Real Estate Settlement Procedures Act (RESPA) Disclosures

Forms and Documents

Document Name	Status
Form HUD 1 Real Estate Settlement Procedures Act (RESPA) Disclosures Form	Modified
ICR 2502-0265.doc Supporting Statement A	2008-03-14

IC Document Collections

IC ID	Document Title	Status
27091	Real Estate Settlement Procedures Act (RESPA) Disclosures Form	Modified

ICR Details

OMB Control No: 2502-0265	ICR Reference No: 200803-2502-004
Status: Historical Inactive	Previous ICR Reference No: 200612-2502-003
Agency/Subagency: HUD/OH	Agency Tracking No:
Title: Real Estate Settlement Procedures Act (RESPA) Disclosures
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 06/24/2008
	Date Received in OIRA: 03/14/2008
Terms of Clearance: HUD will incorporate public comments for the final submission.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2009	36 Months From Approved	11/30/2009
Responses	154,646,000	0	154,646,000
Time Burden (Hours)	11,238,680	0	11,238,680
Cost Burden (Dollars)	0	0	0

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Abstract: The Real Estate Settlement Procedures Act of 1974, (RESPA), 12 U.S.C. 2601 et.seq., and the implementing Regulation X, codified at 24 CFR 3500, require settlement providers to give homebuyers certain disclosure information at and before settlement, and pursuant to the servicing of the loan and escrow account. This includes a Special Information Booklet, a Good Faith Estimate, an Initial Servicing Disclosure, the Form HUD-1 or Form HUD-1A, and when applicable an Initial Escrow Account Statement, an Annual Escrow Account Statement, an Escrow Account Disbursement Disclosure, an Affiliated.....

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Authorizing Statute(s): US Code: 12 USC 2601 Name of Law: RESPA
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
2502-AI61	Proposed rulemaking	73 FR 51	03/14/2008

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Real Estate Settlement Procedures Act (RESPA) Disclosures	HUD 1A, HUD 1	Settlement Statement ,   Settlement Statement Optional Form for Transactions without Sellers

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The Department is adjusting the previous estimate of 11,000,000 loans per year to 12,500,000 loans per year, resulting in increased burden hours. The adjustment is based on research conducted through the Federal National Mortgage Association (FNMA), a housing Government Sponsored Enterprise (GSE). This rule change will not increase the number of required responses. Changes in the number of responses, in all categories, are related to adjustments due to market changes, not program changes. Responses previously required through the Acknowledgement of Probable Transfer of Loan Servicing Disclosure will no longer be required. The information that was on the Acknowledgement of Probable Transfer of Loan Servicing Disclosure form will now be included on the Servicing Disclosure Statement which will be handed to borrowers with the GFE. The Servicing Disclosure Statement will not appreciably increase the burden of completing the GFE. The program change in line 13(f) is more fully explained in justification 12.

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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: 03/14/2008

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