Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR. The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenterâs recommendation. The next submission to OMB must include the draft final rule.
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
04/30/2016
36 Months From Approved
04/30/2016
150,790
0
150,790
37,499
0
37,499
0
0
0
In response to the recent mortgage crisis, Congress amended the Truth in Lending Act (TILA) to require creditors originating mortgages with an annual percentage rate that exceeds the average prime offer rate by a specified percentage (higher-risk mortgage loans) to obtain an appraisal or appraisals meeting certain specified standards, provide applicants with a notification regarding the use of appraisals, and give applicants a copy of written appraisals used. These changes were enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), Pub. L. 111-203, § 1471, 124 Stat. 1376, 2185 (2010). Section 1471 of the Dodd-Frank Act adds a new section to TILA, section 129H, addressing appraisal requirements for higher-risk mortgage loans.
The Bureau estimates that the changes contained in this supplemental proposal could results in an on-going burden reduction in the form of a program change of approximately, 200 hours (from 1,500 to 1,300). The Bureau estimates the 36,000 hours of the one-time burden to read understand the legal requirements of final rule remains unchanged.
OMB's inventory shows a net increase in burden of about 221 hours. This results in the Bureau making an adjustment to the total estimated number of respondents (from 2,640 to 2,985). A 200 hour reduction in form of a program change is result of the qualified mortgage exemption as provided in the proposed rule.
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.
HRM Supp Proposal PRA Supporting Statement-final.pdf
Written Appraisal Requirements (Includes: One-time Burden – Review Legal Requirements of Final Rule)