Mortgages (Non-Depository Institutions)	Modified
204932	Changes in the Regulation Z Disclosure for Adjustable Rate Mortgages (Depository Institutions)	Modified
204596	New Initial Rate Adjustment Notice for Adjustable-Rate Mortgages (Non-Depository Institutions)	Modified
204594	New Initial Rate Adjustment Notice for Adjustable-Rate Mortgages (Depository Institutions)	Modified

ICR Details

OMB Control No: 3170-0028	ICR Reference No: 201301-3170-003
Status: Historical Active	Previous ICR Reference No: 201210-3170-004
Agency/Subagency: CFPB	Agency Tracking No: 3170-0015
Title: Mortgage Servicing Amendment (Regulation Z)
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: 04/17/2013
	Date Received in OIRA: 02/14/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2016	36 Months From Approved
Responses	21,629,964	0	0
Time Burden (Hours)	66,509	0	0
Cost Burden (Dollars)	9,526,000	0	0

---

Abstract: Regulation Z (The Truth in Lending Act (TILA)), 15 U.S.C. 1601 et seq., was enacted to foster comparison credit shopping and informed credit decision making by requiring accurate disclosure of the costs and terms of credit to consumers and to protect consumers against inaccurate and unfair credit billing practices. Due to several new modifications to Regulation Z, the Bureau has decided to break the Regulation into several smaller ICRs for ease of understanding the burden.

---

Authorizing Statute(s): US Code: 15 USC 1601 Name of Law: Truth in Lending Act (TILA)
  

Citations for New Statutory Requirements: US Code: 15 USC 1601 Name of Law: Truth in Lending Act (TILA)

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AA14	Final or interim final rulemaking	78 FR 10901	02/14/2013

---

Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 8

IC Title	Form No.	Form Name
New Initial Rate Adjustment Notice for Adjustable-Rate Mortgages (Non-Depository Institutions)
Changes in the Regulation Z Disclosure for Adjustable Rate Mortgages (Depository Institutions)
Changes in Regulation Z Disclosure for Adjustable Rate Mortgages (Non-Depository Institutions)
New Periodic Statement (Depository Institutions)
New Periodic Statement (Non-Depository Institutions)
New Initial Rate Adjustment Notice for Adjustable-Rate Mortgages (Depository Institutions)
Prompt crediting of payments and response to requests for payoff amounts (Non-Depository Institutions)
Prompt crediting of payments and response to requests for payoff amounts (Depository Institutions)

---

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	21,629,964	0	0	21,629,964	0	0
Annual Time Burden (Hours)	66,509	0	0	66,509	0	0
Annual Cost Burden (Dollars)	9,526,000	0	0	9,526,000	0	0

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

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: The final rule for 12 CFR 1026 includes adjustments to disclosures currently required by 1026.20(c) for interest rate adjustments that result in a corresponding payment change, among other reasons, to closely track the requirements of 1026.20(d).

---

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]? 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

---

Common Form ICR:  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:

(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: 02/14/2013

---