Real Estate Settlement Procedures Act (Regulation X) 12 CFR 1024

Forms and Documents

Document Name	Status
Supporting_Statement - Regulation X - 7-26-12.docx Supporting Statement A	2012-07-26

IC Document Collections

IC ID	Document Title	Status
200127	Affiliated Business Agreement	Unchanged
200126	Voluntary Escrow Account Payments	Unchanged
200125	Annual Escrow	Unchanged
200124	Initial Escrow	Unchanged
200123	HUD-1 or HUD 1A Disclosure	Unchanged
200122	Transfer Disclosure	Unchanged
200120	GFE/Information Booklet Other-Model Forms in Regulation	Unchanged

ICR Details

OMB Control No: 3170-0016	ICR Reference No: 201204-3170-008
Status: Historical Active	Previous ICR Reference No: 201110-3170-013
Agency/Subagency: CFPB	Agency Tracking No:
Title: Real Estate Settlement Procedures Act (Regulation X) 12 CFR 1024
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 07/26/2012
	Date Received in OIRA: 04/26/2012
Terms of Clearance: Please refer to previous terms of clearance: In an effort to minimize industry burden, OMB has established an agreement between HUD and CFPB to permit regulated industries to use either the HUD control number (2502-0265) associated with this information collection, issued prior to the Dodd-Frank Act, or the CFPB control number. With the enactment of the Dodd-Frank Act, the authority for this collection has transferred to CFPB. However, this is only permissible until the CFPB issues a final rule revising or replacing the existing HUD-1/1A and GFE forms that is required pursuant to the Dodd-Frank Act.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2015	36 Months From Approved	07/31/2012
Responses	149,590,000	0	149,590,000
Time Burden (Hours)	17,183,000	0	17,183,000
Cost Burden (Dollars)	727,302,490	0	727,302,490

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Abstract: Certain disclosures are required by the Real Estate Settlement Procedures Act (RESPA) of 1974, as amended by Section 461 of the Housing and Urban-Rural Recovery Act of 1983 (HURRA), and other various amendments. The statute is found at 12 U.S.C. 2601 et seq. The implementing regulations have been published by the Department of Housing and Urban Development (HUD) at 24 CFR 3500. In light of the transfer of HUD's rulemaking authority for RESPA to the Bureau of Consumer Financial Protection (CFPB), the CFPB is adopting an interim final rule (Interim Final Rule) recodifying HUD's Regulation X at 12 CFR 1024 to reflect the transfer of authority and to help facilitate compliance with RESPA and its implementing regulations to help prevent confusion regarding regulatory and supervisory authority. Required disclosures include: the Good Faith Estimate (GFE), the Special Information Booklet, the HUD-1/HUD-1A Settlement Statements, the Servicing Disclosure Statement, and, as applicable, the Servicing Transfer Disclosure. Other disclosures may be required under certain circumstances and include: the Initial Escrow Account Statement, the Annual Escrow Account Statement, the Affiliated Business Disclosure, and the Consumer Disclosure for Voluntary Escrow Account Payments. This collection helps to protect consumers in several respects. The Special Information Booklet helps to protect consumers from unnecessarily high settlement costs by providing information about the nature and cost of real estate settlement services. The GFE and HUD-1/HUD-1A Settlement Statements enable consumers to compare estimated settlement costs with actual settlement costs. The Affiliated Business Disclosure helps to protect borrowers from unncessarily high settlement service charges due to the settlement service provider's use of an affiliated provider. Disclosures related to the servicing of the mortgage loan help to protect consumers if the servicing of the loan could be or is transferred.Disclosures related to consumers' escrow accounts help to protect them from unneccessarily high escrow charges.

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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-AA06	Final or interim final rulemaking	76 FR 78978	12/20/2011

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 2685	01/19/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 24183	04/23/2012
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 7

IC Title	Form No.	Form Name
Transfer Disclosure
GFE/Information Booklet
HUD-1 or HUD 1A Disclosure
Affiliated Business Agreement
Annual Escrow
Voluntary Escrow Account Payments
Initial Escrow

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ICR Summary of Burden

	Total Approved	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	149,590,000	149,590,000	0	0	0	0
Annual Time Burden (Hours)	17,183,000	17,183,000	0	0	0	0
Annual Cost Burden (Dollars)	727,302,490	727,302,490	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

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

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? 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? Uncollected

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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: 04/26/2012

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