Completing Study

Appendix C-1 (Integrated Forms) to Supporting Statement of
Bureau of Consumer Financial Protection
Quantitative Testing of Integrated Mortgage Loan Disclosure Forms
CFPB Mortgage Study
Part 1
(PURPLE Envelope)

You can look at the paper-clipped application disclosures for two loans from the PURPLE
envelope to answer these questions. Please work carefully.

1.

If you were shopping for a mortgage loan and had to choose between these two loans,
which one would you choose?
__ Gingko Bank
__ Hornbeam Bank
__ Either is fine/ Prefer both equally
__ Don’t know

2.

Why did you make that selection? Please explain your thinking in as
much detail as possible in the space below.
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________

WHEN YOU ARE FINISHED, PLEASE WAIT FOR FURTHER INSTRUCTIONS
FROM THE PROCTOR.
An agency may not conduct or sponsor, and a person is not required to respond to, a collection of
information unless the collection of information displays a valid control number assigned by the Office
of Management and Budget (OMB). The OMB control number for this collection is 3170-XXXX, and
expires XXXX.

Appendix C-1 (Integrated Forms) to Supporting Statement of
Bureau of Consumer Financial Protection
Quantitative Testing of Integrated Mortgage Loan Disclosure Forms
CFPB Mortgage Study
Part 2
(YELLOW Envelope)

You will need to look at the same paper-clipped application disclosures from Part 1 to answer
these questions. Please work carefully.

3.

How do these two loans compare in terms of the amount of money you are
borrowing?
__
__
__
__

4.

How do these two loans compare in terms of interest rate in year 1?
__
__
__
__

5.

I am borrowing less with Gingko Bank
I am borrowing less with Hornbeam Bank
I am borrowing the same amount with either Gingko Bank or Hornbeam Bank
Don’t know

Gingko Bank has a higher interest rate in year 1
Hornbeam Bank has a higher interest rate in year 1
Gingko Bank and Hornbeam Bank have the same interest rate in year 1
Don’t know

How do these two loans compare in terms of points paid?
__
__
__
__

Gingko Bank has more points.
Hornbeam Bank has more points.
Both Gingko Bank and Hornbeam Bank have the same points
Don’t know

Appendix C-1 (Integrated Forms) to Supporting Statement of
Bureau of Consumer Financial Protection
Quantitative Testing of Integrated Mortgage Loan Disclosure Forms
6.

How do these two loans compare in terms of escrow account?
__
__
__
__
__

7.

Only Gingko Bank shows an escrow account
Only Hornbeam Bank shows an escrow account
Both Gingko Bank and Hornbeam Bank show an escrow account
Neither Gingko Bank nor Hornbeam Bank shows an escrow account
Don’t know

How do these two loans compare in terms of the Annual Percentage Rate (APR)?
___
___
___
___

8.

Gingko Bank has a lower APR
Hornbeam Bank has a lower APR
Both Gingko Bank and Hornbeam Bank have the same APR
Don’t know

How do these two loans compare in terms of changes in estimated total monthly
payment?
__ Only the total monthly payment for Gingko Bank will change (PLEASE WAIT FOR
FURTHER INSTRUCTIONS)
__ Only the total monthly payment for Hornbeam Bank will change (PLEASE WAIT
FOR FURTHER INSTRUCTIONS)
__ The total monthly payment for both banks will change (CONTINUE TO Q9)
__ The total monthly payment for neither bank will change (PLEASE WAIT FOR
FURTHER INSTRUCTIONS)
__ Don’t know (PLEASE WAIT FOR FURTHER INSTRUCTIONS)

9.

For which loan does the estimated total monthly payment change first?
___
___
___
___

10.

Gingko Bank
Hornbeam Bank
The estimated total monthly payment for both banks changes at the same time
Don’t know

Which loan has the highest estimated total monthly payment?
__
__
__
__

Gingko Bank
Hornbeam Bank
Both Gingko Bank and Hornbeam Bank have the same highest total monthly payment
Don’t know

WHEN YOU ARE FINISHED, PLEASE WAIT FOR FURTHER INSTRUCTIONS
FROM THE PROCTOR.

Appendix C-1 (Integrated Forms) to Supporting Statement of
Bureau of Consumer Financial Protection
Quantitative Testing of Integrated Mortgage Loan Disclosure Forms
CFPB Mortgage Study
Part 3
(BROWN envelope)

You will need to look at the application disclosure from the BROWN envelope to answer these
questions. Please work carefully.

11.

What is the loan amount?
________ Dollars
_______ Don’t know

12.

What is the interest rate in year 1?
________ %
_______ Don’t know

13.

Can the interest rate change after closing?
__ Yes
(CONTINUE TO Q14)
__ No
(SKIP TO Q 15)
__ Don’t know (SKIP TO Q15)

14.

When will the interest rate first change?
_____________________________________________________________
___ Don’t know

15.

Can the scheduled principal and interest payment change after closing?
__ Yes
__ No
__ Don’t know

16.

How much are your closing costs?
________ Dollars
________ Don’t know

Appendix C-1 (Integrated Forms) to Supporting Statement of
Bureau of Consumer Financial Protection
Quantitative Testing of Integrated Mortgage Loan Disclosure Forms
17.

Which of the following, if any, are items you will pay for at closing? Please check all
that apply.
__
__
__
__
__
__
__

18.

Homeowner’s association (HOA) dues
Real estate agent fee
Appraisal fee
Transfer taxes
Credit report fee
None of the above
Don’t know

When you make your first total monthly payment, for how much will you write the
check (or make an electronic payment)?
________ Dollars
_______ Don’t know

19.

Which of the following closing services, if any, can you shop for? Please check all that
apply.
__
__
__
__
__
__
__

20.

When is your final scheduled payment?
__
__
__
__
__
__

21.

Pest inspection
Appraisal
Credit report
Survey
Lender’s title insurance policy
None of the above
Don’t know

At the end of 5 years
At the end of 7 years
At the end of 15 years
At the end of 30 years
None of the above
Don’t know

Does this lender collect payments from you for upcoming taxes, insurance, or other
expenses, hold them in a reserve fund, and later make payments out of this fund on your
behalf?

Appendix C-1 (Integrated Forms) to Supporting Statement of
Bureau of Consumer Financial Protection
Quantitative Testing of Integrated Mortgage Loan Disclosure Forms
__ Yes
__ No
__ Don’t know

22.

Suppose that you took out this loan and then one year later you wanted to refinance the
mortgage with a different lender to get a better rate. To get out of this loan, will you have
to:
__
__
__
__

23.

Pay off the remaining balance
Pay off the remaining balance plus additional fees
Pay less than the remaining balance
Don’t know

What is the annual percentage rate (APR) for this loan?
____ %
____ Don’t know

24.

If you make all scheduled total monthly payments, how much principal will you have
paid in 5 years?
__
__
__
__

25.

More than the sum of your total monthly payments over 5 years
Less than the sum of your total monthly payments over 5 years
Equal to the sum of your total monthly payments over 5 years
Don’t know

Does this loan have mortgage insurance?
__ Yes (CONTINUE TO Q26)
__ No (PLEASE WAIT FOR INSTRUCTIONS)
__ Don’t know (PLEASE WAIT FOR INSTRUCTIONS)

26.

How much is the first monthly payment for mortgage insurance?
__________ Dollars
__________ Don’t know

Appendix C-1 (Integrated Forms) to Supporting Statement of
Bureau of Consumer Financial Protection
Quantitative Testing of Integrated Mortgage Loan Disclosure Forms
WHEN YOU ARE FINISHED, PLEASE WAIT FOR FURTHER INSTRUCTIONS
FROM THE PROCTOR.

Appendix C-1 (Integrated Forms) to Supporting Statement of
Bureau of Consumer Financial Protection
Quantitative Testing of Integrated Mortgage Loan Disclosure Forms
CFPB Mortgage Study
Part 4
(BLUE envelope)

You will need to look at the application and the final disclosures from the BLUE package to
answer these questions. Please work carefully.

27.

How do the application disclosure and the final disclosure compare in terms of the loan
amount?
__ Loan amount is the same (SKIP TO Q29)
__ Loan amount is not the same (CONTINUE TO Q28)
__ Don’t know (SKIP TO Q29)

28.

What accounts for the difference in the loan amount between the application disclosure
and the final disclosure?
_____________________________________________________________________
_____________________________________________________________________
__ Don’t know

29.

How do the application disclosure and the final disclosure compare in terms of the
interest rate in year 1?
__ Interest rate in year 1 is the same (SKIP TO Q31)
__ Interest rate in year 1 is not the same (CONTINUE to Q30)
__ Don’t know (SKIP TO Q31)

30.

Why are the interest rates different?
_____________________________________________________________________
_____________________________________________________________________
___ Don’t know

Appendix C-1 (Integrated Forms) to Supporting Statement of
Bureau of Consumer Financial Protection
Quantitative Testing of Integrated Mortgage Loan Disclosure Forms
31.

How do the application disclosure and the final disclosure compare in terms of closing
costs?
__ Closing costs are the same (SKIP TO Q33)
__ Closing costs are not the same (CONTINUE TO Q32)
__ Don’t know (SKIP TO Q33)

32.

List one closing cost that is different.
___________________________________________________________________

33.

How do the application disclosure and the final disclosure compare in terms of an escrow
account?
__ Only the application disclosure shows an escrow account (SKIP TO Q35)
__ Only the final disclosure shows an escrow account (SKIP TO Q35)
__ Both the application disclosure and the final disclosure show an escrow account, and
the items included are the same (SKIP TO Q35)
__ Both the application disclosure and the final disclosure show an escrow account, but
the items included are different (CONTINUE TO Q34)
__ Neither the application disclosure nor the final disclosure shows an escrow account
(SKIP TO Q35)
__ Don’t know (SKIP TO Q35)

34.

List one escrow account item that is different.
_________________________________________________________

Appendix C-1 (Integrated Forms) to Supporting Statement of
Bureau of Consumer Financial Protection
Quantitative Testing of Integrated Mortgage Loan Disclosure Forms
You will only need to look at the final disclosure to answer the remaining questions in this
section.

35.

Looking only at the final disclosure, what is the amount of cash needed at closing?
_________ Dollars
_________ Don’t know

36.

Looking only at the final disclosure, if you make the scheduled total monthly payments,
will the loan amount increase after closing?
_________ Yes
_________ No
_________ Don’t know

37.

Looking only at the final disclosure, what is the amount of the highest possible monthly
principal and interest payment?
_________ Dollars
_________ Don’t know

38.

Looking only at the final disclosure, does the scheduled monthly principal and interest
payment change after closing?
__ Principal and interest payments remain the same (SKIP TO Q41)
__ Principal and interest payments change (CONTINUE TO Q39)
__ Don’t know (SKIP TO Q41)

39.

Looking only at the final disclosure, when is the principal and interest payment first
scheduled to change?
___ year(s) after the first monthly payment (CONTINUE TO Q40)
___ Don’t know (SKIP to Q41)

40.

After the first change, how often can the scheduled principal and interest payment
change?
Every __ year(s)
__ Never

Appendix C-1 (Integrated Forms) to Supporting Statement of
Bureau of Consumer Financial Protection
Quantitative Testing of Integrated Mortgage Loan Disclosure Forms
__ Don’t know
41.

Do you have any comments about the final loan terms and costs?
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________

WHEN YOU ARE FINISHED, PLEASE WAIT FOR FURTHER INSTRUCTIONS
FROM THE PROCTOR.

Appendix C-1 (Integrated Forms) to Supporting Statement of
Bureau of Consumer Financial Protection
Quantitative Testing of Integrated Mortgage Loan Disclosure Forms
CFPB Mortgage Study
Part 5
(ORANGE envelope)

Please tell us how much you agree or disagree with each of the following statements about the
application disclosure using the scale shown below.
Strongly
Disagree

Disagree

Neither
Disagree
Nor
Agree

Agree

Strongly
Agree

42. The application disclosure
was easy to read and
understand
43. The application disclosure
made it easy to compare the
two loan offers
44. It was hard to find the
information I needed on the
application disclosure for
most questions
Please tell us how much you agree or disagree with each of the following statements about the
final disclosure using the scale shown below.
Strongly
Disagree

Disagree

Neither
Disagree
Nor
Agree

Agree

Strongly
Agree

45. The final disclosure was
easy to read and understand
46. It was easy to compare the
final disclosure with the
application disclosure
47. It was hard to find the
information I needed on the
final disclosure for most
questions

WHEN YOU ARE FINISHED, PLEASE WAIT FOR FURTHER INSTRUCTIONS
FROM THE PROCTOR.