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

Forms and Documents

Document Name	Status

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Document Title	Status
209502	Regulation X Disclosure Requirements	New
200127	Affiliated Business Agreement	Removed
200126	Voluntary Escrow Account Payments	Removed
200125	Annual Escrow	Removed
200124	Initial Escrow	Removed
200123	HUD-1 or HUD 1A Disclosure	Removed
200122	Transfer Disclosure	Removed
200120	GFE/Information Booklet	Removed

ICR Details

OMB Control No: 3170-0016	ICR Reference No: 201311-3170-004
Status: Historical Inactive	Previous ICR Reference No: 201208-3170-004
Agency/Subagency: CFPB	Agency Tracking No: RIN 3170-0019 (Final Rule)
Title: Real Estate Settlement Procedures Act (Regulation X) 12 CFR 1024
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Preapproved	Conclusion Date: 04/02/2014
	Date Received in OIRA: 01/13/2014
Terms of Clearance: Pursuant to the previous terms of clearance, with publication of the final rule associated with this collection, the previous agreement between HUD and CFPB to permit regulated industries to use either the HUD control number (2502-0265) associated with this information collection, or the CFPB control number, is no longer applicable. Regulated entities now should only use this CFPB OMB control number for the information collections instruments previously associated with the HUD (2502-0265) forms. CFPB should work with HUD to ensure that HUD's related collection is discontinued.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2017	36 Months From Approved	12/31/2015
Responses	122,400	0	149,590,000
Time Burden (Hours)	6,387,350	0	17,183,000
Cost Burden (Dollars)	0	0	727,302,490

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Abstract: Regulation X, which implements the Real Estate Settlement Procedures Act (RESPA), ensures that consumers are provided with more helpful information about the cost of the mortgage settlement and protected from unnecessarily high settlement charges caused by certain abusive practices. Regulation X contains information collections in the form of third party disclosures and recordkeeping requirements. This collection also contains recordkeeping requirements.

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Authorizing Statute(s): US Code: 12 USC 1601 Name of Law: Real Estate Settlement Procedures Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AA19	Final or interim final rulemaking

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Federal Register Notices & Comments

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
Regulation X Disclosure Requirements
Transfer Disclosure
Initial Escrow
Annual Escrow
Voluntary Escrow Account Payments
Affiliated Business Agreement
GFE/Information Booklet
HUD-1 or HUD 1A Disclosure

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ICR Summary of Burden

	Total Request	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	122,400	149,590,000	0	-149,467,600	0	0
Annual Time Burden (Hours)	6,387,350	17,183,000	0	-10,795,650	0	0
Annual Cost Burden (Dollars)	0	727,302,490	0	-727,302,490	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: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: The final rule eliminates the majority of the ongoing PRA burden under Regulation X for the GFE and HUD-1 and HUD-1A Settlement Statement disclosures. On a market-wide basis, annual PRA burden in Regulation X decreases by approximately 10.8 million hours (these hours are being transferred to OMB No. 3170-0015 (Regulation Z)). The Bureau also notes that the $727,302,490 cost previously reported as cost burden was hourly costs and not O&M ("cost burden"). This submission corrects this error by removing these costs from the cost burden estimate.

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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

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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: 01/13/2014

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