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
16,585,152
0
16,585,152
1,115,115
0
1,115,115
7,051,516
0
7,051,516
The Bureau of Consumer Financial Protection (the Bureau) is proposing to amend Regulation X, which implements the Real Estate Settlement Procedures Act of 1974 (RESPA) and the official interpretation of the regulation. The proposed amendments implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) provisions regarding mortgage loan servicing. Specifically, this proposal requests comment regarding proposed additions to Regulation X to address seven servicer obligations: To correct errors asserted by mortgage loan borrowers; to provide information requested by mortgage loan borrowers; to ensure that a reasonable basis exists to obtain force-placed insurance; to establish reasonable information management policies and procedures; to provide information about mortgage loss mitigation options to delinquent borrowers; to provide delinquent borrowers access to servicer personnel with continuity of contact about the borrower's mortgage loan account; and to evaluate borrowers' applications for available loss mitigation options.
This proposal would also modify and streamline certain existing servicing-related provisions of Regulation X. For instance, the proposal would revise provisions relating to a mortgage servicer's obligation to provide disclosures to borrowers in connection with a transfer of mortgage servicing, and a mortgage servicer's obligation to manage escrow accounts, including the obligation to advance funds to an escrow account to maintain insurance coverage and to return amounts in an escrow account to a borrower upon payment in full of a mortgage loan.
US Code:
12 USC 2601
Name of Law: Real Estate Settlement Procedures Act (RESPA)
The Bureau is proposing to make adjustments to disclosures currently required by Regulation X's mortgage servicing rules. The information collections for the Bureau's disclosures with respect to successors in interest, notices of complete application, and notices of delayed evaluation pending receipt of third-party information are new requirements under the proposed rule. The agency is therefore increasing the burden by 63,963 hours and by $342,402 in costs burden. The additional burdens resulting from the proposed disclosure requirements are recorded as program changes. We have also increased our estimate of affected respondents from 12,642 to 12,711. The burden resulting from the new estimate for respondents is recorded as an adjustment.
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.
3170-0027 SS for 3170-AA49 (NPRM) Reg X Final.pdf
Mortgage Servicing Disclosure Requirements