Friedrich Schleiermacher is often referred to as "the father of modern hermeneutics." He was a Protestant, and is highly respected by many Protestant interpreters for his contributions to the field.
Surprisingly, however, most modern Protestant interpreters seem to reject Schleiermacher's teachings on the method and goal of interpretation; namely that:
"the interpreter should align himself with the mind of the author and re-create the whole thought of the text as part of the author's life. The interpreter's task then is to reconstruct not only the text but the whole process of creating the thought on the part of the author." 
I am curious if there are any modern hermeneutical traditions (or textbooks) which have "carried the torch" of Schleiermacher's teachings on attempting to "recreate" the thought process which led to the creation of the text?
 Grant R. Osborne, The Hermeneutical Spiral, (Downers Grove: IVP, 2006), 486