Real Estate Settlement Procedures Act (Regulation X)

ICR 202407-3170-005

OMB: 3170-0016

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2024-08-21
ICR Details
3170-0016 202407-3170-005
Received in OIRA 202302-3170-001
CFPB
Real Estate Settlement Procedures Act (Regulation X)
Revision of a currently approved collection   No
Regular 08/21/2024
  Requested Previously Approved
36 Months From Approved 12/31/2026
66,798,269 59,240,519
1,154,762 1,087,981
18,105,344 17,752,895

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
  
None

3170-AB04 Proposed rulemaking 89 FR 60204 07/24/2024

No

  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
Yes
Changing Regulations
Yes
Miscellaneous Actions
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.

$0
No
    No
    No
No
Yes
No
No
Michael Galleher 202 435-7760 [email protected]

  No

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.
08/21/2024


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