(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®, 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.