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
commenter’s recommendation. The next submission to OMB must include
the draft final rule.
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)