Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act (Regulation X)

ICR 201602-3170-003

OMB: 3170-0025

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2016-02-10
ICR Details
3170-0025 201602-3170-003
Historical Active 201311-3170-002
CFPB
Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act (Regulation X)
Extension without change of a currently approved collection   No
Regular
Approved without change 05/05/2016
Retrieve Notice of Action (NOA) 02/17/2016
  Inventory as of this Action Requested Previously Approved
05/31/2019 36 Months From Approved 05/31/2016
7,049,996 0 14,911,600
117,500 0 274,667
138,705 0 2,680,280

Regulation X 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 amendment to Regulation X requires lenders to provide mortgage applicants a list of certified homeownership counselors at or soon after the time of their application. This requirement is meant to help applicants be informed about the process of applying for a mortgage, and receive additional non-biased guidance if desired.

US Code: 12 USC 2601 Name of Law: Real Estate Settlement Procedures Act of 1974
   US Code: 12 USC 1601 Name of Law: Real Estate Settlement Procedures Act of 1974
  
None

Not associated with rulemaking

  80 FR 73734 11/25/2015
81 FR 8052 02/17/2016
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 7,049,996 14,911,600 0 0 -7,861,604 0
Annual Time Burden (Hours) 117,500 274,667 0 0 -157,167 0
Annual Cost Burden (Dollars) 138,705 2,680,280 0 0 -2,541,575 0
No
No
The new estimates calculated by the CFPB reflect improved calculations done on the market. In particular, the previous estimates were for the entire market and not just for those respondents under the CFPB enforcement authority. Therefore the total respondents, annual respondents, and burden hours are lower to reflect that. While the cost burden is also lower to reflect the actual number of CFPB respondents, we also estimate a lower cost per printed disclosure from $.10 to $.01. This is both because we believe many respondents send this list electronically and therefore have no additional costs, and for those that do print it, the cost is extremely minimal.

$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.
02/17/2016


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