Due to the merger of the Real Estate Settlement Procedures Act and the Truth in Lending Act, two new forms are emerging. The Loan Estimate and the Closing Disclosure will replace the HUD-1 settlement and the Good Faith Estimate forms. You can access the new forms, and other materials to help you get accustomed to all these changes to your industry on the CFPB website.
Recently, NAR hosted a webcast explaining the changes to REALTORS® in Louisiana, Florida, and Washington. You can watch a recording of the webcast featuring attorney Phil Schulman and NAR Senior Counsel Finley Maxon online.
Recently, Grant Simon of Waterstone Mortgage alongside Dana Ward and Nishad Khan, took Louisiana REALTORS®, Florida REALTORS® and Washington REALTORS® through a TILA-RESPA live broadcast. This online seminar focused on new forms, terms, timing requirements and best practices under the Dodd-Frank Act. With TILA-RESPA changes coming later this year, prepare ahead of time and learn how all these new changes will effect you and your industry.