Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act (Regulation X)

Forms and Documents

Document Name	Status
3170-0025 Reg X HEOPA SS Final.pdf Supporting Statement A	2016-02-10

IC Document Collections

IC ID	Document Title	Status
205570	One Time: Training and System Updates	Removed
205569	One time: Reviewing regulation	Removed
204664	Provision of List of Homeownership Counselors or Counseling Organizations to Applicants for Federally Related Mortgage Loans	Modified

ICR Details

OMB Control No: 3170-0025	ICR Reference No: 201602-3170-003
Status: Historical Active	Previous ICR Reference No: 201311-3170-002
Agency/Subagency: CFPB	Agency Tracking No:
Title: Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act (Regulation X)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/05/2016
	Date Received in OIRA: 02/17/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2019	36 Months From Approved	05/31/2016
Responses	7,049,996	0	14,911,600
Time Burden (Hours)	117,500	0	274,667
Cost Burden (Dollars)	138,705	0	2,680,280

---

Abstract: Regulation X implements the Real Estate Settlement Procedures Act (RESPA), ensures that consumers are provided with more helpful information about the cost of the mortgage settlement and protected from unnecessarily high settlement charges caused by certain abusive practices. Regulation X contains information collections in the form of third party disclosures and recordkeeping requirements. This amendment to Regulation X requires lenders to provide mortgage applicants a list of certified homeownership counselors at or soon after the time of their application. This requirement is meant to help applicants be informed about the process of applying for a mortgage, and receive additional non-biased guidance if desired.

---

Authorizing Statute(s): US Code: 12 USC 2601 Name of Law: Real Estate Settlement Procedures Act of 1974
   US Code: 12 USC 1601 Name of Law: Real Estate Settlement Procedures Act of 1974
  

Citations for New Statutory Requirements: None

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 73734	11/25/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 8052	02/17/2016
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Provision of List of Homeownership Counselors or Counseling Organizations to Applicants for Federally Related Mortgage Loans
One Time: Training and System Updates
One time: Reviewing regulation

---

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	7,049,996	14,911,600	0	0	-7,861,604	0
Annual Time Burden (Hours)	117,500	274,667	0	0	-157,167	0
Annual Cost Burden (Dollars)	138,705	2,680,280	0	0	-2,541,575	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The new estimates calculated by the CFPB reflect improved calculations done on the market. In particular, the previous estimates were for the entire market and not just for those respondents under the CFPB enforcement authority. Therefore the total respondents, annual respondents, and burden hours are lower to reflect that. While the cost burden is also lower to reflect the actual number of CFPB respondents, we also estimate a lower cost per printed disclosure from $.10 to $.01. This is both because we believe many respondents send this list electronically and therefore have no additional costs, and for those that do print it, the cost is extremely minimal.

---

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

---

Common Form ICR:  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:

(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: 02/17/2016

---