[Federal Register Volume 77, Number 205 (Tuesday, October 23, 2012)]
[Notices]
[Pages 64821-64822]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-26067]


-----------------------------------------------------------------------

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5603-N-76]


Notice of Submission of Proposed Information Collection to OMB; 
Emergency Comment Request; Real Estate Settlement Procedures Act 
Disclosures

AGENCY: Office of the Chief Information Officer.

ACTION: Notice of proposed information collection.

-----------------------------------------------------------------------

SUMMARY: The proposed information collection requirement described 
below has been submitted to the Office of Management and Budget (OMB) 
for emergency review and approval, as required by the Paperwork 
Reduction Act. The Department is soliciting public comments on the 
subject proposal.

DATES: Comments Due Date: November 6, 2012.

ADDRESSES: Interested persons are invited to submit comments regarding 
this proposal. Comments must be received within fourteen (14) days from 
the date of this Notice. Comments should refer to the proposal by name/
or OMB approval number) and should be sent to: HUD Desk Officer, Office 
of Management and Budget, New Executive Office Building, Washington, DC 
20503; email: [email protected]; fax: 202-395-6974.

FOR FURTHER INFORMATION CONTACT: Colette Pollard, Office of Chief 
Information Officer, Department of Housing and Urban Development, 451 
7th Street SW., Washington, DC 20410, telephone (202) 708-2121 (this is 
not a toll free number) for copies of the proposed forms and other 
available information.

SUPPLEMENTARY INFORMATION: The Department is submitting the proposed 
information collection to OMB for review, as required by the Paperwork 
Reduction Act of 1995 (44 U.S.C. Chapter 35, as amended).
    This Notice is soliciting comments from members of the public and 
affected agencies concerning the proposed collection of information to: 
(1) Evaluate whether the proposed collection is necessary for the 
proper performance of the functions of the agency, including whether 
the information will have practical utility; (2) Evaluate the accuracy 
of the agency's estimate of the burden of the proposed collection of 
information; (3) Enhance the quality, utility, and clarity of the 
information to be collected; and (4) Minimize the burden of the 
collection of information on those who are to respond; including the 
use of appropriate automated collection techniques or other forms of 
information technology, e.g., permitting electronic submission of 
responses.
    This Notice also lists the following information:
    Title of Proposal: Real Estate Settlement Procedures Act (RESPA) 
Disclosures.
    OMB Control Number, if applicable: 2502-0265.
    Description of the need for the information and proposed use: This 
collection is a reinstatement of a discontinued information collection. 
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.
    Agency form numbers, if applicable: HUD-1, HUD-1A and [GFE form 
number to be determined].
    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

[[Page 64822]]

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.

    Authority: The Paperwork Reduction Act of 1995, 44 U.S.C. 
Chapter 35, as amended.

    Dated: October 18, 2012.
Colette Pollard,
Departmental Reports Manager.
[FR Doc. 2012-26067 Filed 10-22-12; 8:45 am]
BILLING CODE 4210-67-P