Real Estate Settlement Procedures Act (RESPA) Disclosures

ICR 201210-2502-005

OMB: 2502-0265

Federal Form Document

Forms and Documents
Document
Name
Status
Form and Instruction
Modified
Supplementary Document
2012-10-16
Supplementary Document
2012-10-16
Supporting Statement A
2012-10-16
IC Document Collections
ICR Details
2502-0265 201210-2502-005
Historical Active 200905-2502-005
HUD/OH
Real Estate Settlement Procedures Act (RESPA) Disclosures
Reinstatement without change of a previously approved collection   No
Emergency 11/09/2012
Approved without change 12/16/2012
Retrieve Notice of Action (NOA) 10/31/2012
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.

US Code: 12 USC 2601 Name of Law: RESPA
  
None

2502-AI61 Final or interim final rulemaking 73 FR 222 11/17/2008

77 FR 64821 10/23/2012
No

  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 149,589,500 0 0 0 149,589,500 0
Annual Time Burden (Hours) 17,183,450 0 0 0 17,183,450 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$326,874,750
No
No
No
Yes
No
Uncollected
LaJuan Gladden 202 402-3182 lajuan.e.gladden@hud.gov

  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.
10/31/2012


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