[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