Posted by TacomaBoy on 3/8/12 1:57pm
Msg #414325

RESPA Notice

I find the below sometimes printed on the bottom of the HUD-1. Does anyone know what it's all about? The phrase "No confidentiality is assured; this disclosure is mandatory" scared the crap out of one of my signing customer and she called me out about it. I have an idea about it's meaning, but I felt uncomfortable trying to conjure up a reasonable explanation for her.


"The Public Reporting Burden for this collection of information is estimated at 35 minute per response for collecting, reviewing and reporting the data. This agency may not collect this information, and you are not required to complete title form, unless It displays a currently valid 0MB control number. No confidentiality is assured; this disclosure is mandatory. This is designed to provide the parties to a RESPA covered transaction with information during the settlement process."

Reply by ReneeK_MI on 3/8/12 3:11pm
Msg #414336

Interesting ...

I've never actually read that, nor been questioned about it, and was completely ignorant of it - until you brought it up!

From just 5 min on the internet, I find that it has something to do with the Paperwork Reduction Act of 1995, and this disclosure blurb is on just about every government-issued form out there!

I know that's not an answer, but ... it's a start?

Reply by TacomaBoy on 3/8/12 4:43pm
Msg #414346

Interesting ...

Thanks! It's a better answer than the answer I gave to my customer. I'm pretty knowledgeable and conversant about everything else, but this thing in 4 point print was like dealing with an annoying little yapping dog while I was signing docs.

Reply by Saul Leibowitz on 3/8/12 5:46pm
Msg #414367

Re: Interesting ...

Renee is correct. Also the data is often used to update date databases which are the anonymous [from each RESPA form] source of the data you see in articles that "the average price of a home" or "average mortgage size" or "average closing costs" in this area are XXX.
Hope this also helps.