In response to the recent mortgage
crisis, Congress amended the Truth in Lending Act (TILA) to require
creditors originating mortgages with an annual percentage rate that
exceeds the average prime offer rate by a specified percentage
(higher-risk mortgage loans) to obtain an appraisal or appraisals
meeting certain specified standards, provide applicants with a
notification regarding the use of appraisals, and give applicants a
copy of written appraisals used. These changes were enacted as part
of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(Dodd-Frank Act), Pub. L. 111-203, § 1471, 124 Stat. 1376, 2185
(2010). Section 1471 of the Dodd-Frank Act adds a new section to
TILA, section 129H, addressing appraisal requirements for
higher-risk mortgage loans.
The Bureau's final rule for
Regulation Z (12 CFR 1026.35)the implements information collection
requirements described above. These are new information collections
created to enact the amendments made to 12 CFR 1026 which implement
the statutory requirements of section 129H of the Truth in Lending
Act which was amended by the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Dodd-Frank Act), Pub. L. 111-203, § 1471,
124 Stat. 1376, 2185 (2010). Section 1471.
$0
No
No
No
Yes
No
Uncollected
Darrin King 202-693-4129
King.Darrin@dol.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.