Former Consumer Financial Protection Bureau Senior Counsel Richard Horn took time Wednesday to step webinar attendees through the Loan Estimate form that he helped create.
Horn led the final rulemaking for the integrated disclosures, as well as the design and consumer testing of the integrated disclosures forms.
He said the goal of the process was to help the industry as well as consumers.
“The Dodd-Frank Act gave us two goals for the goals and the statute,” he said. “To aid consumer understanding, and the Dodd-Frank Act further stated that we have to aid consumer understanding by utilizing readily understandable language. So you can see as you walk through the forms that we tried to design the disclosure with the consumer in mind, to try and simplify the technical nature of the disclosure transaction and really put things in a clear, understandable, more visual format for the consumer to make it more understandable.
“The second goal was to aid industry compliance with the TILA-RESPA disclosure. We really took great lengths to respond to questions and public comments to the rule, but also to take in a lot of input during the design process along the way.”
The hour-long free webinar, hosted by Ellie Mae and Product Compliance Enablement Manager John Haring, was the first of two parts in the series titled “Preparing for 2015 TILA-RESPA Integrated Mortgage Disclosures.” A replay of the webinar is available at http://webinars.elliemae.com/sept_rt_followup
The second part will be at 2 p.m. Oct. 15.
Complentary registration for the second part is available at https://elliemae.confedge.com/ap/reg/home.cfm?i=attendee&e=A5787D8B-8562-43F1-A4D8-6317F2EF34AC
Cover Story: