Quantitative Testing of Integrated Mortgage Loan Disclosure Forms

Forms and Documents

Document Name	Status

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Document Title	Status
205669	Completing Study	Modified
205668	Travel To/From Testing Site	Unchanged
205667	Initial Screening Questionaire	Unchanged

ICR Details

OMB Control No: 3170-0033	ICR Reference No: 201304-3170-002
Status: Historical Active	Previous ICR Reference No: 201302-3170-001
Agency/Subagency: CFPB	Agency Tracking No: Quantitative Study
Title: Quantitative Testing of Integrated Mortgage Loan Disclosure Forms
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/03/2013
	Date Received in OIRA: 04/26/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2016	03/31/2016	03/31/2016
Responses	4,750	0	4,750
Time Burden (Hours)	2,550	0	2,550
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 1032(C) Name of Law: Dodd-Frank Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking
	Other Documents for OIRA Review

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 18793	03/28/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 8113	02/05/2013
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

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

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ICR Summary of Burden

	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	4,750	0	0	0	0
Annual Time Burden (Hours)	2,550	2,550	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: New data collection.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? Yes Part B of Supporting Statement

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Yes

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) 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.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 04/26/2013

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