[Federal Register Volume 78, Number 79 (Wednesday, April 24, 2013)]
[Notices]
[Pages 24227-24228]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-09705]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5687-N-20]


Notice of Proposed Information Collection; Comment Request: Real 
Estate Settlement Procedures Act (RESPA) Disclosures

AGENCY: Office of the Assistant Secretary for Housing-Federal Housing 
Commissioner, HUD.

ACTION: Notice.

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

DATES: Comments Due Date: June 24, 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: Reports Liaison Officer, 
Department of Housing and Urban Development, 451 7th Street SW., 
Washington, DC 20410, Room 9120 or the number for the Federal Relay 
Service (1-800-877-8339).

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: HUD 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: The 
Real Estate Settlement Procedures Act of 1974, (RESPA), 12 U.S.C. 2601 
et. seq., and Regulation X, codified at 24 CFR part 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

[[Page 24228]]

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 and HUD-1A, and GFE.
    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.

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

    Status of the proposed information collection: This is an extension 
of a currently approved collection.

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

    Dated: April 19, 2013.
Laura M. Marin,
Acting General Deputy Assistant, Secretary for Housing-Acting General 
Deputy, Federal Housing Commissioner.
[FR Doc. 2013-09705 Filed 4-23-13; 8:45 am]
BILLING CODE 4210-67-P