Consumer Validation Testing on Home Buying Information Booklet related to TILA/RESPA Implementation Disclosures (TRID)

CFPB Mortgage Booklet Project
CFPB and its vendor (Information Experts) are working to conduct consumer testing on mortgage
consumers to capture their input and impressions of proposed revisions to the “Shopping for your home
loan” settlement cost booklet currently provided to all home buyers under the Real Estate Settlement
Procedures Act (RESPA).
Using input and feedback captured through these interviews, CFPB plans to revise the booklet to better
meet the needs and requirements of consumers, helping them to make informed and educated decisions as
part of the mortgage selection process.
Working with CFPB, Information Experts would like to conduct a series of one-on-one interviews with
first time home buyers to ask consumers to compare the revised booklet to the existing booklet,
ensuring that CFPB has met the objective of improving the effectiveness of the communication.
Recruiting will be done through a variety of methods that include:
•
•
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Working with contacts within regional home buyer programs such as Neighborhood Housing
Services of Baltimore and Project Hope
Working directly with real estate and mortgage professionals
Local advertising and word of mouth contacts

Information Experts will schedule and conduct interviews with consumers between January 12, 2015 and
February 11, 2015. The time period of these efforts are contingent on the Office of Management and
Budget’s (OMB) approval of the interview questions.
Once CFPB receives its OMB approval, Information Experts will contact consumers and
agencies/individuals able to assist with the identification of interested consumers. All interviews will
follow a similar format of a pre-scheduled one-on-one meeting lasting between 60 and 90 minutes. The
interviews will be scheduled with enough lead time to recruit and prepare the participants. All
participating consumers will receive a $50 incentive (in the form of a Visa gift card) as a means of
thanking participants for their time.
Consumers will meet specific demographic criteria identified by CFPB to include:
•
•
•
•
•

First-time home buyer;
Taken out or applied for a mortgage within the past 9 months;
In the market for a home priced between $132,000 and $200,000;
Between 25 and 45 years old;
Annual income between $57,000 and $86,250

The interviews will be scheduled a publically accessible locations such as libraries or community centers
and/or at offices of realtors or mortgage assistance personnel willing to provide space. Prior to
scheduling an interview each potential participant will be asked a brief series of screening questions
estimated to take approximately 5 minutes to complete.
When conducting the interviews, Information Experts’ moderator will introduce him or herself and the
purpose of the interview. All participants will be provided with a consent form and privacy act statement
prior to the start of the session. The moderator will state the intended time of the interview and inform
consumers that recordings will be for recall only and that all responses will remain private.
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CFPB Mortgage Booklet Project
Information Experts will compile the interview data and provide to CFPB in a summative report
discussing the results and outcomes of the interviews.
At the conclusion of each interview, consumers will be thanked for their input and participation.
Consumer will them be presented with a $50 Visa gift card and asked to sign a receipt acknowledging
acceptance of the gift card. No identifying information will be provided to CFPB on the individual
interview participants.

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CFPB Mortgage Booklet Project
Privacy Act Statement
5 U.S.C. 552(a)(e)(3)
Information Experts is conducting this research study on behalf of the Consumer Financial Protection Bureau
(“CFPB”). The information you provide will be used to assess individuals’ understanding and perceptions of
TILA/RESPA Implementation Disclosures (TRID).
Information collected on behalf of the CFPB will be treated in accordance with the System of Records Notice
(“SORN”), CFPB.021 – Consumer Education and Engagement Records, 77 FR 60382. This information will not be
disclosed as outlined in the Routine Uses for the SORN. Direct identifying information will only be used by
Information Experts to facilitate the interviews, will not be shared with the CFPB, and will be kept private except as
required by law. Aggregate, de-identified information will be compiled into a report that will be shared with the
CFPB.
This collection of information is authorized by Pub. L. No. 111-203, Title X, Sections 1013 and 1022, codified at 12
U.S.C. §§ 5493 and 5512.
Participation in this study is voluntary, you are not required to provide any identifying information, and you may
withdraw participation at any time. However, if you do not include the requested information, you may not be able
to participate in the study.

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CFPB Mortgage Booklet Project
OMB No. 3170-0024
Expiration Date: 12/31/2015

Informed Consent
Resource Inventory and Needs Analysis for 2015 Mortgage Booklets
Title of Research: Resource Inventory and Needs Analysis for 2015 Mortgage Booklets
Research Sponsor: Consumer Financial Protection Bureau (CFPB)
Investigator: Information Experts
Before participating in this research study, please read this explanation of the study:
Explanation of Procedures: You will be attending an interview as part of a research study to understand
consumers’ needs and understanding of the CFPB’s Mortgage Booklets. The Dodd-Frank Act authorizes
the CFPB’s Office of Financial Education (OFE) to “conduct research related to consumer financial
education and counseling.” Id. §1013(d) (3)(B). You will be asked to voice your opinion on questions
relating to the Mortgage Booklets. You may be recorded (audio/video) while completing this study.
Your identity as a participant will not be disclosed to any government agency or CFPB or to any
unauthorized persons; only the researchers at Information Experts will have access to any identifying
information. Any references to your identity will be removed or disguised prior to the preparation of the
research reports and publications.
Expected Duration: 1-2 hours

Risks and Discomforts: None.

Benefits: You will receive a $50 Visa gift card for completing the interview and questionnaire. Your
effective contribution to this research is expected to earn the $50 incentive.
Withdrawal or Termination from the Study:
Participation in this study is voluntary. You may leave at any time. If you leave before completing the
survey and discussion, however, you will not be eligible for payment of the incentive.
Questions: Participants who have any questions or concerns about this research project may contact Mr.
Baker Maktabi, Information Experts, 11425 Isaac Newton Square, Suite F-1, Reston, VA 20190, 703787-9100.
Agreement: Your signature below indicates that you agree to participate in this study and that you have
received a copy of this consent form. By signing this form, you are surrendering any rights to bring any
claim against Information Experts in any administrative proceeding or in any court related to your
participation in this survey.
Paperwork Reduction Act Statement: According to the Paperwork Reduction Act of 1995, an
agency may not conduct or sponsor, and a person is not required to respond to a collection of
information unless it displays a valid OMB control number. The OMB control number for this
collection is 3170-0024. It expires on 12/31/2015. The time required to complete this information
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CFPB Mortgage Booklet Project
collection is estimated to average approximately 5 minutes per response. Responding to this
collection of information is voluntary. Comments regarding this collection of information,
including the estimated response time, suggestions for improving the usefulness of the information,
or suggestions for reducing the burden to respond to this collection should be submitted to Bureau
at the Consumer Financial Protection Bureau (Attention: PRA Office), 1275 1st St NE,
Washington, DC 20002, or by email to [email protected].

_________________________

________________________

____/____/___

Signature of Participant

Printed name of Participant

Date

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CFPB Mortgage Booklet Project
Interview Participant Screener

I am going to read you 6 descriptions. Please listen and decide whether each of them describes you.
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I am a first time home buyer

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I have taken out a mortgage to purchase a home in the past 9 months

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My home price was between $132k and $200k

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I am between 25 and 45 years old

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My household income is between $57k and $86,250

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I am available on X date to participate in a 60 to 90 minute interview at X location

Do all 6 of these statements describe you?
If no, thank the caller and hang up without capturing any information.
If the caller answered yes to these statements say “Thank you. Before we proceed with scheduling an
interview time, I would like to read you a brief privacy statement. I can also email this statement to you if
you if you would like to retain it for your records. Are you ready for me to begin?”

Privacy Act Statement
5 U.S.C. 552(a)(e)(3)
Information Experts is conducting this research study on behalf of the Consumer Financial Protection
Bureau (“CFPB”). The information you provide will be used to assess individuals’ understanding and
perceptions of TILA/RESPA Implementation Disclosures (TRID).
Information collected on behalf of the CFPB will be treated in accordance with the System of Records Notice
(“SORN”), CFPB.021 – Consumer Education and Engagement Records, 77 FR 60382. This information will
not be disclosed as outlined in the Routine Uses for the SORN. Direct identifying information will only be
used by Information Experts to facilitate the interviews, will not be shared with the CFPB, and will be kept
private except as required by law. Aggregate, de-identified information will be compiled into a report that
will be shared with the CFPB.
This collection of information is authorized by Pub. L. No. 111-203, Title X, Sections 1013 and 1022, codified
at 12 U.S.C. §§ 5493 and 5512.
Participation in this study is voluntary, you are not required to provide any identifying information, and you
may withdraw participation at any time. However, if you do not include the requested information, you may
not be able to participate in the study.

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CFPB Mortgage Booklet Project
Once the statement has been read, confirm with the caller that they would like to continue with scheduling
an appointment time.
If no, thank the caller and hang up without capturing any information.
If the caller has requested a copy of the Privacy Statement be sent to them, mention that it will be mailed
immediately following the call.
At this point capture the following information to schedule and confirm the interview:

Name: ______________________________________________
Phone Number: _ (______) _______-____________
Email Address: ________________________________________
Interview Date and Time: ________________________________

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