The Real Estate Settlement Procedures
Act of 1974 (RESPA), 12 U.S.C. 2601 et seq., as amended, requires
lenders, mortgage brokers, or servicers of certain home loans to
provide borrowers with pertinent and timely disclosures regarding
the nature and costs of the real estate settlement process, as well
as servicing, including escrowing.. The Act also prohibits specific
practices, such as kickbacks, and places limitations upon the use
of escrow accounts. , among other things the purposes of RESPA
include, in part, providing consumers with more effective advance
disclosure of settlement costs and eliminating certain abusive
practices that tend to increase unnecessarily the costs of
settlement services. The Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank) amended RESPA by, among other things,
requiring a single, integrated disclosure for mortgage loan
transactions, mandating new disclosures and protections concerning
force-placed hazard insurance, revising requirements for home
buying information booklets, reducing response times to borrower
inquiries, and settling time limits on refunds of escrow account
balances at payoff. for consumers with certain residential
mortgages, 12 U.S.C. 2603, 2604, and 2605. Regulation X, 12 CFR
1024.1-.41, implements RESPA. Regulation X contains information
collections in the form of various disclosure and recordkeeping
requirements. The disclosures in this collection are required by
the statute and implementing regulations. Consumers use the
disclosures required by RESPA and Regulation X to inform their
choice of settlement service providers, review the final terms of a
settlement, understand who to contact about questions concerning
their mortgage loan, and identify and protect themselves against
inaccurate or questionable loan servicing practices. The
information collections discussed in this supporting statement are
required in Regulation X, but to the extent that compliance with
requirements in Regulation Z (12 CFR 1026) provides an exemption
from compliance with similar requirements in Regulation X, the
information collection burden is accounted for in OMB Control
Number 3170-0015.
US Code:
12
USC 1601 Name of Law: Real Estate Settlement Procedures Act
The Bureau updated burden
allocations to better reflect the burden of the January 10, 2013.
Final Rule and the August 4, 2016 Final Rule which amended
Regulation X. The above burden allocation accounts for all parts of
Regulation X. Further, the Integrated Discloser Rule removed a
significant amount of burden previously associated with this rule
and reallocated it to Regulation Z (TILA). Finally the Bureau
identified additional information collections in the regulation
which had not been previously accounted for, for which it is now
taking burden.
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.
3170-0016 (Reg X) Supporting Statement 30 day OMB.pdf
Regulation X Disclosure Requirements