Mortgage Servicing Amendment (Regulation X)

Forms and Documents

Document Name	Status
Final Reg X Supporting Statement.pdf Supporting Statement A	2013-02-14

IC Document Collections

IC ID	Document Title	Status
205772	One time Burden: regulation review and vendor costs for software updates	New
204946	Loss Mitigation	Modified
204945	Early Intervention with Delinquent Borrowers	Modified
204944	Error Resolution and Requests for Infomation	Modified
204943	Force-Placed Insurance	Modified
204942	Mortgage Servicing Transfer Notice	Modified

ICR Details

OMB Control No: 3170-0027	ICR Reference No: 201301-3170-004
Status: Historical Active	Previous ICR Reference No: 201211-3170-003
Agency/Subagency: CFPB	Agency Tracking No: 3170-0016
Title: Mortgage Servicing Amendment (Regulation X)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/26/2013
	Date Received in OIRA: 02/14/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2016	36 Months From Approved
Responses	16,585,152	0	0
Time Burden (Hours)	1,115,115	0	0
Cost Burden (Dollars)	7,051,516	0	0

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Abstract: The Bureau of Consumer Financial Protection (the Bureau) is proposing to amend Regulation X, which implements the Real Estate Settlement Procedures Act of 1974 (RESPA) and the official interpretation of the regulation. The proposed amendments implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) provisions regarding mortgage loan servicing. Specifically, this proposal requests comment regarding proposed additions to Regulation X to address seven servicer obligations: To correct errors asserted by mortgage loan borrowers; to provide information requested by mortgage loan borrowers; to ensure that a reasonable basis exists to obtain force-placed insurance; to establish reasonable information management policies and procedures; to provide information about mortgage loss mitigation options to delinquent borrowers; to provide delinquent borrowers access to servicer personnel with continuity of contact about the borrower's mortgage loan account; and to evaluate borrowers' applications for available loss mitigation options. This proposal would also modify and streamline certain existing servicing-related provisions of Regulation X. For instance, the proposal would revise provisions relating to a mortgage servicer's obligation to provide disclosures to borrowers in connection with a transfer of mortgage servicing, and a mortgage servicer's obligation to manage escrow accounts, including the obligation to advance funds to an escrow account to maintain insurance coverage and to return amounts in an escrow account to a borrower upon payment in full of a mortgage loan.

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Authorizing Statute(s): US Code: 12 USC 2601 Name of Law: Real Estate Settlement Procedures Act (RESPA)
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AA14	Final or interim final rulemaking	78 FR 10695	02/14/2013

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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: 6

IC Title	Form No.	Form Name
Loss Mitigation
One time Burden: regulation review and vendor costs for software updates
Mortgage Servicing Transfer Notice
Force-Placed Insurance
Error Resolution and Requests for Infomation
Early Intervention with Delinquent Borrowers

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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	16,585,152	0	0	16,585,152	0	0
Annual Time Burden (Hours)	1,115,115	0	0	1,115,115	0	0
Annual Cost Burden (Dollars)	7,051,516	0	0	7,051,516	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: No

Burden Reduction Due to:

Short Statement: The Bureau is making adjustments to the Servicing Transfer Statement, which is an existing information collection under Regulation X. the Bureau is revising Regulation X to add a number of mortgage servicing requirements provided for in the Dodd-Frank Act's amendments to RESPA, as well as other requirements the Bureau is adopting pursuant to its authority under RESPA and the Dodd-Frank Act. Section 1463 of the Dodd-Frank Act creates statutory mandates under new subsections (k), (l) and (m) of RESPA section 6. Section 1463 of the Dodd-Frank Act also amends certain consumer protection provisions set forth in section 6(e) through (g) of RESPA. The information collections for the Bureau's proposed requirements for force-placed insurance, error resolution, information requests, early intervention, and loss mitigation procedures would be new requirements under the Bureau's proposal.

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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: 02/14/2013

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