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

ICR 201510-3170-003

OMB: 3170-0016

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2014-01-13
IC Document Collections
ICR Details
3170-0016 201510-3170-003
Historical Active 201208-3170-004
CFPB RIN 3170-0019 (Final Rule)
Real Estate Settlement Procedures Act (Regulation X) 12 CFR 1024
Revision of a currently approved collection   No
Regular
Approved without change 10/16/2015
Retrieve Notice of Action (NOA) 10/16/2015
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either the HUD control number (2502-0265) associated with this information collection, or the CFPB control number, is no longer applicable.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
10/31/2018 36 Months From Approved 12/31/2015
122,400 0 149,590,000
6,387,350 0 17,183,000
0 0 727,302,490

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.

US Code: 12 USC 1601 Name of Law: Real Estate Settlement Procedures Act
  
None

3170-AA19 Final or interim final rulemaking 80 FR 43911 07/24/2015

No

  Total Approved 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
Yes
Changing Regulations
Yes
Changing Regulations
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.

$0
No
No
No
Yes
No
Uncollected
Darrin King 202-693-4129 [email protected]

  No

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.
01/13/2014


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