Consumer Testing of Mortgage
Broker Disclosures
SUMMAR Y OF FINDINGS
Board of Governors of the Federal Reserve System
Submitted by:
Submitted to:
July 10, 2008
Consumer Testing of
Mortgage Broker Disclosures
Submitted by:
Macro International
11785 Beltsville Drive
Calverton, MD 20705
www.macrointernational.com
Submitted to:
Board of Governors of the Federal Reserve System
20th and C Streets, NW
Washington, DC 20551
Summary of Findings
Executive Summary ...................................................................................i
Methodology .............................................................................................................................. i
Findings ......................................................................................................................................... ii
Introduction ...............................................................................................1
Background .................................................................................................................................. 1
Recruitment of Participants ................................................................................................... 2
Structure of Report ................................................................................................................... 4
Round One of Testing: Washington, DC, March 4 & 6, 2008 ..................6
Goals and Structure of Testing .............................................................................................. 6
Findings ......................................................................................................................................... 7
Conclusions .................................................................................................................................. 8
Round Two of Testing: Los Angeles, CA, March 25-26, 2008 .................10
Goals and Structure of Testing ..................................................................................