NAR President Cautions Closings Could Drag From Coming Changes to Real Estate Closings

(Jeff Sorg, OnlineEd) – NAR President Chris Polychron, recently cautioned that closings for some home sales could drag after October 3, 2015as the real estate industry transitions to the new closing procedures required by the Consumer Financial Protection Bureau’s integrated disclosure rule. “There likely will be bumps in the closing process while all parties get used to the new requirements,” he said. “We hope that the move away from the HUD–1 is smooth, but even if only 10 percent of transactions experience closing issues, that’s as many as 40,000 transactions a month.”

Don’t wait until August 1st to find our what’s going on with these important changes to the closing process! There’s plenty of material online about the RESPA-TILA Integrated Disclosure rule (“TRID”). Our favorite FREE version is in the OnlineEd not-for-CE catalog of Real Estate Professional Development Courses.

Watch our short video about these changes:

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 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 May 21, 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.

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About Jeff Sorg

Jeff Sorg is a co-founder of OnlineEd®, an online real estate, mortgage broker, and vocational school founded in 1997, where he also serves as Chief Executive Officer, and School Director. Sorg holds vocational and post-secondary school instructor licenses in several states and has authored numerous real estate continuing education and pre-licensing courses and has been awarded the International Distance Education Certification Center's CDEi Designation for distance education. Memberships include ARELLO (Association of Real Estate License Law Officials), the National Association of REALTORS®, Oregon Association of REALTORS®, and Portland Metro Association of REALTORS®. Awards and service include REALTOR® Emeritus in the National Association, Life Member award in Portland Metro Association and Chairperson of the Oregon Real Estate Forms Committee. 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.