Mortgage Servicing Amendment (Regulation Z)

Forms and Documents

Document	Type	Status	Availability
Final Reg Z Supporting Statement 2-1.pdf	Supporting Statement A	Uploaded 2013-02-14	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
205322	Prompt crediting of payments and response to requests for payoff amounts (Non-Depository Institutions)		Unchanged
205321	Prompt crediting of payments and response to requests for payoff amounts (Depository Institutions)		Unchanged
204935	New Periodic Statement (Non-Depository Institutions)		Unchanged
204934	New Periodic Statement (Depository Institutions)		Unchanged
204933	Changes in Regulation Z Disclosure for Adjustable Rate Mortgages (Non-Depository Institutions)		Unchanged
204932	Changes in the Regulation Z Disclosure for Adjustable Rate Mortgages (Depository Institutions)		Unchanged
204596	New Initial Rate Adjustment Notice for Adjustable-Rate Mortgages (Non-Depository Institutions)		Unchanged
204594	New Initial Rate Adjustment Notice for Adjustable-Rate Mortgages (Depository Institutions)		Unchanged

ICR Details

OMB Control No: 3170-0028	ICR Reference No: 201605-3170-002
Status: Historical Active	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: Reinstatement without change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/24/2016
	Date Received in OIRA: 05/05/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2017	6 Months From Approved
Responses	21,629,964	0	0
Time Burden (Hours)	66,509	0	0
Cost Burden (Dollars)	9,526,000	0	0

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Abstract: Regulation Z (The Truth in Lending Act (TILA)), 15 U.S.C. 1601 et seq., 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. Due to several new modifications to Regulation Z, the Bureau has decided to break the Regulation into several smaller ICRs for ease of understanding the burden.

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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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 10695	02/14/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 10695	02/14/2013
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 8

IC Title	Form No.	Form Name
Changes in the Regulation Z Disclosure for Adjustable Rate Mortgages (Depository Institutions)
Changes in Regulation Z Disclosure for Adjustable Rate Mortgages (Non-Depository Institutions)
New Initial Rate Adjustment Notice for Adjustable-Rate Mortgages (Non-Depository Institutions)
New Periodic Statement (Depository Institutions)
New Periodic Statement (Non-Depository Institutions)
New Initial Rate Adjustment Notice for Adjustable-Rate Mortgages (Depository Institutions)
Prompt crediting of payments and response to requests for payoff amounts (Non-Depository Institutions)
Prompt crediting of payments and response to requests for payoff amounts (Depository Institutions)

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ICR Summary of Burden

	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	21,629,964	0	0	0	0	21,629,964
Annual Time Burden (Hours)	66,509	0	0	0	0	66,509
Annual Cost Burden (Dollars)	9,526,000	0	0	0	0	9,526,000

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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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: 05/05/2016

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