Mortgage Servicing Amendment (Regulation Z)

Forms and Documents

Document Name	Status
3170-0028 SS for 3170-AA49 (NPRM) Reg Z Final.pdf Supporting Statement A	2014-12-18

IC Document Collections

IC ID	Document Title	Status
214251	Mortgage Servicing Disclosure Requirements	New
205322	Prompt crediting of payments and response to requests for payoff amounts (Non-Depository Institutions)	Removed
205321	Prompt crediting of payments and response to requests for payoff amounts (Depository Institutions)	Removed
204935	New Periodic Statement (Non-Depository Institutions)	Removed
204934	New Periodic Statement (Depository Institutions)	Removed
204933	Changes in Regulation Z Disclosure for Adjustable Rate Mortgages (Non-Depository Institutions)	Removed
204932	Changes in the Regulation Z Disclosure for Adjustable Rate Mortgages (Depository Institutions)	Removed
204596	New Initial Rate Adjustment Notice for Adjustable-Rate Mortgages (Non-Depository Institutions)	Removed
204594	New Initial Rate Adjustment Notice for Adjustable-Rate Mortgages (Depository Institutions)	Removed

ICR Details

OMB Control No: 3170-0028	ICR Reference No: 201412-3170-002
Status: Historical Inactive	Previous ICR Reference No: 201301-3170-003
Agency/Subagency: CFPB	Agency Tracking No: 3170-0015
Title: Mortgage Servicing Amendment (Regulation Z)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 02/11/2015
	Date Received in OIRA: 12/18/2014
Terms of Clearance: 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
Expiration Date	04/30/2016	36 Months From Approved	04/30/2016
Responses	21,629,964	0	21,629,964
Time Burden (Hours)	66,509	0	66,509
Cost Burden (Dollars)	9,526,000	0	9,526,000

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Abstract: The Consumer Financial Protection Bureau (the Bureau) is proposing to amend Regulation Z, which implements the Truth in Lending Act (TILA), 15 U.S.C. 1601 et seq., and the official interpretation of the regulation. Regulation Z 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. This proposal requests comment regarding proposed amendments to Regulation Z to address several servicer obligations (see part A.1 below for more information ). Due to several proposed modifications to Regulation Z, the Bureau has decided to break the Regulation into several smaller Information Collection Requests (ICRs) for ease of understanding the burden. The Bureau is dividing proposed rules to amend the Bureau's Regulations X and Z into separate ICRs in OMB's system (accessible at omb.report) to ease the public's ability to view and understand the individual proposed rules for Regulation X and Regulation Z. Respondents should continue to use the 3170-0016 control number for Regulation X and the 3170-0015 control number for Regulation Z.

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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)

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AA49	Proposed rulemaking	79 FR 74176	12/15/2014

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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
New Periodic Statement (Non-Depository Institutions)
Prompt crediting of payments and response to requests for payoff amounts (Depository Institutions)
Mortgage Servicing Disclosure Requirements
New Initial Rate Adjustment Notice for Adjustable-Rate Mortgages (Depository Institutions)
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)
Prompt crediting of payments and response to requests for payoff amounts (Non-Depository Institutions)
New Periodic Statement (Depository Institutions)

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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 CFPB is proposing to make changes to disclosures currently required by Regulation Z's mortgage servicing rules. The information collections for the Bureau's disclosures with respect to successors in interest and periodic statements for consumers in bankruptcy would be new requirements under the proposed rule. This Collection adds about 11,000 burden hours and $830,000 in on time and ongoing costs to those required to comply with this information collection.

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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: 12/18/2014

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