The U.S. Consumer Financial Protection Bureau's development of the application and closing mortgage disclosures relied on several rounds of qualitative interview sessions across geographically dispersed sites. The final product achieved excellent results with participants being able to make sophisticated tradeoffs, even with highly complex products. To validate these qualitative results, a quantitative study compared performance on 4 dimensions: 1. Consumers (experienced vs. inexperienced borrowers); 2. Loan Type: (fixed rate vs, Adjustable rate);  3. Difficulty (easy vs. complicated loans); and 4.Disclosure (current vs.  proposed). This presentation will discuss the results in each major category and how one predicted issue resulted in one major change in the proposed disclosure. 

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