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How to Renew Your Oregon Real Estate License

Requirements to renew an Oregon real estate license

By Jeff Sorg, OnlineEd Blog
(May 9, 2017)

2015 logo green leaf

(Portland, OR) – To renew an Oregon real estate license, the licensee must pay a renewal fee and meet the following continuing education requirements:

  • 30 hours of continuing education during the two years preceding license renewal;
  • At least 3 of the 30 hours must be in a course on recent changes in real estate rule and law called the Law and Rule Required Course (LARRC), offered for FREE at OnlineEd;
  • First-time renewing licensees must take a Real Estate Board-approved 27-hour course on Broker Advanced Practices and a 3-hour course on recent changes in real estate rule and law (LARRC);
  • Continuing education courses and their course objectives must be based on Real Estate Board approved topics;
  • Only courses completed through an Oregon Real Estate Board Certified Continuing Education Provider will qualify for continuing education;
  • The Certified Continuing Education Provider must ensure that persons who teach their continuing education courses meet certain instructor qualification requirements; and
  • As part of the license renewal process, licensees will self-certify that they have met the continuing education requirement for the applicable renewal cycle.
  • While courses might be delivered by approved providers, it is the licensee’s responsibility to see that the courses meet all timing requirements and that provider can prove your time in the course to the Agency. This means that online courses must have timers and live lecture courses must have a method in place to verify time spent in attendance. A provider’s certificate of completion issued when the provider cannot prove time spent in the course will not be counted if discovered during an agency audit.

Eligible Topics

At least 3 of the 30 hours must be from a course on recent changes in real estate rule. The course on the recent rule and law changes is known as Law and Rule Required Course, commonly known by its acronym LARRC (“lark”). The remaining 27 hours of continuing education can come from any of these topics:

  • Principal broker or property manager record keeping
  • Principal real estate broker supervision responsibilities
  • Principal broker or property manager client trust accounts
  • Agency relationships and responsibilities for brokers, principal brokers, or property managers
  • Misrepresentation in real estate transactions
  • Property management
  • Advertising regulations
  • Real estate disclosure requirements
  • Real estate consumer protection
  • Anti-trust issues in real estate transactions
  • Commercial real estate
  • Real estate contracts
  • Real estate taxation
  • Real estate property evaluation, appraisal, or valuation
  • Fair Housing laws or policy
  • Managing a real estate brokerage
  • Business ethics
  • Risk management
  • Dispute resolution
  • Real estate finance
  • Real estate title
  • Real estate escrows
  • Real estate development
  • Condominiums
  • Subdivisions
  • Unit owner or homeowner associations
  • Timeshares
  • Water rights
  • Environmental protection issues in real estate
  • Land use planning, zoning, or other public limitations on use
  • Real estate economics
  • Real estate law or regulation
  • Negotiation

Specifically excluded from eligible continuing education are courses about these topics:

  • Real estate broker or property manager pre-licensing courses
  • Examination preparation classes
  • Sales meetings
  • Motivational classes or seminars
  • Time management classes or seminars
  • Sales and marketing classes or seminars
  • Psychology classes or seminars
  • Trade association orientation courses
  • Courses in standardized computer software programs not specifically related to one of the eligible topics
  • Courses with content that is specific to another state or jurisdiction

Certified Continuing Education Providers

For continuing education to qualify for license renewal, the education must be delivered by a Certified Continuing Education Provider and be time-monitored. The Certified Continuing Education Provider must

  • ensure that a course offered is within the scope of one or more of the eligible course topics;
  • identify to the licensee which course topic the course covers;
  • ensure that the course meets the minimum length requirement of one credit hour (50 minutes);
  • assign each course a four-digit number that is unique to that course;
  • ensure that courses offered will meet the stated learning objective requirements;
  • ensure that the instructor who teaches a continuing education course meets the applicable instructor qualification requirements;
  • give each licensee who completes a course a course completion certificate; and
  • keep records of each course provided for three years.

Online Renewal

To renew, licensees must use the REA’s online renewal system known as e-License. Licenses cannot and will not be renewed through the mail. During the online renewal process, licensees will self-certify that they have completed the required continuing education requirements. As part of this certification process, licensees must keep all certificates of completion received from continuing education providers and submit their completion information eLicense. The information necessary to complete this form will be found on each qualifying continuing education course completion certificate. All certificates must be kept by the licensee for three years after the renewal date for which the certificate was used for continuing education credit. Course completion certificates are obtained from the course providers.

The REA’s eLicensing website is: https://orea.elicense.irondata.com

The REA required information to be included on all qualifying continuing education course certificates includes:

  • the licensee’s name and license number;
  • the REA certified course provider’s name and REA provider number;
  • the course name and identification number. This course identification number is a four-digit provider number assigned by REA, followed by the 4-digit course number assigned by the provider and registered with the REA;
  • the date, location, and length of time assigned to the course;
  • the eligible course topics covered, or whether the course is the three-hour Law and Rule Required Course, the Broker Advanced Practices Course, or the Brokerage Administration and Sales Supervision course; and
  • the name of the instructor.

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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.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from 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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OnlineEd Announces FREE 3-hour Course Explaining the New Oregon 2016 Residential Sale Agreement

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Real Estate Brokers Are You Ready? Time is Running Out to Learn About TRID!

TILA-RESPA Integrated Disclosure (TRID) rules just one month away

By Jeff Sorg, OnlineEd Blog

time is running outPORTLAND, Ore. (September 4, 2015) – With the new TILA-RESPA integrated disclosure rules less than one month away, it’s time for real estate brokers in every state to learn what they need to know about the new rules, how to explain the new lender statements to their clients, and what can go wrong to delay their closings. Real estate and mortgage brokers everywhere will be affected by this change!

To help you get ready for this dramatic industry change, real estate and mortgage education provider OnlineEd is offering a FREE 3-hour (not for CE credit) course designed specifically for real estate brokers.

For Oregon real estate brokers, the course can be used for CE credit when purchased from the Oregon CE catalog, either as a standalone course or part of bundled CE packages.

To help mortgage brokers prepare, OnlineEd has included a 3-hour section on TRID in their NMLS-required 8-hour online continuing education course for 2015 mortgage loan originator license renewal.

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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.

 All information contained in this posting is deemed correct as of the date of publication, 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.

TILA – RESPA Integrated Disclosure – Part 5 of 5: Special Information Booklet

Special Information Booklet

 (Part 5 of 5)

booklet1(Jeff Sorg, OnlineEd) – A creditor must provide the special information booklet, specifically the RESPA Settlement Costs Booklet, to the consumer who applies for a consumer credit transaction secured by real property no later than three business days after receiving the consumer’s loan application. The booklet does not have to be given to a consumer who applies for a refinance, subordinate lien, or reverse mortgage loan.

The Consumer Financial Protection Bureau has issued an updated version of the Special Information Booklet that incorporates the new Loan Estimate and Closing Disclosure. The new guide is titled “Your Home Loan Toolkit: A Step-by-step Guide.” The CFPB has made this guide available as a PDF download, or it can be ordered from the U.S. Government Printing Office (GPO):

The updated Special Information Booklet will be used starting October 3, 2015.

(Part 1. Part 2. Part 3. Part 4. Part 5)

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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 July 17, 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.

 

TILA – RESPA Integrated Disclosure – Part 4 of 5: Curing Tolerances

Curing Tolerances

 (Part 4 of 5)

(Jeff Sorg, OnlineEd) – On the Loan Estimate, certain charges are not subject to a tolerance limitation. This means that the amount charged the consumer may exceed the amount disclosed on the Loan Estimate by any amount. Examples of these charges are:

  • Prepaid interest, property insurance premiums, amounts placed into escrow, impound, reserve, or similar type accounts;
  • Services required by the creditor if the creditor permits the consumer to shop for such services and the consumer selects a third-party service provider not on the creditor’s written list of service providers; and
  • Charges paid to third-party service providers for services not required by the creditor.

However, at consummation, creditors may only charge more than the amount disclosed on the Loan Estimate, provided the original estimate was based on the best information reasonably available at the time of the Loan Estimate disclosures.

Some charges are subject to a 10% cumulative tolerance. The charges subject to this tolerance limit are:

  • Recording fees;
  • Charges for third-party services where the charge is not paid to the creditor or the creditor’s affiliate; and
  • Charges that arise out of the consumer’s shopping for required services where the creditor allows the consumer to shop for and contract with that service provider that is not on the creditor’s written list of providers.

There are other charges that are subject to the zero tolerance rule. In the case of these items, the creditor may never charge more than the estimated amount, unless there is a changed circumstance or other triggering event. The items in this zero tolerance category are:

  • Fees paid to the creditor, mortgage broker, or affiliate of either;
  • Fees paid to an unaffiliated third party if the creditor did not permit the consumer to shop for a required service and had to use the service provider of the creditor; and
  • Transfer taxes.

If the amounts paid by the consumer at closing exceed the amounts disclosed on the Loan Estimate beyond the permissible applicable tolerance threshold, the creditor is required to refund the excess to the consumer no later than 60 days after consummation and deliver or place in the mail to the consumer a corrected Closing Disclosure that reflects the refund.

For zero tolerance charges, any amount charged beyond the amount disclosed on the Loan Estimate must be refunded to the consumer. With regard to the 10% tolerance charges, to the extent that the total sum of the charges added together exceeds the sum of all such charges disclosed on the Loan Estimate by more than 10%, the difference must be refunded to the consumer.

 

(Part 1. Part 2. Part 3. Part 4. Part 5)

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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 July 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.

TILA – RESPA Integrated Disclosure – Part 3 of 5: The Closing Disclosure Form

The New Closing Disclosure Form

(Part 3 of 5)

(Jeff Sorg, OnlineEd) – The Closing Disclosure integrates and replaces the final Truth-in-Lending disclosures and the RESPA HUD-1. In general, the Closing Disclosure sets forth the actual terms and costs of the transaction. The Closing Disclosure must be in writing and contain all of the information required. In many ways, the new Closing Disclosure presents most of the same information as existing disclosures, but in a brand new format.

A creditor is responsible for ensuring that the consumer receives the Closing Disclosure no later than three business days before consummation.

If delivery of the Closing Disclosure is by mail, the “mailbox rule” will apply. This rule means you have to add three days to account for mail delivery time to the three days required prior to consummation. The Closing Disclosure would need to be placed in the mail six business days prior to consummation. For purposes of counting days, Saturday is counted as a business day under the mailbox rule.

Remember, consummation is not the same thing as closing or settlement. Consummation occurs when the consumer becomes contractually obligated to the creditor. The exact time when consummation occurs is based upon state law. Consummation generally occurs when the borrower signs the promissory note, the security instrument, such as a mortgage or trust deed, and any other legal documents required by the creditor. Consummation is NOT when the final steps in the settlement or closing process occur, such as recording and disbursement of funds.

In most cases, the settlement agent, on behalf of the creditor, provides the borrower with the Closing Disclosure. In transactions involving a seller, the settlement agent will also provide the seller with a Closing Disclosure.

Another issue is how revisions and corrections to the Closing Disclosure should to be dealt with. The general rule is that creditors must redisclose terms or costs on the Closing Disclosure if certain changes occur to the transaction that causes disclosure inaccuracies. There are three categories of changes that require a corrected Closing Disclosure containing all changed terms.

There are specific changes that can occur before consummation that require a new three-day waiting period. In this case, consummation may need to be postponed to comply with the three-day rule to. Changes that require a new three-day waiting period are usually triggered by the following:

  1. The disclosed APR becomes inaccurate. However, there is a 10% tolerance allowed before a new waiting period is required.
  2. The loan product changes.
  3. A prepayment penalty is added.

Any changes not triggered by one of the three specified events do not require a new three-business day waiting period, but do require a revised Closing Disclosure be provided the consumer no later than consummation.

Sometimes, an event will occur after settlement that causes the Closing Disclosure to become inaccurate, resulting in a change to the amount the borrower or seller paid that is different from what was disclosed. An example would be a when the actual recording fee differs from the estimated amount.

Another event that triggers a revised Closing Disclosure relates to documenting refunds for tolerance violations. In other words, the amount charged exceeded the legal tolerance limits. A revised Closing Disclosure is also to be used to correct non-numerical clerical errors. An error is considered clerical if it does not affect a numerical disclosure and does not affect timing or delivery requirements.

In these instances, a revised Closing Disclosure must be delivered or placed in the mail to the consumer no later than 30 days after receiving sufficient information to determine that changes to the Closing Disclosure is required.

In all cases, the consumer has the right to inspect a revised Closing Disclosure during the business day before consummation.

 

(Part 1. Part 2. Part 3. Part 4. Part 5)

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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 July 17, 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.

TILA – RESPA Integrated Disclosure – Part 2of 5: The Loan Estimate Form

The New Loan Estimate Form

(Part 2 of 5)

TRID Loan_Estimate_3-page_image(Jeff Sorg, OnlineEd) – The Loan Estimate is a three-page form that replaces the initial Truth-in-Lending disclosure and the RESPA Good Faith Estimate (GFE). The purpose of this new form is to provide consumers with a good faith estimate of credit costs and transaction terms in simple and easily understood language. The form must be presented to the consumer in writing and must contain the information prescribed by the TILA-RESPA integrated disclosure rule. Mortgage loan originators must also satisfy the rule’s timing and delivery requirements.

A quick overview of the three-page new form will show that page one provides the following information:

  • General information relating to the loan applicants;
  • General information relating to the property to be financed;
  • Loan and rate lock status;
  • Loan terms;
  • Projected payments during the term of the loan; and
  • Costs at closing, including the total estimated closings and the estimated cash to close.

The second page of the form goes into more detail relating to:

  • Loan costs relating to origination charges, services the borrower cannot shop for, and services the borrower can shop for; and
  • Other costs such as taxes and government fees, prepaids, initial escrow payment at closing, miscellaneous costs (such as owner’s title insurance), calculation of cash to close, and an adjustable-interest rate table when applicable.

The third page of the form provides:

  • The contact information for the creditor and loan originator;
  • Basic information to compare the loan with other loans;
  • Other loan considerations relating to appraisal, assumption, homeowner’s insurance, late payment, refinance, and loan servicing; and
  • Confirmation of receipt by borrower.

The first issue we must address is what event triggers the required delivery of the Loan Estimate to the consumer. The answer to that question is when a loan originator receives a loan application, the requirement to deliver the Loan Estimate to the consumer is triggered. In order to be considered a loan application, the consumer must provide the following information:

  1. Name;
  2. Income;
  3. Social Security Number (to obtain a credit report);
  4. The address of the property being financed;
  5. An estimate of the value of the property being financed; and
  6. The mortgage loan amount sought.

The information required for the Loan Estimate is similar to the information necessary to meet the RESPA definition of a loan application. A mortgage loan originator may collect additional information beyond the six items we just outlined, but cannot require that the borrower provide verifying documentation at this stage or require that the borrower pay any sum as a deposit except for credit report fees.

The mortgage loan originator must deliver a Loan Estimate to the consumer [either by hand or mail] no later than three business days of the receipt of an application. A business day is a day on which the creditor’s or loan originator’s office is open to the public for carrying out substantially all of its business functions.

Generally, the Loan Estimate is binding and revisions cannot be issued because of discovered technical errors, miscalculations, or underestimations of charges. The Loan Estimate can be revised only under certain, specific circumstances. The integrated rule defines a change in circumstance as:

  • An extraordinary event beyond the control of any interested party or other unexpected event specific to the consumer or transaction;
  • Information specific to the consumer or transaction that the creditor relied upon when providing the Loan Estimate and that was inaccurate or changed after the Loan Estimate disclosure was initially provided; or
  • New information specific to the consumer or transaction that the creditor did not rely on when providing the loan estimate.

Some examples that allow for a revised Loan Estimate after it has been initially given to a consumer are:

  • Any changed circumstance that cause settlement charges to increase more than permitted.
  • Any changed circumstance that affect the consumer’s eligibility for the terms for which the consumer applied for or the value of the security of the loan. For example, if a married couple applied jointly for a loan, and then one of them lost their job, then the income information used on the original loan application is no longer possible.
  • Any revisions requested by the consumer.
  • An interest rate that was not locked at delivery of the Loan Estimate and subsequently locking the rate causes the points or lender credits to change.
  • The consumer indicates intent to proceed with the transaction more than 10 business days after delivery of the original Loan Estimate.
  • The loan is for new construction and settlement is hampered by construction delays.

In each of these changes in circumstances, the revised Loan Estimate must be delivered to the consumer within three business days after becoming aware of a change in circumstance that was the basis for the original Loan Estimate. A revised Loan Estimate must be provided to the borrower no later than seven business days before loanconsummation.

Under the integrated rules, consummation is not the same thing as closing or settlement. Consummation is when the consumer becomes contractually obligated to the creditor. This usually occurs when the borrower signs the promissory note and other agreements such as the security instrument. The moment a borrower becomescontractually obligated is a matter of state law, and precise legal definitions may vary from state to state.

5Mortgage loan originators are required to calculate the Loan Estimate figures in good faith and consistent with the best information reasonably available to them at the time of the disclosures. To determine whether they have prepared the disclosures in good faith, a consumer will have to compare the difference between the estimated charges originally provided in the Loan Estimate and the actual charges paid by or imposed on the consumer. Generally, if the charge paid by or imposed on the consumer exceeds the amount originally disclosed on the Loan Estimate, it is not in good faith.

This is true under the integrated rules, whether a loan originator later discover a technical error, miscalculation, or underestimation of a charge. In all of these cases, the lender will have to pay the borrower the difference between the charge listed on the Loan Estimate and the charge actually paid by the borrower. We will discuss tolerance limitations in more detail a little later in this segment. For now, be aware that there is little room for error.

 

(Part 1. Part 2. Part 3. Part 4. Part 5)

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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 July 17, 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.

The New TILA-RESPA Integrated Disclosure – Part 1of 5: Summary and Background

The Consumer Financial Protection Bureau is requiring the use of a new TILA-RESPA integrated disclosure as of October 3, 2015

(Part 1 of 5)

(Jeff Sorg, OnlineEd) – The Consumer Financial Protection Bureau (CFPB) is requiring the use of a new TILA-RESPA integrated disclosure as of October 3, 2015.

In 2012, the Dodd-Frank Wall Street Reform and Consumer Protection Act directed the newly created CFPB to integrate the mortgage loan disclosures required under the Truth In Lending Act (Regulation Z), known as TILA  and the Real Estate Settlement Procedures Act (Regulation X), known at RESPA. The TILA and RESPA loan disclosures have been used for the past 30 years. These disclosures continue to create confusion for borrowers because of their overlapping and inconsistencies.

The new integrated disclosure forms, which cannot be put into use until October 3, 2015, provide one set of disclosures for all borrowers seeking closed-end consumer mortgages. These integrated forms combine the now existing four disclosure forms into one set of two disclosures.

  • The first new form, known as the Loan Estimate Disclosure, is a three-page form. In this form, the Truth In Lending (TIL) disclosure form, and the RESPA Good Faith Estimate (GFE), are combined into one disclosure form designed to help consumers understand the key features, costs, and risk associated with the mortgage loan. This Loan Estimate Disclosure form must be delivered to the consumer within three business days from loan application.
  • The second of the new forms is a five-page disclosure known as the Closing Disclosure. This form replaces the TILA and RESPA HUD-1 disclosures. It is designed to provide disclosures to help consumers understand the costs of the loan transaction. The Closing Disclosure should be delivered to consumers at least three business days prior to completing the loan.

These new forms will give consumers clear language information regarding a loan and include information such as interest rate, monthly payments, and all of the costs necessary to close the loan. In designing these forms, the CFPB had the goal of presenting information to consumers in a way to help the consumer decide if they can afford the loan. The forms also make comparing different loan products, including the cost of various loans over time, easier and less confusing.

Beyond understanding the content of the new forms, there is a business problem that arises from these changes. With the faster and more accurate delivery requirement of the charges between the Loan Estimate Disclosure and Closing Disclosure forms, constant and reliable communication will become key between lenders and title agents. During the new process, mortgage loan originators will have to:

  • Verify accuracy of the Loan Estimate at time of application;
  • Using the stricter RESPA tolerance guidelines, and on the final Closing Disclosure form, reconcile fees between the lender and title closing production systems;
  • Overcome challenges with the new requirement in order to support intelligent data standards. For instance, if a lender is not using the same system as the document provider for the initial Loan Estimate form or the final Closing Disclosure, it will not be easy for the mortgage loan originator to reconcile data, documents, and calculations in order to be compliant; and
  • the mortgage loan originator will want to provide an audit trail to prove compliance with the regulations that he or she must follow.

What this means is that lenders will need to recognize it is important that data and documents are shared and synced between the lender’s system and the title production systems, and that they are easily and quickly accessible. To achieve this, new electronic processes may be necessary to replace any leftover, traditional paper processes.

With the delivery deadlines and tolerance requirements, the lender is also on the hook for greater accuracy of the GFE/TIL at time of application.

A technology solution to be able to facilitate the electronic sharing and collaboration of data and documents is now critical. On top of that, loan originators will need to keep the process electronic in order to provide evidence and the proof of compliance around receipt of delivery, acceptance, and execution of documents, which the CFPB will eventually audit.

Be warned that mortgage lenders who do not comply with the new disclosure requirements will be subject to CFPB penalties. Theses penalties for violations of disclosure rules can be severe. The general penalties for violations include:

  • First Tier – Up to $5,000 per day for each day the violation or failure to pay continues
  • Second Tier – Up to $25,000 for each day that a person continues to recklessly engage in a violation of a federal consumer financial law
  • Third Tier – Up to $1,000,000 per day for each day that any person knowingly violates a federal consumer financial law

Under the provisions of Truth in Lending law, private lawsuits against the mortgage lender may also be brought.

The TILA-RESPA integrated rule applies to most closed-end mortgages and consumer credit transactions secured by real property. The rule does not apply to the following:

  • Home Equity Lines of Credit (HELOCs); and
  • Reverse Mortgages.
  • Chattel-dwelling loans, such as loans secured by a mobile home or by dwellings not attached to real property. These loans will continue to use the current disclosure forms required by TILA and RESPA.
  • Individuals or entities that make five or fewer mortgages in a calendar year, as they are not deemed a creditor under the rule.
  • Certain no-interest loans secured by subordinate liens made for the purpose of down payment home buyer assistance or a similar program, property rehabilitation, energy efficiency, or foreclosure avoidance prevention.

Under the previous TILA-RESPA integrated rule, certain loans were subject to TILA, but not RESPA. Under the updated TILA-RESPA integrated rule, the following loans are also subject to the disclosure rules:

  • Construction-only loans; and
  • Loans secured by vacant land or by 25 or more acres.

Unlike many of the CFPB mortgage rules, the final TILA-RESPA integrated rule does not include an exception for small creditors.

(Part 1. Part 2. Part 3. Part 4. Part 5)

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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 July 17, 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.

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.

Free 3-hour “Current Issues in WA Real Estate” course for Washington Real Estate License Renewal

OnlineEd SM Logo(OnlineEd – Portland, OR) – Try us for absolutely free! No strings or gimmicks:

Click here to sign up for a free 3-hour “Current Issues” course

Washington real estate licensees are required to take 30 hours of continuing education for Washington real estate broker license renewal, including a 3 hour “Current Issues in Washington Real Estate” course. When it comes to quality, our courses speak for themselves, and with our 3-hour “Current Issues” course available for FREE, why wouldn’t you give us a look?

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Why OnlineEd?

  • We’re local! OnlineEd is a NW company based in Portland, OR.
  • Approved by the Washington State Department of Licensing.
  • This free course covers the 3 hour “Current Issues” topic required by the state of Washington.
  • Online, self-paced delivery method. Take courses when it works with your schedule. Compatible with PC, Mac, and mobile devices.
  • We report completions to the Washington DoL within one business day!
  • Our 3 hour course is 100% free! If you like OnlineEd, consider us for your remaining 27 hours of license renewal continuing education.

 

New to OnlineEd? Try Before You Buy!

Have a free course on us! If you like our style, join our free Club-O customer loyalty program to receive your personal Club-O code, good for 15% off select courses (including the remaining 27 hours of Washington real estate CE) and 10% referral cash back rewards for sharing us with your friends and coworkers.
Want more OnlineEd?  Browse Catalog  |  Real Estate Coaching Tips

 

Washington Real Estate Continuing Education Guidelines

All real estate licensees must complete at least 30 hours of continuing education during the two-year licensing term. The Department of Licensing mandates that real estate brokers in Washington are required to take a law update course at license renewal to ensure they are current on the issues facing licensees practicing real estate within the state.

For more information, visit the Washington State Department of Licensing website, or call OnlineEd customer support at 1-866-519-9597.

This school is approved under chapter 18.85 RCW; inquiries regarding this or any other real estate school may be made to the: Washington State Department of Licensing, Real Estate Program, P.O. Box 9015, Olympia, Washington 98507-9015

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This article was published on March 18, 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.