GOOD FAITH ESTIMATE, DISCLOSURE AND ESTIMATE ON CONTROLLED BUSINESS ARRANGEMENTS

Forms and Documents

Document Name	Status

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Document Title	Status
144248	GOOD FAITH ESTIMATE, DISCLOSURE AND ESTIMATE ON CONTROLLED BUSINESS ARRANGEMENTS Form	Migrated

ICR Details

OMB Control No: 2502-0265	ICR Reference No: 198901-2502-002
Status: Historical Inactive	Previous ICR Reference No: 198804-2502-005
Agency/Subagency: HUD/OH	Agency Tracking No:
Title: GOOD FAITH ESTIMATE, DISCLOSURE AND ESTIMATE ON CONTROLLED BUSINESS ARRANGEMENTS
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Disapproved and continue	Conclusion Date: 02/22/1989
	Date Received in OIRA: 01/10/1989
Terms of Clearance: This information collection is being returned to HUD without OMB review and approval for having been improperly submitted to OMB. Although HUD submitted this information collection for OMB review on 1/10/89, HUD did not notify the public of its opportunity to comment on the information collection until 2/14/89. The failure to notify the public of its opportunity to comment at the same time that this information collection was transmitted to OMB for review has resulted in a lessening of the public comment period by over 30 days, which does not allow for the full 60 day public comment period afforded the public by the Paperwork reduction Act. To obtain OMB review of this information collection in the future, HUD must ensure that the public is afforded the full 60 day public comment period provided under the Paperwork Reduction Act. Hence, when resubmitting this information collection for OMB review, the public should be notified of its opportunity to comment at the same time that the information collection is transmitted to OMB. Notification at that time will ensure that the public has a full and adequate comment period.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/1989	06/30/1989	06/30/1989
Responses	3,470,000	0	3,470,000
Time Burden (Hours)	867,501	0	867,501
Cost Burden (Dollars)	0	0	0

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Abstract: SECTION 5 OF THE REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA) REQUIRE LENDERS TO PROVIDE BORROWERS A GOOD FAITH ESTIMATE OF SETTLEMENT COSTS SECTION 8 REQUIRES SETTLEMENT AGENTS TO PROVIDE BORROWERS AND SELLERS A HUD-1 WHICH SETS FORTH ALL SETTLEMENT COSTS. SECTION 8(C)(4) REQUIRE THE DISCLOSURE AND ESTIMATE.

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Authorizing Statute(s): None

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:

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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
GOOD FAITH ESTIMATE, DISCLOSURE AND ESTIMATE ON CONTROLLED BUSINESS ARRANGEMENTS	HUD-1

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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:

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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]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

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: 01/10/1989

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