[Federal Register Volume 78, Number 126 (Monday, July 1, 2013)]
[Notices]
[Pages 39306-39307]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-15690]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5683-N-53]
30-Day Notice of Proposed Information Collection:
Real Estate Settlement Procedures Act (RESPA) Disclosures
AGENCY: Office of the Chief Information Officer, HUD.
ACTION: Notice.
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SUMMARY: HUD has submitted the proposed information collection
requirement described below to the Office of Management and Budget
(OMB) for review, in accordance with the Paperwork Reduction Act. The
purpose of this notice is to allow for an additional 30 days of public
comment.
DATES: Comments Due Date: July 31, 2013.
ADDRESSES: Interested persons are invited to submit comments regarding
this proposal. Comments should refer to the proposal by name and/or OMB
Control Number and should be sent to: HUD Desk Officer, Office of
Management and Budget, New Executive Office Building, Washington, DC
20503; fax: 202-395-5806. Email: [email protected].
FOR FURTHER INFORMATION CONTACT: Colette Pollard, Reports Management
Officer, QDAM, Department of Housing and Urban Development, 451 7th
Street SW., Washington, DC 20410; email Colette Pollard at
[email protected] or telephone 202-402-3400. Persons with hearing
or speech impairments may access this number through TTY by calling the
toll-free Federal Relay Service at (800) 877-8339. This is not a toll-
free number. Copies of available documents submitted to OMB may be
obtained from Ms. Pollard.
SUPPLEMENTARY INFORMATION: This notice informs the public that HUD has
submitted to OMB a request for approval of the information collection
described in Section A. The Federal Register notice that solicited
public comment on the information collection for a period of 60 days
was published on April 24, 2013.
A. Overview of Information Collection
Title of Information Collection: Real Estate Settlement Procedures
Act (RESPA) Disclosures.
OMB Approval Number: 2502-0265.
Type of Request: Extension without change of a currently approved
collection.
Form Number: HUD-1 and HUD-1A, and GFE.
[[Page 39307]]
Description of the need for the information and proposed use: The
Real Estate Settlement Procedures Act of 1974, (RESPA), 12 U.S.C. 2601
et. seq., and Regulation X, codified at 24 CFR 3500, require real
estate settlement service 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, a Servicing Disclosure
Statement, the Form HUD-1 or Form HUD-1A, and when applicable an
Initial Escrow Account Statement, an Annual Escrow Account Statement, a
Consumer Disclosure for Voluntary Escrow Account Payments, an
Affiliated Business Arrangement Disclosure, and a Servicing Transfer
Disclosure.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act
(Dodd-Frank Act), rulemaking authority for and certain enforcement
authorities with respect to the Real Estate Settlement Procedures Act
(RESPA) of 1974, as amended by Section 461 of the Housing and Urban-
Rural Recovery Act of 1983 (HURRA), and other various amendments,
transferred from the Department of Housing and Urban Development (HUD)
to the Consumer Financial Protection Bureau (CFPB) on July 21, 2011.
The Dodd-Frank Act also directed the CFPB to integrate certain
disclosures required by the Truth in Lending Act (TILA) with certain
disclosures required by the Real Estate Settlement Procedures Act
(RESPA) of 1974. The CFPB expects the content and format of information
collection forms under this clearance, HUD's existing HUD-1/1A and GFE
forms, to be significantly revised or replaced by rulemaking. The CFPB
published proposed rules in July and August of 2012 to that effect.
Historically, in order to satisfy information collection
requirements under the Paperwork Reduction Act (PRA), the HUD-1/1A and
GFE listed HUD's Office of Management and Budget (OMB) control number,
2502-0265. While the CFPB will be, upon OMB approval of this
information collection request, the ``owner'' of this information
collection, the CFPB believes that requiring covered persons to modify
existing forms solely to replace HUD's OMB control number with the
Bureau's OMB control number would impose substantial burden on covered
persons with limited or no net benefit to consumers. Accordingly, the
CFPB has reached an agreement with OMB and HUD whereby covered persons
may continue to list HUD's OMB control number on the HUD-1/1A and GFE
forms until a final rule to the contrary takes effect. Covered persons
also have the option of replacing HUD's OMB control number with the
Bureau's OMB control number on the HUD-1/1A and GFE forms until a final
rule to the contrary takes effect. Once the CFPB's final rule takes
effect, regulated industry will no longer be able to use the HUD
control number.
Estimation of the total numbers of hours needed to prepare the
information collection including number of respondents, frequency of
response, and hours of response: The total number of annual burden
hours needed to prepare the information is 17,183,450; the number of
respondents is estimated to be 50,000 generating approximately
149,589,500 responses annually; these are third party disclosures, the
frequency of response is annually for one disclosure and as required
for others; and the estimated time per response varies from 2 minutes
to 35 minutes.
B. Solicitation of Public Comment
This notice is soliciting comments from members of the public and
affected parties concerning the collection of information described in
Section A on the following:
(1) Whether the proposed collection of information is necessary for
the proper performance of the functions of the agency, including
whether the information will have practical utility;
(2) The accuracy of the agency's estimate of the burden of the
proposed collection of information;
(3) Ways to enhance the quality, utility, and clarity of the
information to be collected; and
(4) Ways to minimize the burden of the collection of information on
those who are to respond; including through the use of appropriate
automated collection techniques or other forms of information
technology, e.g., permitting electronic submission of responses.
HUD encourages interested parties to submit comment in response to
these questions.
Authority: Section 3507 of the Paperwork Reduction Act of 1995,
44 U.S.C. Chapter 35.
Date: June 25, 2013.
Colette Pollard,
Department Reports Management Officer, Office of the Chief Information
Officer.
[FR Doc. 2013-15690 Filed 6-28-13; 8:45 am]
BILLING CODE 4210-67-P