The Dodd-Frank Act amended the Truth
in Lending Act (TILA), 15 U.S.C. 1601 et seq, and the Real Estate
Settlement Procedures Act of 1974 (RESPA), 12 U.S.C. 2601 et seq.,
by, among other things, mandating new mortgage servicing
disclosures and procedures to improve protections for consumers
with certain residential mortgages. 12 U.S.C. 2601 et seq.; 15
U.S.C. 1638a, 1638(f), 1639f, and 1639g. Through a final rule
issued on January 17, 2013, the Consumer Financial Protection
Bureau (the Bureau) amended Regulation Z to implement the new TILA
mortgage servicing provisions required by the Dodd-Frank Act and
revised Regulation Z’s adjustable-rate mortgage rules under §
1026.20(c) and (d). The Bureau is further amending Regulation Z,
which implements TILA, and the official interpretation of the
regulation. Regulation Z 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. The final rule amends and clarifies several existing
servicer obligations under TILA and Regulation Z, including the
obligation to promptly credit payments and to make certain
disclosures on periodic statements. The final rule also includes
several new servicer obligations, including the obligation to apply
all of the Regulation Z servicing rules to confirmed successors in
interest; to provide periodic statements to certain consumers in
bankruptcy; and to provide periodic statements to consumers whose
loans have been charged-off. The final rule also amends the
definition of small servicers that are exempt from many of the
servicing rules in Regulation Z. Concurrently with the final rule,
the Bureau also issued an interpretive rule under the Fair Debt
Collection Practices Act, 15 U.S.C. 1692-1692p, relating to
servicers’ compliance with certain mortgage servicing provisions in
Regulation Z, as amended by the final rule. Most provisions of the
final rule and interpretive rule take effect 12 months after
publication in the Federal Register. The provisions relating to
bankruptcy periodic statements and successors in interest take
effect 18 months after publication in the Federal Register. The
Bureau has divided the rules amending these portions of the
Bureau’s Regulations X and Z into two separate Information
Collection Requests (ICRs) in OMB’s system (accessible at
omb.report), OMB Control Numbers 3170-0027 and 3170-0028
respectively, to ease the public’s ability to view and understand
the individual final rules for discrete portions Regulation X and
Regulation Z. Respondents should continue to use the 3170-0016
control number for Regulation X and the 3170-0015 control number
for Regulation Z.
US Code:
15
USC 2601 Name of Law: Truth in Lending Act (TILA)
US Code: 15 USC 2601 Name of Law: Truth in
Lending Act (TILA)
The information collections for
the Bureau’s disclosures with respect to successors in interest and
periodic statements for consumers in bankruptcy are new
requirements under the final rule. This Collection adds 8,000
burden hours and $830,000 in on time and ongoing costs to those
required to comply with this information collection
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.
3170-0028 Mortgage Servicing Reg Z PRA Supporting Statement - NFRM (RIN 3170-AA49) OMB Rev.pdf
Disclosure Requirements for TILA