Quantitative Testing, Qualitative Testing, Mortgage Lending, Disclosures, Compliance
Loan Estimate and Closing Disclosure
Clarity in the mortgage lending process
When the Consumer Financial Protection Board needed help responding to a mandate to improve consumer understanding of mortgage loans and transactions, they called on Kingsley-Kleimann to create a disclosure that complied with the standards of the Truth In Lending Act and the Real Estate Settlement Procedures Act.
What We Did:
Combined two complex disclosures into one, streamlining them for transparency and simplicity by using plain language and user-centered design.
Through an iterative process, used qualitative testing to ensure consumer understanding.
Developed both English and Spanish versions to help consumers of varied backgrounds understand, shop, and compare.
Performed separate quantitative studies to validate the improvement of the forms.
Millions of consumers, at every financial institution across the United States, are presented with an easy to read and understand loan estimate and closing disclosure.
Improved consumer understanding of mortgage loan transactions.
Improved ability of consumers to compare loans, make tradeoffs, and choose the best loan for their situation.
Bi-lingual disclosures advanced inclusion in the mortgage process.