Appraisals for Higher-Risk Mortgage Loans Amendment (Regulation Z)

ICR 201301-3170-005

OMB: 3170-0026

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2013-02-13
ICR Details
3170-0026 201301-3170-005
Historical Active 201211-3170-002
CFPB 3170-0015 (Reg Z)
Appraisals for Higher-Risk Mortgage Loans Amendment (Regulation Z)
New collection (Request for a new OMB Control Number)   No
Regular
Approved without change 04/18/2013
Retrieve Notice of Action (NOA) 02/13/2013
  Inventory as of this Action Requested Previously Approved
04/30/2016 36 Months From Approved
150,790 0 0
37,499 0 0
0 0 0

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.

PL: Pub.L. 111 - 203 1471, 124 Stat. 1376, 2185 (20 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  
None

3170-AA11 Final or interim final rulemaking 78 FR 10367 02/13/2013

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 150,790 0 0 150,790 0 0
Annual Time Burden (Hours) 37,499 0 0 37,499 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Changing Regulations
No
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.
02/13/2013


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