IC Form - TRID Booklet Test Round 3

IC Template (Booklet Round 3 - 11242014.pdf

Generic Clearance for the Collection of Qualitative Feedback on the Service Delivery of the Consumer Financial Protection Bureau

IC Form - TRID Booklet Test Round 3

OMB: 3170-0024

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Request for Approval under the “Generic Clearance for the Collection of
Qualitative Feedback on the Service Delivery of the Consumer Financial
Protection Bureau” (OMB Control Number: 3170-0024)
1. TITLE OF INFORMATION COLLECTION:
Consumer Validation Testing on Home Buying Information Booklet related to TILA/RESPA
Implementation Disclosures (TRID)

2. PURPOSE:
To capture consumer input and impressions of proposed revision to the “Shopping for your
home loan” settlement cost booklet currently provided to all home buyers under the Real
Estate Settlement Procedures Act (RESPA)

3. DESCRIPTION OF RESPONDENTS:
- First time home buyer;
- Taken out or applied for a mortgage within the past 9 months;
- In the market for a home price between $132,000 and $200,000;
- Between 25 and 45 years of age; and
- Annual income between $57,000 and $86,250
4. TYPE OF COLLECTION (ADMINISTRATION OF THE INSTRUMENT):
a.

How will you collect the information? (Check all that apply)

[ ] Web-based or other forms of Social Media
[X] In-person
[ ] Small Discussion Group
[ ] Other, Explain ______________________

[ X ] Telephone
[ ] Mail
[ ] Focus Group

b. Will interviewers or facilitators be used?
[X] Yes [ ] No [ ] Not Applicable

5. FOCUS GROUP OR SURVEY: [X] No (in-person interview discussion guide and
recruiting plan included)
If you plan to conduct a focus group or survey, please provide answers to the following
questions:
a. Do you have a customer list or something similar that defines the universe of potential
respondents and do you have a sampling plan for selecting from this universe?
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[ ] Yes [ X ] No [ ] Not Applicable
b. If the answer is yes, please provide a description below. N/A

6. PERSONALLY IDENTIFIABLE INFORMATION:
a. Is personally identifiable information (PII) collected? [X] Yes [ ] No
b. If Yes, is the information that will be collected included in records that are subject to
the Privacy Act of 1974? [X] Yes [ ] No [ ] Not Applicable
If applicable, what is the link to the Privacy Impact Assessment (PIA)?
http://files.consumerfinance.gov/f/201406_cfpb_consumer-experienceresearch_pia.pdf
c. If Applicable, has a System or Records Notice (SORN) been published?
[X ] Yes [ ] No [ ] Not Applicable
If Yes, provide Title and Federal Register citation for the SORN
77 FR 60382
CFPB.021—CFPB Consumer Education and Engagement Records

7. INCENTIVES:
a. Is an incentive provided to participants? [ X ] Yes [ ] No
b. If Yes, provide the amount or value of the incentive? $50.00 .
c. If Yes, provide a statement justifying the use and amount of the incentive.
The estimated burden hour to complete the in-person interview is 1 hour per
interview. In addition, it is expected that many participants will incur travel time to
attend the interview. $50 was identified as an acceptable benchmark for previous
studies performed by Information Experts on behalf of CFPB with similar burden
time.

8. BURDEN ESTIMATES:
Information Collection

Number of
Respondents*

Screener
In-person interviews
Totals

170
33
170

Frequency

Number of
Annual
Responses
1
1

///////////////

170
33
170

Response
Time
(hours)

Burden
Hours

.08
1.12
///////////////

14
37
51

*The number of respondents is 170. The number of participants in the interviews is a subset of those who took the screener.

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9. FEDERAL COST: The estimated annual cost to the Federal government is

$18,000.00

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10. CERTIFICATIONS:
CERTIFICATION PURSUANT TO 5 CFR 1320.9, AND THE RELATED PROVISIONS
OF 5 CFR 1320.8(b)(3) :
By submitting this document, the Bureau certifies the following to be true:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It uses plain, coherent, and unambiguous terminology that is understandable to
respondents;
(d) Its implementation will be consistent and compatible with current reporting and
recordkeeping practices;
(e) It indicates the retention period for recordkeeping requirements;
(f) It informs respondents of the information called for under 5 CFR 1320.8(b)(3):
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(g) It was developed by an office that has planned and allocated resources for the efficient and
effective management and use of the information to be collected;
(h) It uses effective and efficient statistical survey methodology; and
(i) It makes appropriate use of information technology.

CERTIFICATION FOR INFORMATION COLLECTIONS SUBMITTED UNDER A
GENERIC INFORMATION COLLECTION PLAN
By submitting this document, the Bureau certifies the following to be true:
The collection is voluntary.
The collection is low-burden for respondents and low-cost for the Federal Government.
The collection is non-controversial and does not raise issues of concern to other federal
agencies.
 The results are not intended to be disseminated to the public.
 Information gathered will not be used for the purpose of substantially informing influential
policy decisions.
 The collection is targeted to the solicitation of opinions from respondents who have
experience with the program or may have experience with the program in the future.
 The data collection is not statistically significant, the sample is not intended to be
representative, and the results will not be used to make inferences beyond the survey
sample.
 The results will not be used to measure regulatory compliance or for program
evaluation.




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File Typeapplication/pdf
File TitleRequest for Approval under the “Generic Clearance for the Collection of Qualitative Feedback on the Service Delivery of the Cons
Author558022
File Modified2014-11-25
File Created2014-11-25

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