RESPA/TILA Changes: Are You Ready?
- A review of the legislative changes that have brought about the changes to the closing process.
- A quick overview of the Consumer Financial Protection Bureau’s role.
- The relevant sections of the Dodd-Frank Act’s required amendments to RESPA and TILA.
- The integration of the four disclosure forms and what replaces them.
- When the new integrated disclosure forms do not apply.
- Explanations and breakdowns of the Loan Estimate form and the Closing Disclosure form.
- Requirements in order to revise the Loan Estimate form.
- Timeframes for delivery of the integrated disclosure forms.
- Definitions for “business day."
- Benefits of the new integrated disclosure forms for both lenders and consumers.
- What real estate Salespersons need to know.
- The new booklet that replaces the HUD Settlement Cost Booklet.
- Activities and examples to seal in the new information and frame it in everyday context.
HOW DOES THIS HELP YOUR BUSINESS?
It’s on the horizon: the new integrated disclosure requirement that goes into effect on October 1, 2015. Lenders have the heavy lifting to do to get ready, but real estate Salespersons will likely be answering a lot of questions asked by the clients with whom they work. This 1-hour course will get you quickly up to speed so you will be ready for the changes that will affect the lending and real estate industry, distilling the 1,888 pages of implementation requirements into an overview that should help you answer questions buyers and sellers are sure to have.