Changes to RESPA and TILA Forms, What You Need to Know Before August 1, 2015

 (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.

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About Jeff Sorg

Jeff Sorg holds vocational and post-secondary school instructor licenses in several states and has authored numerous real estate continuing education and pre-licensing courses. Sorg is awarded the International Distance Education Certification Center's CDEi Designation for distance education. Memberships include ARELLO (Association of Real Estate License Law Officials), REEA (Real Estate Educators Association) the National Association of REALTORS®, Oregon Association of REALTORS®, and Portland Metro Association of REALTORS®. Awards and service include REALTOR® Emeritus; Life Member award; 2020, 2021, 2022 Chairperson of the Oregon Real Estate Forms Committee; Oregon REALTORS State Director. More on request.