[Federal Register Volume 62, Number 112 (Wednesday, June 11, 1997)]
[Notices]
[Pages 31982-32011]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-15301]
[[Page 31981]]
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Part VI
Department of Housing and Urban Development
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Real Estate Settlement Procedures Act; Revision of Special Information
Booklet; Notice
Federal Register / Vol. 62, No. 112 / Wednesday, June 11, 1997 /
Notices
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-4243-N-01]
Real Estate Settlement Procedures Act; Notice of Revision of
Special Information Booklet
AGENCY: Office of the Assistant Secretary for Housing--Federal Housing
Commissioner, HUD.
ACTION: Notice; revision of special information booklet.
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SUMMARY: This notice announces the availability of a revised special
information booklet as required by the Real Estate Settlement
Procedures Act of 1974 (RESPA) (12 U.S.C. 2601-17) and prescribed by
the Assistant Secretary for Housing--Federal Housing Commissioner.
ADDRESSES: The special information booklet that follows this notice is
also available by sending a request to the Director, Office of Consumer
and Regulatory Affairs, Attention: RESPA/Special Information Booklet,
Room 9146, Department of Housing and Urban Development, 451 Seventh
Street, SW., Washington, DC 20410.
FOR FURTHER INFORMATION CONTACT: David R. Williamson, Office of
Consumer and Regulatory Affairs, (202) 708-4560, Room 9146, Department
of Housing and Urban Development, 451 Seventh Street, SW., Washington,
DC 20410. (This is not a toll-free number.) Persons with hearing or
speech impairments may access this number via TTY by calling the
Federal Information Relay Service at (800) 877-8339.
SUPPLEMENTARY INFORMATION: On April 23, 1987, the Department issued the
current edition of the special information booklet (52 FR 13566). That
version provided a description of the nature and purpose of the costs
relating to a real estate settlement, and an explanation of the HUD-1
Settlement Statement, escrow accounts used in connection with the loan,
providers of real estate settlement services, and unfair practices and
unreasonable or unnecessary charges. The Real Estate Settlement
Procedures Act of 1974 (12 U.S.C. 2601-17) (RESPA) requires lenders to
provide the special information booklet to each person borrowing money
to finance the purchase of residential real estate within 3 business
days after receiving the application.
Since 1987, RESPA has been amended on several occasions. (Cranston-
Gonzalez National Affordable Housing Act, 1990, Public Law 101-625; the
Dire Emergency Supplemental Appropriations Act, 1991, Public Law 102-
27; the Housing and Community Development Act of 1992, Public Law 102-
550; the Riegle Community Development and Regulatory Improvement Act of
1994, Public Law 103-325; the Economic Growth and Regulatory Paperwork
Reduction Act of 1996, Public Law 104-208.) Consequently, certain parts
of the special information booklet are outdated. Pursuant to 12 U.S.C.
2603, and 24 CFR 3500.6(b) of the Department's RESPA regulations, the
Assistant Secretary for Housing--Federal Housing Commissioner has
revised the special information booklet by addressing the legislative
amendments, and by updating informational references and the booklet's
discussion of the HUD-1 Settlement Statement. The revised booklet is
published in today's Federal Register following this notice.
More specifically, the Assistant Secretary for Housing--Federal
Housing Commissioner has revised the booklet to reflect changes in
RESPA coverage as well as additional required disclosures relating to
loan servicing transfers, escrow accounts, and affiliated service
providers. The explanation of settlement services has been expanded to
include current lending and settlement charges, such as fees for
mortgage brokers, Computer Loan Origination (CLO) services, tax
service, flood insurance, and lead based paint inspection services. The
booklet was also updated to include other statutes related to fair
credit, fair lending, flood insurance and lead based paint hazards
which affect the lending and settlement process.
The Department will make a copy of the special information booklet
available to any firm planning to publish the booklet for distribution
to lenders. Firms interested in securing a copy should send their
requests to the Director, Office of Consumer and Regulatory Affairs,
Attention: RESPA/Special Information Booklet, Room 9146, U.S.
Department of Housing and Urban Development, 451 Seventh Street, SW.,
Washington, DC 20410. The booklet will also be available through the
Superintendent of Documents, U.S. Government Printing Office,
Washington, DC 20402. The Department does not have a sufficient supply
of the booklet and form to provide copies to all settlement service
providers. Lenders may use the booklet as soon as it becomes available
through normal sources. Previous editions may be used until supplies
are exhausted or until September 9, 1997 whichever is earlier.
The Department is also making the booklet available to settlement
service providers and consumers at the following web site address:
http://www.hud.gov/fha/res/respa_hm.html
Paperwork Reduction Act
The information collection requirements for the special information
booklet have been approved by the Office of Management and Budget (OMB)
in accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-
3520), and assigned OMB control number 2502-0265. An agency may not
conduct or sponsor, and a person is not required to respond to, a
collection of information unless the collection displays a valid
control number.
Environmental Impact
In accordance with 24 CFR 50.19(c)(1) of the Department's
regulations, published in a final rule on September 27, 1996 (61 FR
50914), this notice and the special information booklet do not direct,
provide for assistance or loan and mortgage insurance for, or otherwise
govern or regulate property acquisition, disposition, lease,
rehabilitation, alteration, demolition, or new construction, or set out
or provide for standards for construction or construction materials,
manufactured housing, or occupancy. Therefore, this notice and the
special information booklet are categorically excluded from the
requirements of the National Environmental Policy Act.
The Department is hereby publishing the revised special information
booklet to provide appropriate notice of its contents. The text of the
special information booklet for the Real Estate Settlement Procedures
Act follows this notice.
Dated: June 2, 1997.
Nicolas P. Retsinas,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 97-15301 Filed 6-10-97; 8:45 am]
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[FR Doc. 97-15301 Filed 6-10-97; 8:45 am]
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