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TRID Assessment Industry Surveys

If you’re here, you probably got a link asking for your help with an important survey to inform the CFPB's assessment of the TILA-RESPA Integrated Disclosures (TRID) Rule.

The CFPB is conducting three voluntary surveys:

Description

Action

Loan originator survey

Loan officer survey

Closing company survey

Please note: PDFs are provided for your reference; however, completed surveys must be submitted via the online link.

These surveys will help the CFPB learn about the experiences of industry participants like you. Your participation in this survey will help the CFPB to better understand the effects of the TRID Rule and to more accurately estimate these effects.

TILA-RESPA Integrated Disclosures (TRID) Rule

Some questions you might have

Survey participation is voluntary, and responses will remain confidential. The Bureau will not identify either you or your institution in any reports or other publications that it issues based on this study, nor will such reports or publications disclose information in a manner allowing attribution to specific institutions or individuals. Where you submit information that you both customarily and actually treat as private, the Bureau intends to treat it as confidential in accordance with its confidentiality rules at 12 C.F.R. part 1070, including § 1070.20. The findings will be characterized as reflecting the views and experiences of industry participants that respond to the survey, not as statistically representative of the overall mortgage market. 

Responses to the surveys will not be used, in any way, for supervision or enforcement purposes or activities.

These surveys are part of an overall effort to fulfill the Bureau’s statutory obligation to assess the TRID Rule’s effectiveness in meeting, among other things, its stated goals and the purposes and objectives in Title X of the Dodd-Frank Act. The assessment seeks to evaluate and quantify the costs and benefits of the Rule on institutions (e.g. loan officers, closing agents, and mortgage originators), consumers, and the overall mortgage market. The main purpose of the surveys is to collect qualitative and quantitative data on institutions’ implementation costs and ongoing costs and changes in consumers’ mortgage borrowing experiences associated with the TRID Rule.

The surveys will take you 30 to 75 minutes to complete depending on which survey you are taking. Each survey will save your work so you can stop and continue again whenever you want—just be sure that cookies are enabled in your web-browser, and that you use the same computer and web-browser you enter the first time you access the survey. 

There is no time limit on how much time you can spend filling out a survey, we simply ask that you submit your responses by March 6, 2020.

This version of the survey is intended for representatives of mortgage loan origination institutions that provide residential mortgages covered by the TRID Rule. For the purpose of this survey, a mortgage loan origination institution is any institution that originates loans directly to consumers (generally referred to as retail and/or consumer direct lender). This includes, for example, banks and credit unions, as well as non-depository institutions. If your institution originates different types of mortgage loans through multiple channels, please focus on your mortgage origination activity in the retail/consumer direct channel for residential mortgages covered under the TRID Rule.

We request that each institution submit only one response to this survey. To facilitate completion of this survey, we suggest that the representative(s) who contribute to this single response have knowledge of the business practices of the institution, as well as knowledge of the institution’s efforts to comply with the TRID Rule and the costs of these efforts.

This version of the survey is intended for mortgage loan officers who provide residential mortgage loans that are covered by the TRID Rule. For the purpose of this survey, a mortgage loan officer is the person employed by a creditor or mortgage broker who interacts most frequently with the consumer and who has an NMLSR ID. Loan officers therefore include most individuals who originate or broker morgage loans.

This version of the survey is intended for representatives of institutions that conduct closings for residential real estate transactions that are secured by mortgage loans covered by the TRID Rule. For the purpose of this survey, an institution that conducts the closing, or settlement, in a real estate transaction may include a law firm, a title company, a settlement company, an escrow company, or any other party providing the service of real estate closing.  

We request that each institution submit only one response to this survey. To facilitate completion of this survey, we suggest that the representative(s) who contribute to this single response have knowledge of the business practices of the institution, as well as knowledge of the institution’s efforts to comply with the TRID Rule and the costs of these efforts.

Paperwork Reduction Act

These surveys have been approved under the Paperwork Reduction Act by the Office of Management and Budget, under OMB Control Number 3170-0032. 

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 3170-0032. It expires on 1/31/2023. 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), 1700 G Street NW, Washington, DC 20552, or by email to PRA_Comments@cfpb.gov.