(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.
Jeff Sorg is a co-founder of OnlineEd®, a Web-based vocational school founded in 1997 where he also serves as Corporate Secretary, Chief Operating Officer, and School Director. Sorg holds vocational instructor licenses in Oregon, Washington, California, and Nevada and has authored numerous pre-licensing and continuing education courses. Sorg was awarded the International Distance Education Certification Center’s CDEi Designation for distance education in 2008.
OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.