TRID IC Submission Template

CONSUMER FINANCIAL PROTECTION BUREAU
REQUEST FOR APPROVAL UNDER THE GENERIC CLEARANCE
COMPLIANCE COSTS AND OTHER EFFECTS OF REGULATIONS
(OMB Control Number: 3170-0032)
PART A: JUSTIFICATION FOR THE INFORMATION COLLECTION

1. TITLE OF INFORMATION COLLECTION: Industry Survey for the TRID Assessment
2. PURPOSE: The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank
Act) requires that the Consumer Financial Protection Bureau (Bureau) assess its significant rules
within 5 years of a rule’s effective date. The Bureau has determined that its November 2013 final
rule titled “Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act
(Regulation X) and the Truth In Lending Act (Regulation Z),” (TRID Rule) with subsequent
amendments, is a significant rule. The Act requires that the Bureau’s assessment reflect available
evidence and data that the Bureau may reasonably collect. This information collection will allow
the Bureau to reach out to a cross-section of stakeholders and gather information from them
about their experiences with the rule.
This survey is one part of an overall effort to fulfill the Bureau’s obligation to address, among
other relevant factors, the effectiveness of the TRID Rule in meeting the purposes and objectives
of Title X of Dodd-Frank and the specific goals of the Rule as stated by the Bureau. As part of its
broader information collection related to the assessment, the Bureau has obtained, or is working
to obtain, data from a number of other sources. Among them:
• The Bureau plans to analyze internal mortgage datasets such as the National Survey of
Mortgage Originations (NSMO), National Mortgage Database (NMDB) and Home
Mortgage Disclosure Act (HMDA) to assess the effect of the TRID Rule on consumers,
firms, and the overall market.
• The Bureau has conducted outreach meetings with various industry participants,
consumer groups, and state stakeholders to understand the effects of the TRID Rule and
to inform the data requested in this survey. This outreach has yielded information about
one-time and ongoing compliance costs and issues as well as consumer behaviors and
experiences with the forms among many other aspects of the implementation of the TRID
Rule.
• The Bureau is exploring its consumer complaint database and other consumer-facing
webpages to examine trends and gain insight into where consumers may have had or be
having problems with the TRID Rule.
The primary contribution of this mortgage industry survey is to get detailed information about
the effects of the TRID Rule, including compliance costs, from a broad cross-section of the
mortgage industry. In addition, the survey provides industry participants with another
opportunity to speak about their experiences around the Rule.
The Bureau recognizes that the data provided by this survey will be limited, because the Bureau
does not expect responses to the survey to be statistically representative of the market as a whole.
In addition, the Bureau does not anticipate re-weighting the results in order to draw conclusions
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that are representative of the general population. Instead, the Bureau anticipates caveating its
results as pertaining to the sample that responds to the survey. However, even in this limited, not
statistically representative form, the Bureau’s knowledge regarding the impact of the rule will be
vastly improved.
The Bureau stated in its announcement of a previous assessment that the Bureau does not plan
for the assessment report to contain specific proposal by the Bureau to modify any rules. 1 The
Bureau will continue with this plan for the TRID Rule assessment report. The Bureau expects
that the report will inform the Bureau and the public on the effectiveness of the TRID Rule. After
the report is complete, the Bureau can evaluate whether to engage in substantive policy
development, which could include additional research and development of proposed changes to
the rule through the notice and comment process. The Bureau does not intend for this survey or
the assessment to alone inform any policy changes.
The Bureau will not make the results of this data collection into a public-use dataset.
3. DESCRIPTION OF RESPONDENTS: The survey respondents will be mortgage loan
originators and brokers, compliance officers, and settlement agents. Mortgage origination
compliance and loan officers will be surveyed from different institutions, such as banks, credit
unions, independent mortgage companies, and affiliated mortgage companies, of varying sizes
based on loan origination volume. Each group will receive their own set of survey questions
tailored to their roles and responsibilities in the origination process.
4. Federal Register Notice Citations:
a. 60-day Federal Register Notice
b. 30-day Federal Register Notice

84 FR 26078 Date: 06/5/2019
_84_ FR _55944_ Date: _10/18/2019__

5. TYPE OF COLLECTION (ADMINISTRATION OF THE INSTRUMENT):
a.

How will you collect the information? (Check all that apply)
[X] Web-based or other forms of Social Media
[ ] In-person
[ ] Small Discussion Group
[ ] Other, Explain ______________________

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

1

See the Federal Register https://www.federalregister.gov/d/2017-11218/p-22.
2

[ ] Telephone
[ ] Mail
[ ] Focus Group

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)?
Industry, Expert, Community Input, and Engagement PIA:
https://s3.amazonaws.com/files.consumerfinance.gov/f/documents/20161101_cfpb_Indu
stry_Expert_Community_Input_and_Engagement_PIA.pdf
c. If Applicable, has a System or Records Notice (SORN) been published?
[X ] Yes [ ] No [ ] Not Applicable
If yes, cite the SORN.
Title: CFPB.022 Market and Consumer Research Records,
___ FR 77 FR 67802 _______________.
7. INCENTIVES:
a. Is an incentive provided to participants? [ ] Yes [X] No
b. If Yes, provide the amount or value of the incentive? $_N/A__________
c. If Yes, provide a statement justifying the use and amount of the incentive.
N/A
8. BURDEN HOURS
Collection of
Information
Industry Survey: Survey
for Mortgage Lenders
Industry Survey:
Mortgage Loan Officers
Industry Survey: Closing
Company Representative
Totals:

Respondents
5,353 2

Responses per
Respondent
(Frequency)
1

5,353 3
1,200 4
11,906

Responses
5,353

Participation
Time
(hours)
1.25

1

5,353

0.5

2,677

1

1,200

.75

900

11,906

9. FEDERAL COST: The estimated annual cost to the Federal government is $ ____0_______.
We intend to send an invitation to take this survey to 26,768 companies and based on our previous experience
expect 20% of those invited to take the survey to respond.
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Similarly, 26,768 origination officers will be invited to respond, and we expect a 20% response rate
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6,000 will be invited, the expected response rate is expected to be 20%
2

3

Burden
Hours
6,691

10,268

PART B: COLLECTIONS OF INFORMATION EMPLOYING STATISTICAL
METHODS OR CONDUCTING A SURVEY OF FOCUS GROUP

If you are conducting a focus group, survey, or plan to employ statistical methods, please
provide answers to the following questions:

1. RESPONDENT UNIVERSE AND SELECTION METHODS
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?
[X] Yes
[ ] No
b. If the answer is Yes, please provide a description below (or attach the sampling
plan). If the answer is No, please provide a description of how you plan to identify
your potential group of respondents and how you will select them.
Through the collection of HMDA data from mortgage lenders, the Bureau can determine
the universe of potential respondents who met the HMDA reporting requirements and
filed 2015 and 2018 origination data. Nationwide Multistate Licensing System &
Registry (NMLS) data will be used in tandem with HMDA to sample and send the survey
to loan officers and mortgage company representatives. Trade groups such as the
Mortgage Bankers Association (MBA), the American Bankers Association (ABA), and
the American Land Title Association (ALTA) will be used to promote the survey and
increase response rate. ALTA will specifically be used to assist the Bureau in distributing
the survey to settlement agents.
c. The selection of your targeted respondents. Provide a description of how you plan
to identify your potential group of respondents and how you will select them.
The Bureau will send the survey to 26,768 institutions based on the above table. Based on
the Bureau’s judgment from past survey collections, the Bureau expects a response rate
of 20% (roughly 5,353 institutions) for this survey.
2. INFORMATION COLLECTION PROCEDURES
The Bureau will send mortgage industry participants an email with a link to a web-based version
of the survey where responses will be recorded. Only the Bureau’s assessment team will have
access to the collected responses. The Bureau will not use the provided data to make statistical
claims about the overall mortgage market, but will aggregate selected responses and present
anonymized findings and comments attributed only to industry participants that respond to the
survey.

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3. METHODS TO MAXIMIZE RESPONSE RATES AND ADDRESS ISSUES OF NONRESPONSE
The Bureau conducted informal, preliminary outreach to various industry participants and
industry groups, including those representing mortgage loan originators, settlement agents, and
vendors to help inform the data requested in this survey. Most of these entities have confirmed
that they would like to assist the Bureau in providing information helpful to the assessment. The
Bureau will provide a link to the survey to these entities and, while not required to send the link
if they choose to distribute the survey to their members, we believe the additional marketing and
distribution method will maximize response rate. If, after 30 days, the Bureau does not receive
data or other responses then a reminder email will be sent.
The Bureau does not believe that this information collection will result in a representative sample
of all lenders. The Bureau will aggregate all voluntarily shared data and report findings with the
qualification that the data only reflect firms that voluntarily provided information to the Bureau.
4. TESTING OF PROCEDURES OR METHODS
The Bureau has found through other assessments that the mortgage lending industry is willing
and able to provide their responses to the survey in order to inform public policy and this
assessment; this has been further confirmed through industry outreach specific to the TRID Rule
assessment.
5. CONTACT INFORMATION FOR STATISTICAL ASPECTS OF THE DESIGN
Dustin Beckett, PhD.
Economist, Office of Research
Consumer Financial Protection Bureau
[email protected]

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PART C: 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 THIS
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.
 Information gathered will not be used solely 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 results will not be used to measure regulatory compliance or for program evaluation.

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