What will consumers think of the Loan Estimate form?

Julie C. Nichols General

HousingWire – Chris Ayoub

As we know it, the Loan Estimate (LE) combines the TIL and GFE. The LE form is much cleaner and easier to read, but the average consumer could still be confused by what various terms mean. In order to get a more confident consumer to show up at closing, the creditor must deliver accompanying education material specifically geared towards understanding definitions and terms displayed on the LE form.The design principles, per the MBA Compliance Essentials handbook, for the LE are:

  • Less text, more graphical design
  • Information not education
  • More important and usable information earlier
  • LE and Closing Disclosure (CD) should match
  • One-page mortgage shopping sheet

>> Read More: http://www.housingwire.com/blogs/5-closing-call/post/30600-what-will-consumers-think-of-the-loan-estimate-form

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