This article is part of HW PartnerDirect™. What is this?

The early disclosure phase is a unique opportunity to provide the consumer a positive experience. There is only so much of a competitive advantage one can get by differentiating interest rates from the competition.

At the end of the day consumer experience is the only way you can truly gain a competitive advantage. Your interest rate can be matched or beat at any given time but are you giving the consumer the best experience in the market?

Delivering the LE might be your very first interaction with a consumer. Let’s take a look at some areas to enhance the experience:

1. Lay hotspots in the LE form to educate the consumer – provide some education through text boxes or videos within the electronic form to educate the consumer.

2. Provide a journey document or video of what the consumer can expect in coming weeks – explain the process to the consumer and how you are going to equip them with knowledge so that they can show up to closing as a confident consumer.

3. Determine the consumer’s goal to provide the right solution – does the LE match their goal? Are they aware of all of the loan options? Do they know if they pay an extra $200/month they could pay this loan off in 23 years versus 30 years?

4. Leverage technology for electronic delivery, not mail – technology is accessible, and is almost too convenient these days.

5.  Provide a central location for the consumer to review documents and communicate with stakeholders – if information is delivered to one hub you not only are able to track communication in one area but the consumer knows where to go for more information and to review documents.

Delivering the LE form is not a task but an opportunity to introduce a first-class experience to the consumer.

To learn more about our technology solutions that can provide competitive edges such as what we’ve discussed in this post, visit where we provide an overview video on how Digital Close leverages the Pavaso platform and other technologies to help you accomplish this.

All information and views expressed or implied are provided without warranty and are only the opinion of Pavaso, Inc. Each participant should seek legal representation for legal interpretation of the ruling and the CFPB directly for final instruction and interpretation. The final rule can be found here.