(Jeff Sorg, OnlineEd) – Changes required by the Consumer Financial Protection Bureau are coming to the real estate and mortgage industry on August 1, 2015 that real estate brokers need to know about. These changes involve four forms with which you are all very familiar. These four forms are:
1. The Truth In Lending Act’s “Truth In Lending Statement” form;
2. The Truth In Lending Act’s “Final Truth In Lending Statement” ;
3. The Real Estate Settlement Procedure Act’s “RESPA Good Faith Estimate” also known as the “GFE”; and
4. The Real Estate Settlement Procedure Act’s “HUD-1 Settlement Statement”.
Watch this short video for a brief explanation and then head on over to OnlineEd and check for a complete course on this topic in the real estate or mortgage education catalogs.