Mortgage Servicing Amendment (Regulation X)

Forms and Documents

Document Name	Status
3170-0027 Mortgage Servicing Reg X PRA Supporting Statement - NFRM (RIN 3170-AA49) OMB Rev.pdf Supporting Statement A	2018-03-13

IC Document Collections

IC ID	Document Title	Status
223987	Reporting, Recordkeeping and Disclosure requirements	New
205772	One time Burden: regulation review and vendor costs for software updates	Removed
204946	Loss Mitigation	Removed
204945	Early Intervention with Delinquent Borrowers	Removed
204944	Error Resolution and Requests for Infomation	Removed
204943	Force-Placed Insurance	Removed
204942	Mortgage Servicing Transfer Notice	Removed

ICR Details

OMB Control No: 3170-0027	ICR Reference No: 201610-3170-001
Status: Historical Active	Previous ICR Reference No: 201605-3170-001
Agency/Subagency: CFPB	Agency Tracking No: 3170-0016
Title: Mortgage Servicing Amendment (Regulation X)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/13/2018
	Date Received in OIRA: 10/19/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2021	36 Months From Approved	03/31/2018
Responses	17,854,170	0	16,585,152
Time Burden (Hours)	1,179,078	0	1,115,115
Cost Burden (Dollars)	7,393,918	0	7,051,516

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Abstract: The Dodd-Frank Act amended the Truth in Lending Act (TILA), 15 U.S.C. 1601 et seq, and the Real Estate Settlement Procedures Act of 1974 (RESPA), 12 U.S.C. 2601 et seq., by, among other things, mandating new mortgage servicing disclosures and procedures to improve protections for consumers with certain residential mortgages. 12 U.S.C. 2601 et seq.; 15 U.S.C. 1638a, 1638(f), 1639f, and 1639g. Through a final rule issued on January 17, 2013, the Consumer Financial Protection Bureau (the Bureau) amended Regulation Z to implement the new TILA mortgage servicing provisions required by the Dodd-Frank Act and revised Regulation Z’s adjustable-rate mortgage rules under § 1026.20(c) and (d). The Bureau is further amending Regulation Z, which implements TILA, and the official interpretation of the regulation. Regulation Z 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 and to protect consumers against inaccurate and unfair credit billing practices. The final rule amends and clarifies several existing servicer obligations under TILA and Regulation Z, including the obligation to promptly credit payments and to make certain disclosures on periodic statements. The final rule also includes several new servicer obligations, including the obligation to apply all of the Regulation Z servicing rules to confirmed successors in interest; to provide periodic statements to certain consumers in bankruptcy; and to provide periodic statements to consumers whose loans have been charged-off. The final rule also amends the definition of small servicers that are exempt from many of the servicing rules in Regulation Z. Concurrently with the final rule, the Bureau also issued an interpretive rule under the Fair Debt Collection Practices Act, 15 U.S.C. 1692-1692p, relating to servicers’ compliance with certain mortgage servicing provisions in Regulation Z, as amended by the final rule. Most provisions of the final rule and interpretive rule take effect 12 months after publication in the Federal Register. The provisions relating to bankruptcy periodic statements and successors in interest take effect 18 months after publication in the Federal Register. The Bureau has divided the rules amending these portions of the Bureau’s Regulations X and Z into two separate Information Collection Requests (ICRs) in OMB’s system (accessible at omb.report), OMB Control Numbers 3170-0027 and 3170-0028 respectively, to ease the public’s ability to view and understand the individual final rules for discrete portions Regulation X and Regulation Z. Respondents should continue to use the 3170-0016 control number for Regulation X and the 3170-0015 control number for Regulation Z.

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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-AA49	Final or interim final rulemaking	81 FR 72160	10/19/2016

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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: 1

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

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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	17,854,170	16,585,152	0	1,269,018	0	0
Annual Time Burden (Hours)	1,179,078	1,115,115	0	63,963	0	0
Annual Cost Burden (Dollars)	7,393,918	7,051,516	0	342,402	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The information collections for the Bureau’s disclosures with respect to successors in interest, notices of complete application, and notices of delayed evaluation pending receipt of third-party information are new requirements under the final rule. The agency is therefore increasing the burden by 63,963 hours and imposing $342,402 in new costs by requiring additional disclosures under this rule change. We have also decreased our estimate of affected respondents from 12,642 to 10,730

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 10/19/2016

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