Merging OMB Numbers 3170-0025 and 3170-0027

BUREAU OF CONSUMER FINANCIAL PROTECTION

PAPERWORK REDUCTION ACT REQUEST
JUSTIFICATION FOR A NO MATERIAL NON-SUBSTANTIVE CHANGE
REAL ESTATE SETTLEMENT ACT (REGULATION X) 12 CFR 1024
OMB NO. 3170-0016

Regulation X implements the Real Estate Settlement Procedures Act, 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. The information collections and associated burdens for
Regulation X are generally accounted for under Office of Management and Budget (OMB)
control number 3170-0016, “Real Estate Settlement Procedures Act (Regulation X) 12 CFR
1024.” However, the information collection requirements and associated burdens for certain
amendments to Regulation X were approved by OMB under two other OMB control numbers:
OMB numbers 3170-0025 and 3170-0027.
The Bureau is requesting to move the information collections and associated burdens from the
above noted OMB control numbers to OMB control number 3170-0016. The Bureau believes
that inventorying all the information collections and associated burdens for Regulation X under
one OMB control is more transparent for the public.
The burden for OMB control numbers 3170-0025 and 3170-0027 are listed in the below table
which also calculates the new total burdens for OMB control 3170-0016.

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Summary of Burden Transferred
OMB#

31700025

31700027

TITLE OF
COLLECTION

NO. OF
RESPONDENTS

NO. OF
RESPONSES

BURDEN
HOURS

COST
BURDEN

2,259

7,049,996

117,500

$ 138,705

Homeownership
Counseling Amendments to
the Real Estate Settlement
Procedures Act (Regulation
X)
Mortgage Servicing
Amendment (Regulation
X)
Total Transferred Burden

10,730

17,854,170

1,179,078

$ 7,393,918

12,989

24,904,166

1,296,578

$7,532,623

Current Burden for 3170-0016

2,000

122,400

6,387,350

$0

+7,683,928

+$7,532,623

New Burden for 3170-0016*
+14,989
+25,026,566
* Since there is no new burden, the transferred burden is considered an adjustment.

Currently, OMB control number 3170-0016 is scheduled to expire on 10/31/2018. The request to
renew OMB’s approval for the information collections approved under this OMB control
number; including those transferred from OMB numbers 3170-0025 and 3170-0027
(collectively, the information collections contained in Regulation X), will be included in this
forthcoming request. The renewal request will also clearly identify the collections and
associated burdens that were transferred into OMB number 3170-0016.

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