HUD shall set
processes to avoid emergency clearances in the future.
Inventory as of this Action
Requested
Previously Approved
06/30/2013
6 Months From Approved
149,589,500
0
0
17,183,450
0
0
0
0
0
The Real Estate Settlement Procedures
Act of 1974, (RESPA), 12 U.S.C. 2601 et.seq., and the implementing
Regulation X, codified at 24 CFR 3500, require settlement providers
to give homebuyers certain disclosure information at and before
settlement, and pursuant to the servicing of the loan and escrow
account. This includes a Special Information Booklet, a Good Faith
Estimate, an Initial Servicing Disclosure, the Form HUD-1 or Form
HUD-1A, and when applicable an Initial Escrow Account Statement, an
Annual Escrow Account Statement, an Escrow Account Disbursement
Disclosure, an Affiliated.....
In compliance with the
requirements of 5 CFR 1320.13, this letter requests emergency
processing within 14 days from the date of publication. This
emergency processing is essential for the HUD-1 and GFE forms
currently in use by the mortgage industry to remain in Paperwork
Reduction Act (PRA) compliance. The agency cannot reasonably comply
with the normal clearance procedures under this part because public
harm is reasonably likely to result if normal clearance procedures
are followed. The forms are required by Real Estate Settlement
Procedures Act (RESPA) but are used for virtually all one-to-four
family residential transactions and have become a standard
instrument for settlement procedures throughout the industry.
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.