Mortgage Servicing Amendment (Regulation X)

Forms and Documents

Document Name	Status
3170-0027 SS for 3170-AA49 (NPRM) Reg X Final.pdf Supporting Statement A	2014-12-18

IC Document Collections

IC ID	Document Title	Status
214284	Mortgage Servicing Disclosure Requirements	New
205772	One time Burden: regulation review and vendor costs for software updates	Removed
204946	Loss Mitigation	Removed
204945	Early Intervention with Delinquent Borrowers	Removed
204944	Error Resolution and Requests for Infomation	Removed
204943	Force-Placed Insurance	Removed
204942	Mortgage Servicing Transfer Notice	Removed

ICR Details

OMB Control No: 3170-0027	ICR Reference No: 201412-3170-003
Status: Historical Inactive	Previous ICR Reference No: 201301-3170-004
Agency/Subagency: CFPB	Agency Tracking No: 3170-0016
Title: Mortgage Servicing Amendment (Regulation X)
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	16,585,152	0	16,585,152
Time Burden (Hours)	1,115,115	0	1,115,115
Cost Burden (Dollars)	7,051,516	0	7,051,516

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Abstract: 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.

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Authorizing Statute(s): US Code: 12 USC 2601 Name of Law: Real Estate Settlement Procedures Act (RESPA)
  

Citations for New Statutory Requirements: None

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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
Mortgage Servicing Transfer Notice
Force-Placed Insurance
Error Resolution and Requests for Infomation
Early Intervention with Delinquent Borrowers
Loss Mitigation
One time Burden: regulation review and vendor costs for software updates
Mortgage Servicing Disclosure Requirements

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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 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.

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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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