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

ICR 201907-3170-002

OMB: 3170-0016

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2019-07-17
IC Document Collections
IC ID
Document
Title
Status
209502
Modified
ICR Details
3170-0016 201907-3170-002
Active 201810-3170-001
CFPB
Real Estate Settlement Procedures Act (Regulation X) 12 CFR 1024
Extension without change of a currently approved collection   No
Regular
Approved without change 03/06/2020
Retrieve Notice of Action (NOA) 07/22/2019
  Inventory as of this Action Requested Previously Approved
03/31/2023 36 Months From Approved 03/31/2020
59,240,519 0 25,026,566
1,087,981 0 7,683,928
17,752,895 0 7,532,623

The Real Estate Settlement Procedures Act of 1974 (RESPA), 12 U.S.C. 2601 et seq., as amended, requires lenders, mortgage brokers, or servicers of certain home loans to provide borrowers with pertinent and timely disclosures regarding the nature and costs of the real estate settlement process, as well as servicing, including escrowing.. The Act also prohibits specific practices, such as kickbacks, and places limitations upon the use of escrow accounts. , among other things the purposes of RESPA include, in part, providing consumers with more effective advance disclosure of settlement costs and eliminating certain abusive practices that tend to increase unnecessarily the costs of settlement services. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) amended RESPA by, among other things, requiring a single, integrated disclosure for mortgage loan transactions, mandating new disclosures and protections concerning force-placed hazard insurance, revising requirements for home buying information booklets, reducing response times to borrower inquiries, and settling time limits on refunds of escrow account balances at payoff. for consumers with certain residential mortgages, 12 U.S.C. 2603, 2604, and 2605. Regulation X, 12 CFR 1024.1-.41, implements RESPA. Regulation X contains information collections in the form of various disclosure and recordkeeping requirements. The disclosures in this collection are required by the statute and implementing regulations. Consumers use the disclosures required by RESPA and Regulation X to inform their choice of settlement service providers, review the final terms of a settlement, understand who to contact about questions concerning their mortgage loan, and identify and protect themselves against inaccurate or questionable loan servicing practices. The information collections discussed in this supporting statement are required in Regulation X, but to the extent that compliance with requirements in Regulation Z (12 CFR 1026) provides an exemption from compliance with similar requirements in Regulation X, the information collection burden is accounted for in OMB Control Number 3170-0015.

US Code: 12 USC 1601 Name of Law: Real Estate Settlement Procedures Act
  
None

Not associated with rulemaking

  84 FR 13911 04/08/2019
84 FR 35103 07/22/2019
No

1
IC Title Form No. Form Name
Regulation X Disclosure Requirements

  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 59,240,519 25,026,566 0 0 34,213,953 0
Annual Time Burden (Hours) 1,087,981 7,683,928 0 0 -6,595,947 0
Annual Cost Burden (Dollars) 17,752,895 7,532,623 0 0 10,220,272 0
No
No
The Bureau updated burden allocations to better reflect the burden of the January 10, 2013. Final Rule and the August 4, 2016 Final Rule which amended Regulation X. The above burden allocation accounts for all parts of Regulation X. Further, the Integrated Discloser Rule removed a significant amount of burden previously associated with this rule and reallocated it to Regulation Z (TILA). Finally the Bureau identified additional information collections in the regulation which had not been previously accounted for, for which it is now taking burden.

$0
No
    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.
07/22/2019


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