Quantitative Testing of Integrated Mortgage Loan Disclosure Forms

ICR 201302-3170-001

OMB: 3170-0033

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement B
2013-03-26
Supporting Statement A
2013-03-26
Supplementary Document
2013-02-04
Supplementary Document
2013-03-26
Supplementary Document
2013-02-04
Supplementary Document
2013-02-04
ICR Details
3170-0033 201302-3170-001
Historical Active
CFPB Quantitative Study
Quantitative Testing of Integrated Mortgage Loan Disclosure Forms
New collection (Request for a new OMB Control Number)   No
Regular
Approved with change 03/26/2013
Retrieve Notice of Action (NOA) 02/05/2013
Changes made to the information collection instrument and supporting statements.
  Inventory as of this Action Requested Previously Approved
03/31/2016 36 Months From Approved
4,750 0 0
2,550 0 0
0 0 0

The Dodd-Frank Act required the Bureau to publish disclosures that integrate certain disclosures required under the Truth in Lending Act (TILA) and sections 4 and 5 of the Real Estate Settlement Procedures Act (RESPA) for certain mortgage loan transactions. Dodd-Frank Act §§ 1032, 1098, and 1100A. Section 1032(f) of the Dodd-Frank Act required the Bureau to propose the integrated disclosures for public comment no later than July 21, 2012. As a general matter, section 1022(b)(1) of the Dodd-Frank Act authorizes the Bureau to prescribe rules as may be necessary or appropriate to carry out the purposes and objectives of Federal consumer financial laws and prevent evasions thereof. In addition, section 1032(c) further requires that, in prescribing rules under that section, the Bureau shall consider available evidence about consumer awareness, understanding of, and responses to the disclosures. Finally, section 1032(b) generally requires that model forms prescribed by the Bureau pursuant to that subsection be validated through consumer testing. This quantitative information collected will be used by the CFPB to evaluate the results of the qualitative testing conducted by the CFPB during the development of the integrated disclosures prior to its issuance of the 2012 Proposal and to assess the performance of the proposed integrated disclosures relative to the mortgage loan disclosures currently provided under TILA and sections 4 and 5 of RESPA.

PL: Pub.L. 111 - 203 1032(C) Name of Law: Dodd-Frank Act
  
None

Not associated with rulemaking

  77 FR 18793 03/28/2012
78 FR 8113 02/05/2013
No

3
IC Title Form No. Form Name
Initial Screening Questionaire
Travel To/From Testing Site
Completing Study

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 4,750 0 0 4,750 0 0
Annual Time Burden (Hours) 2,550 0 0 2,550 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
No
New data collection.

$0
Yes Part B of Supporting Statement
No
No
Yes
Yes
Uncollected
Darrin King 202-693-4129 King.Darrin@dol.gov

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
02/05/2013


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