[Federal Register Volume 84, Number 140 (Monday, July 22, 2019)]
[Notices]
[Pages 35103-35104]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-15501]
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BUREAU OF CONSUMER FINANCIAL PROTECTION
[Docket No. CFPB-2019-0038]
Agency Information Collection Activities: Submission for OMB
Review; Comment Request
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Notice and request for comment.
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SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (PRA),
the Bureau of Consumer Financial Protection (Bureau) is requesting to
renew the Office of Management and Budget (OMB) approval for an
existing information collection, titled, ``Real Estate Settlement
Procedures Act (Regulation X).''
DATES: Written comments are encouraged and must be received on or
before August 21, 2019 to be assured of consideration.
ADDRESSES: Comments in response to this notice are to be directed
towards OMB and to the attention of the OMB Desk Officer for the Bureau
of Consumer Financial Protection. You may submit comments, identified
by the title of the information collection, OMB Control Number (see
below), and docket number (see above), by any of the following methods:
Electronic: http://www.regulations.gov. Follow the
instructions for submitting comments.
Email: [email protected].
Fax: (202) 395-5806.
Mail: Office of Management and Budget, New Executive
Office Building, Room 10235, Washington, DC 20503.
In general, all comments received will become public records,
including any personal information provided. Sensitive personal
information, such as account numbers or Social Security numbers, should
not be included.
FOR FURTHER INFORMATION CONTACT: Documentation prepared in support of
this information collection request is available at www.reginfo.gov
(this link becomes active on the day following publication of this
notice). Select ``Information Collection Review,'' under ``Currently
under review, use the dropdown menu ``Select Agency'' and select
``Consumer Financial Protection Bureau'' (recent submissions to OMB
will be at the top of the list). The same documentation is also
available at http://www.regulations.gov. Requests for additional
information should be directed to Darrin King, PRA Officer, at (202)
435-9575, or email: [email protected]. If you require this document in
an alternative electronic format, please contact
[email protected]. Please do not submit comments to these
email boxes.
SUPPLEMENTARY INFORMATION:
Title of Collection: Real Estate Settlement Procedures Act
(Regulation X) 12 CFR 1024.
OMB Control Number: 3170-0016.
Type of Review: Extension without change of an existing information
collection.
Affected Public: Businesses and other for-profit entities.
Estimated Number of Respondents: 12,506.
Estimated Total Annual Burden Hours: 1,087,981.
Abstract: The Real Estate Settlement Procedures Act of 1974
(RESPA), 12 U.S.C. 2601 et seq., requires lenders, mortgage brokers, or
servicers of home loans to provide borrowers with pertinent and timely
disclosures regarding the nature and costs of the real estate
settlement process. The Act also prohibits specific practices, such as
kickbacks, and places limitations upon the use of escrow accounts. The
purposes of RESPA include, in part, providing consumers with more
effective advance disclosure of settlement costs and eliminating
certain abusive practices that tend to increase unnecessarily the costs
of settlement services.
The Dodd-Frank Wall Street Reform and Consumer Protection Act
(Dodd-Frank) amended RESPA by, among other things, mandating new
mortgage disclosures and procedures to improve protections for
consumers with certain residential mortgages, 12 U.S.C. 2605.
Regulation X, 12 CFR 1024.1-.41, implements RESPA. Regulation X
contains information collections in the form of various disclosure and
recordkeeping requirements. The disclosures in this collection are
required by the statute and implementing regulations. Consumers use the
disclosures required by RESPA and Regulation X to inform their choice
of settlement service providers, review the final terms of a
settlement, understand who to contact about questions concerning their
mortgage loan, and identify and protect themselves against inaccurate
or questionable loan servicing practices.
[[Page 35104]]
The information collections discussed in this supporting statement
are required in Regulation X, but to the extent that compliance with
requirements in Regulation Z (12 CFR 1026) provides an exemption from
compliance with similar requirements in Regulation X, the information
collection burden is accounted for in OMB Control Number 3170-0015.
Request for Comments: The Bureau issued a 60-day Federal Register
notice on April 8, 2019, 84 FR 13911, Docket Number: CFPB-2019-0016.
Comments were solicited and continue to be invited on: (a) Whether the
collection of information is necessary for the proper performance of
the functions of the Bureau, including whether the information will
have practical utility; (b) The accuracy of the Bureau's estimate of
the burden of the collection of information, including the validity of
the methods and the assumptions used; (c) Ways to enhance the quality,
utility, and clarity of the information to be collected; and (d) Ways
to minimize the burden of the collection of information on respondents,
including through the use of automated collection techniques or other
forms of information technology. Comments submitted in response to this
notice will be reviewed by OMB as part of its review of this request.
All comments will become a matter of public record.
Dated: July 17, 2019.
Darrin A. King,
Paperwork Reduction Act Officer, Bureau of Consumer Financial
Protection.
[FR Doc. 2019-15501 Filed 7-19-19; 8:45 am]
BILLING CODE 4810-AM-P