Real Estate Settlement Procedures Act (Regulation X) 12 CFR 1024

Forms and Documents

Document Name	Status
3170-0027 Mortgage Servicing Reg X PRA Supporting Statement - NFRM (RIN 3170-AA49) OMB Rev.pdf Supplementary Document	2018-10-02
3170-0025 Reg X HEOPA SS Final.pdf Supplementary Document	2018-10-02
83C to merge 3170-0025 and x0027.pdf Justification for No Material/Nonsubstantive Change	2018-10-02
3170-0016 (Reg X) RIN AA19 Final Rule.pdf Supporting Statement A	2014-01-13

IC Document Collections

IC ID	Document Title	Status
209502	Regulation X Disclosure Requirements	Modified

ICR Details

OMB Control No: 3170-0016	ICR Reference No: 201810-3170-001
Status: Historical Active	Previous ICR Reference No: 201510-3170-003
Agency/Subagency: CFPB	Agency Tracking No:
Title: Real Estate Settlement Procedures Act (Regulation X) 12 CFR 1024
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/19/2018
	Date Received in OIRA: 10/02/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2018	10/31/2018	10/31/2018
Responses	25,026,566	0	122,400
Time Burden (Hours)	7,683,928	0	6,387,350
Cost Burden (Dollars)	7,532,623	0	0

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Abstract: Regulation X, which 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 collection also contains recordkeeping requirements.

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

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AA19	Final or interim final rulemaking	80 FR 43911	07/24/2015

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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
Regulation X Disclosure Requirements

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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	25,026,566	122,400	0	0	24,904,166	0
Annual Time Burden (Hours)	7,683,928	6,387,350	0	0	1,296,578	0
Annual Cost Burden (Dollars)	7,532,623	0	0	0	7,532,623	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: Transferring information collections and associated burdens from OMB numbers 3170-0025 and 3170-0027 so that all the burdens for the information collections contained in Regulation X are under one OMB number.

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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: 10/02/2018

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