(Jeff Sorg, OnlineEd) – Changes required by the Consumer Financial Protection Bureau are coming to the real estate and mortgage industry on October 3, 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.
For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.
This article was published on March 30, 2015. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.