80 FR 17414 - Notice of Availability of Revised Consumer Information Publication
BUREAU OF CONSUMER FINANCIAL PROTECTION Federal Register Volume 80, Issue 62 (April 1, 2015)
Federal Register Volume 80, Issue 62 (April 1, 2015)
| Page Range | 17414-17415 | |
| FR Document | 2015-06568 |
[Federal Register Volume 80, Number 62 (Wednesday, April 1, 2015)] [Notices] [Pages 17414-17415] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-06568] ======================================================================= ----------------------------------------------------------------------- BUREAU OF CONSUMER FINANCIAL PROTECTION Notice of Availability of Revised Consumer Information Publication AGENCY: Bureau of Consumer Financial Protection. ACTION: Notice of availability. ----------------------------------------------------------------------- SUMMARY: The Bureau of Consumer Financial Protection (Bureau) announces the availability of an updated consumer publication, the home buying information booklet, also known as the special information booklet or the settlement cost booklet (Booklet), required under the Real Estate Settlement Procedures Act (RESPA), Regulation X, and Regulation Z. This version of the Booklet incorporates statutory amendments and the Loan Estimate and Closing Disclosure from the Bureau's final rule, Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z) (Integrated Disclosures Final Rule). The title of this publication is ``Your Home Loan Toolkit: A Step-by-Step Guide.'' ADDRESSES: The updated consumer publication is available for download on the Bureau's Web site at www.consumerfinance.gov/learnmore and can also be found in the Catalog of U.S. Government Publications (http://catalog.thefederalregister.org), maintained by Superintendent of Documents, U.S. Government Publishing Office, Washington, DC 20402. FOR FURTHER INFORMATION CONTACT: Julie Vore, Originations Analyst, Office of Mortgage Markets; David Friend, Counsel, Office of Regulations, CFPB_reginquiries@cfpb.gov or (202) 435-7700. SUPPLEMENTARY INFORMATION: The Bureau is hereby publishing this notice of availability to inform the public of the existence of an updated version of the Home Buying Information Booklet. Background on the Booklet In its enactment in 1974, section 5 of RESPA required the provision of ``special information booklets'' to help persons borrowing money to finance the purchase of residential real estate to understand better the nature and costs of real estate settlement services. Public Law 93- 553. Since 1976, the Department of Housing and Urban Development (HUD) implemented the requirement through publication of the Booklet titled ``Shopping for Your Home Loan: Settlement Cost Booklet.'' Section 1450 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), Public Law 111-203, amended section 5 of RESPA by, among other things, transferring responsibility for the Booklet from HUD to the Bureau. 12 U.S.C. 2604, as amended by the Dodd- Frank Act, requires the Director of the Bureau to prepare, at least once every five years, ``a booklet to help consumers applying for federally related mortgage loans to understand the nature and costs of real estate settlement services.'' 12 U.S.C. 2604(a). Section 1450 of the Dodd-Frank Act also amended 12 U.S.C. 2604 by adding new content requirements, including information on homeownership counseling services, an explanation of a consumer's responsibilities, liabilities and obligations in a mortgage transaction, and a list of questions a consumer obtaining a federally related mortgage loan should ask regarding the loan, including whether the consumer will have the ability to repay the loan, whether the consumer sufficiently shopped for the loan, whether the loan terms include prepayment penalties or balloon payments, and whether the loan will benefit the borrower. Other statutes, discussed below, have also amended 12 U.S.C. 2604 to include additional information on flood insurance. In November 2013, the Bureau issued a final rule that amended section 1024.5 to provide creditors with an exemption from certain RESPA requirements, including the requirements of section 1024.6, for loans subject to the TILA-RESPA integrated disclosure requirements. The rule also added section 1026.19(g), which is substantially similar to the requirements of 1024.6, but modified to conform to the usage associated with TILA. To reflect the transfer of the Booklet to the Bureau and ensure consistency with the Bureau's rulemakings regulating practices in mortgage origination and servicing that took effect in January 2014, the CFPB made technical and conforming changes to the Booklet and made the revised Booklet available in January 2014. 79 FR 1836 (Jan. 10, 2014). Contents of the Updated Version of the Booklet The Bureau is updating the Booklet to incorporate: (1) statutory amendments made to 12 U.S.C. 2604 by the Dodd-Frank Act, the Moving Ahead for Progress in 21st Century Act, Public Law 112-141, and the Homeowner Flood Insurance Affordability Act of 2014, Public Law 113-89; (2) the Bureau's Integrated Disclosures final rule effective on August 1, 2015; and (3) additional Bureau contact information, online tools, and information on how to submit complaints. Every effort was made to incorporate all statutory amendments; however, a Dodd-Frank Act amendment to 12 U.S.C. 2604 to provide notice of a loan fraud brochure and the web address and telephone number for obtaining the brochure could not be incorporated, as the brochure is no longer supported by the issuing agency. Instead, the Bureau has provided a link in the Booklet to a HUD Web page on loan fraud. The Bureau views this publication as part of the Bureau's broader mission to educate consumers about consumer financial products. The Booklet has also been revised to, among other things, improve the readability and usability of the booklet and link to the Bureau's Web site, regarding tools and resources that consumers can use to make better- [[Page 17415]] informed decisions about homeownership. The Bureau is currently developing a Spanish-language version of the Booklet and will publish a Notice of availability in the Federal Register when that Booklet is released. Pursuant to section 1026.19(g)(2), creditors may not make changes to, deletions from, or additions to the Booklet other than certain types of changes to the cover page. Distribution and Use of the Updated Booklet Under 12 U.S.C. 2604(a), lenders are required to provide the Booklet to each person from whom it receives an application for a mortgage loan and must deliver the Booklet or place it in the mail not later than 3 business days after the lender receives an application. As the Booklet has been redesigned to help consumers more effectively shop for a mortgage, all market participants are also encouraged to provide the Booklet to consumers at any other time, preferably as early in the home or mortgage shopping process as possible. Those who provide the Booklet should be aware that this update includes information on the new Loan Estimate and Closing Disclosure required to be provided to consumers for applications for federally related mortgage loans that are received on or after August 1, 2015. Because previous versions of the Booklet do not reference or explain the new integrated disclosures, the Bureau believes that providing consumers with the updated Booklet in conjunction with the integrated disclosures is important to facilitating consumers' understanding of the transaction. Dated: March 12, 2015. Richard Cordray, Director, Bureau of Consumer Financial Protection. [FR Doc. 2015-06568 Filed 3-31-15; 8:45 am] BILLING CODE 4810-AM-P
![17414 Federal Register / Vol. 80, No. 62 / Wednesday, April 1, 2015 / Notices
Reporting the Bureau’s final rule, Integrated loan should ask regarding the loan,
Respondents/Affected Entities: Swap Mortgage Disclosures Under the Real including whether the consumer will
Data Repositories. Estate Settlement Procedures Act have the ability to repay the loan,
Estimated number of respondents: 6. (Regulation X) and the Truth in Lending whether the consumer sufficiently
Estimated burden per respondent: Act (Regulation Z) (Integrated shopped for the loan, whether the loan
40,725 hours initially; 15,325 hours Disclosures Final Rule). The title of this terms include prepayment penalties or
ongoing. publication is ‘‘Your Home Loan balloon payments, and whether the loan
Frequency of collection: Ongoing. Toolkit: A Step-by-Step Guide.’’ will benefit the borrower. Other statutes,
Total annual respondent burden: ADDRESSES: The updated consumer discussed below, have also amended 12
244,350 hours initially; 91,950 hours publication is available for download on U.S.C. 2604 to include additional
ongoing. the Bureau’s Web site at information on flood insurance.
www.consumerfinance.gov/learnmore In November 2013, the Bureau issued
Recordkeeping and can also be found in the Catalog of a final rule that amended section 1024.5
Respondents/Affected Entities: Swap U.S. Government Publications (http:// to provide creditors with an exemption
Data Repositories. catalog.gpo.gov), maintained by from certain RESPA requirements,
Estimated number of respondents: 6. Superintendent of Documents, U.S. including the requirements of section
Estimated burden per respondent: 300 Government Publishing Office, 1024.6, for loans subject to the TILA–
hours initially, 254 hours ongoing. Washington, DC 20402. RESPA integrated disclosure
Frequency of collection: Ongoing. FOR FURTHER INFORMATION CONTACT: Julie
requirements. The rule also added
Total annual respondent burden: Vore, Originations Analyst, Office of section 1026.19(g), which is
1800 hours initially, 1524 hours Mortgage Markets; David Friend, substantially similar to the requirements
ongoing. Counsel, Office of Regulations, CFPB_ of 1024.6, but modified to conform to
the usage associated with TILA.
Disclosure reginquiries@cfpb.gov or (202) 435–
To reflect the transfer of the Booklet
7700.
Respondents/Affected Entities: Swap to the Bureau and ensure consistency
Data Repositories. SUPPLEMENTARY INFORMATION: The with the Bureau’s rulemakings
Estimated number of respondents: 6. Bureau is hereby publishing this notice regulating practices in mortgage
Estimated burden per respondent: 100 of availability to inform the public of origination and servicing that took effect
hours initially, 1 hour ongoing. the existence of an updated version of in January 2014, the CFPB made
Frequency of collection: Occasional. the Home Buying Information Booklet. technical and conforming changes to the
Total annual respondent burden: 600 Background on the Booklet Booklet and made the revised Booklet
hours initially, 6 hours ongoing. available in January 2014. 79 FR 1836
In its enactment in 1974, section 5 of (Jan. 10, 2014).
Authority: 44 U.S.C. 3501 et seq. RESPA required the provision of
Dated: March 27, 2015. ‘‘special information booklets’’ to help Contents of the Updated Version of the
Christopher J. Kirkpatrick, persons borrowing money to finance the Booklet
Secretary of the Commission. purchase of residential real estate to The Bureau is updating the Booklet to
[FR Doc. 2015–07468 Filed 3–31–15; 8:45 am] understand better the nature and costs incorporate: (1) statutory amendments
BILLING CODE 6351–01–P
of real estate settlement services. Public made to 12 U.S.C. 2604 by the Dodd-
Law 93–553. Since 1976, the Frank Act, the Moving Ahead for
Department of Housing and Urban Progress in 21st Century Act, Public
Development (HUD) implemented the Law 112–141, and the Homeowner
BUREAU OF CONSUMER FINANCIAL
requirement through publication of the Flood Insurance Affordability Act of
PROTECTION
Booklet titled ‘‘Shopping for Your Home 2014, Public Law 113–89; (2) the
Notice of Availability of Revised Loan: Settlement Cost Booklet.’’ Bureau’s Integrated Disclosures final
Consumer Information Publication Section 1450 of the Dodd-Frank Wall rule effective on August 1, 2015; and (3)
Street Reform and Consumer Protection additional Bureau contact information,
AGENCY: Bureau of Consumer Financial Act (Dodd-Frank Act), Public Law 111– online tools, and information on how to
Protection. 203, amended section 5 of RESPA by, submit complaints. Every effort was
ACTION: Notice of availability. among other things, transferring made to incorporate all statutory
responsibility for the Booklet from HUD amendments; however, a Dodd-Frank
SUMMARY: The Bureau of Consumer to the Bureau. 12 U.S.C. 2604, as Act amendment to 12 U.S.C. 2604 to
Financial Protection (Bureau) amended by the Dodd-Frank Act, provide notice of a loan fraud brochure
announces the availability of an requires the Director of the Bureau to and the web address and telephone
updated consumer publication, the prepare, at least once every five years, number for obtaining the brochure
home buying information booklet, also ‘‘a booklet to help consumers applying could not be incorporated, as the
known as the special information for federally related mortgage loans to brochure is no longer supported by the
booklet or the settlement cost booklet understand the nature and costs of real issuing agency. Instead, the Bureau has
(Booklet), required under the Real Estate estate settlement services.’’ 12 U.S.C. provided a link in the Booklet to a HUD
Settlement Procedures Act (RESPA), 2604(a). Section 1450 of the Dodd-Frank Web page on loan fraud.
Regulation X, and Regulation Z. This Act also amended 12 U.S.C. 2604 by The Bureau views this publication as
version of the Booklet incorporates
mstockstill on DSK4VPTVN1PROD with NOTICES
adding new content requirements, part of the Bureau’s broader mission to
statutory amendments and the Loan including information on educate consumers about consumer
Estimate and Closing Disclosure from homeownership counseling services, an financial products. The Booklet has also
explanation of a consumer’s been revised to, among other things,
reflect the estimate that one registered SDR may responsibilities, liabilities and improve the readability and usability of
deregister every two years. The burden to deregister
is estimated at 10 hours per deregistering entity.
obligations in a mortgage transaction, the booklet and link to the Bureau’s
The total annual ongoing burden for all SDRs for and a list of questions a consumer Web site, regarding tools and resources
registration is now estimated to be 275 hours. obtaining a federally related mortgage that consumers can use to make better-
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![Federal Register / Vol. 80, No. 62 / Wednesday, April 1, 2015 / Notices 17415
informed decisions about Catalog of Federal Domestic Authentic STEM experiences (as defined in
homeownership. The Bureau is Assistance (CFDA) Number: 84.120A. this notice), for students in science and
currently developing a Spanish- engineering programs. Applicants addressing
DATES: Applications Available: April 1, this priority should demonstrate how their
language version of the Booklet and will 2015. proposal will improve STEM education and
publish a Notice of availability in the Deadline for Transmittal of student outcomes.
Federal Register when that Booklet is Applications: June 1, 2015.
released. Pursuant to section Invitational Priority: For FY 2015 and
Deadline for Intergovernmental any subsequent year in which we make
1026.19(g)(2), creditors may not make Review: July 30, 2015.
changes to, deletions from, or additions awards from the list of unfunded
to the Booklet other than certain types Full Text of Announcement applicants from this competition, this
of changes to the cover page. priority is an invitational priority.
I. Funding Opportunity Description
Under 34 CFR 75.105(c)(1), we do not
Distribution and Use of the Updated Purpose of Program: The MSEIP is give an application that meets this
Booklet designed to effect long-range invitational priority a competitive or
Under 12 U.S.C. 2604(a), lenders are improvement in science and absolute preference over other
required to provide the Booklet to each engineering education at predominantly applications.
person from whom it receives an minority institutions and to increase the The invitational priority is:
flow of underrepresented ethnic Invitational Priority—Improving
application for a mortgage loan and
minorities, particularly minority STEM Education in the First Two Years
must deliver the Booklet or place it in
women, into scientific and of College.
the mail not later than 3 business days Priority: Projects designed to improve
after the lender receives an application. technological careers.
Priorities: This notice contains one retention and other student outcomes in
As the Booklet has been redesigned to the first two years of college through
help consumers more effectively shop competitive preference priority and one
invitational priority. The competitive strategies including, but not limited to,
for a mortgage, all market participants one or more of the following:
are also encouraged to provide the preference priority is from the
Department’s notice of final (a) Obtaining institutional support
Booklet to consumers at any other time, and support from accrediting agencies
preferably as early in the home or supplemental priorities and definitions
for discretionary grant programs, for changes in curricular, pedagogical,
mortgage shopping process as possible. and graduation requirements that are
Those who provide the Booklet published in the Federal Register on
December 10, 2014 (79 FR 73425). necessary to improve the first two years
should be aware that this update of STEM coursework.
includes information on the new Loan Competitive Preference Priority: For
(b) Developing early intervention
Estimate and Closing Disclosure FY 2015 and any subsequent year in
tutorial programs to help students
required to be provided to consumers which we make awards from the list of
academically deficient in STEM reach
for applications for federally related unfunded applicants from this
college level proficiency.
mortgage loans that are received on or competition, this priority is a
competitive preference priority. Under Note: Through the invitational priority, the
after August 1, 2015. Because previous Department encourages applicants to address
versions of the Booklet do not reference 34 CFR 75.105(c)(2)(i), we award an
systemic barriers that result in high failure
or explain the new integrated additional two points to an application and dropout rates during the introductory
disclosures, the Bureau believes that that meets this priority. years of science and engineering programs.
providing consumers with the updated The competitive preference priority Applicants addressing this priority should
Booklet in conjunction with the is: demonstrate how their proposal will improve
integrated disclosures is important to Competitive Preference Priority— STEM education in the first two years of
Promoting Science, Technology, college.
facilitating consumers’ understanding of
the transaction. Engineering, and Mathematics (STEM) Definitions: The following definitions
Education (2 additional points). are from the notice of final
Dated: March 12, 2015. Priority: Projects that are designed to supplemental priorities and definitions
Richard Cordray, improve Student Achievement (as for discretionary grant programs,
Director, Bureau of Consumer Financial defined in this notice) or other related published in the Federal Register on
Protection. outcomes by identifying and December 10, 2014 (79 FR 73425), and
[FR Doc. 2015–06568 Filed 3–31–15; 8:45 am] implementing instructional strategies, apply to the priorities in this notice:
BILLING CODE 4810–AM–P systems, and structures that improve Authentic STEM experiences means
postsecondary learning and retention, laboratory, research-based, or
resulting in completion of a degree in a experiential learning opportunities in a
STEM field. STEM (science, technology, engineering,
DEPARTMENT OF EDUCATION
Note: Applicants must indicate in the one- and mathematics) subject in informal or
Applications for New Awards; Minority page abstract and on the MSEIP Eligibility formal settings.
Science and Engineering Improvement Certification Form in the application package High-minority school means a school
Program whether they intend to address the as that term is defined by a local
competitive preference priority. educational agency (LEA), which must
AGENCY: Office of Postsecondary define the term in a manner consistent
Education, Department of Education. Note: Through the competitive preference with its State’s Teacher Equity Plan, as
priority, the Department encourages
mstockstill on DSK4VPTVN1PROD with NOTICES
ACTION: Notice. required by section 1111(b)(8)(C) of the
applicants to implement strategies to Elementary and Secondary Education
improve student outcomes, such as
Overview Information: increasing the number of students, including
Act of 1965, as amended (ESEA). The
High-need Students (as defined in this applicant must provide the definition(s)
Minority Science and Engineering
notice), who persist and graduate in a STEM of high-minority schools used in its
Improvement Program (MSEIP)
field. For example, an institution could application.
Notice inviting applications for new implement pedagogies of engagement, such High-need students means students
awards for fiscal year (FY) 2015. as problem-based learning, or provide who are at risk of educational failure or
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Document Created: 2015-12-18 11:03:35
Document Modified: 2015-12-18 11:03:35
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice of availability. | |
| Contact | Julie Vore, Originations Analyst, Office of Mortgage Markets; David Friend, Counsel, Office of Regulations, [email protected] or (202) 435-7700. | |
| FR Citation | 80 FR 17414 |
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