Loan Originator Compensation Amendment (Regulation Z)

ICR 201602-3170-004

OMB: 3170-0031

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2016-02-10
ICR Details
3170-0031 201602-3170-004
Historical Active 201302-3170-002
CFPB
Loan Originator Compensation Amendment (Regulation Z)
Revision of a currently approved collection   No
Regular
Approved without change 05/17/2016
Retrieve Notice of Action (NOA) 02/18/2016
  Inventory as of this Action Requested Previously Approved
05/31/2019 36 Months From Approved 05/31/2016
49,958 0 34,943
94,635 0 114,353
265,388 0 240,054

The Truth in Lending Act (TILA), 15 U.S.C. 1601 et seq., was enacted to foster comparison credit shopping and informed credit decision making by requiring accurate disclosure of the costs and terms of credit to consumers. The Dodd-Frank Act then amended TILA to include, among other things, provisions about the qualifications and compensation of mortgage loan officers, in order to ensure consumers are getting a fair deal on their loans. Federal and State enforcement agencies and private litigants use records retained under the requirements of Regulation Z to ascertain whether the requirements under TILA and Regulation Z have been met. The information retained provides the primary evidence of legal violations in TILA enforcement actions brought by Federal agencies.

US Code: 15 USC 1601 Name of Law: The Truth in Lending Act (TILA)
  
None

Not associated with rulemaking

  80 FR 76459 12/09/2015
81 FR 8180 02/18/2016
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 49,958 34,943 0 0 15,015 0
Annual Time Burden (Hours) 94,635 114,353 0 0 -19,718 0
Annual Cost Burden (Dollars) 265,388 240,054 0 0 25,334 0
Yes
Miscellaneous Actions
Yes
Miscellaneous Actions
The CFPB has decreased its estimate of total respondents by 3,027, increased its estimate of annual responses by 15,015, and its estimate of cost burden by $25,344 annually as a result of changes in the size of the covered market and new estimation techniques. The decrease of 19,718 annual burden hours is partially affected by the new estimations, but is also due to the exclusion of one time burden that was counted under the initial rulemaking, but is no longer incurred by existing entities.

$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.
02/18/2016


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