Real Estate Settlement Procedures Act (Regulation X)

Forms and Documents

Document Name	Status
3170-0016 Regulation X supporting statement.docx Supporting Statement A	2024-08-21

IC Document Collections

IC ID	Document Title	Status
269933	Outstanding third-party information notice	New
269932	Loss mitigation notices	New
269931	Force-placed insurance notice	New
269930	Error-resolution and requests for information	New
269929	Early and Written intervention for delinquent borrowers notices	New
269928	Maintain webpage providing information about investor-specific loss mitigation options	New
269927	Mortgage servicing transfer notice	New
269926	Servicer Successor-in- Interest recognition to consumer	New
269925	Use of HUD-1 or HUD-1A for reverse mortgages	New
269924	Good Faith Estimate for reverse mortgages	New
269922	Annual escrow account statement	New
269921	Initial escrow account statement	New
269920	5-Year recordkeeping requirement for Affiliated Business Arrangement Disclosure Statement	New
269919	Providing Affiliated Business Arrangement Disclosure Statement3	New
269918	5-year recordkeeping requirements for documentation related to fees and referrals	New
209502	Regulation X Disclosure Requirements	Removed

ICR Details

OMB Control No: 3170-0016	ICR Reference No: 202407-3170-005
Status: Received in OIRA	Previous ICR Reference No: 202302-3170-001
Agency/Subagency: CFPB	Agency Tracking No:
Title: Real Estate Settlement Procedures Act (Regulation X)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 08/21/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	12/31/2026
Responses	66,798,269	59,240,519
Time Burden (Hours)	1,154,762	1,087,981
Cost Burden (Dollars)	18,105,344	17,752,895

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Abstract: 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.

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Authorizing Statute(s): US Code: 12 USC 1601 Name of Law: Real Estate Settlement Procedures Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AB04	Proposed rulemaking	89 FR 60204	07/24/2024

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 15

IC Title	Form No.	Form Name
5-Year recordkeeping requirement for Affiliated Business Arrangement Disclosure Statement
5-year recordkeeping requirements for documentation related to fees and referrals
Annual escrow account statement
Loss mitigation notices
Providing Affiliated Business Arrangement Disclosure Statement3
Early and Written intervention for delinquent borrowers notices
Error-resolution and requests for information
Force-placed insurance notice
Good Faith Estimate for reverse mortgages
Initial escrow account statement
Maintain webpage providing information about investor-specific loss mitigation options
Mortgage servicing transfer notice
Outstanding third-party information notice
Regulation X Disclosure Requirements
Servicer Successor-in- Interest recognition to consumer
Use of HUD-1 or HUD-1A for reverse mortgages

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ICR Summary of Burden

	Total Request	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	66,798,269	59,240,519	0	7,557,750	0	0
Annual Time Burden (Hours)	1,154,762	1,087,981	0	66,781	0	0
Annual Cost Burden (Dollars)	18,105,344	17,752,895	0	352,449	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The burden is increasing due to changes in this regulation that are contained in the proposed rule regarding the notices required to be sent under this information collection.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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? No

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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: 08/21/2024

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