bureau of education & testing. alex bosque examination development supervisor bureau of...
TRANSCRIPT
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Bureau of Education & Testing
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Alex BosqueExamination Development SupervisorBureau of Education & [email protected]
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Topics to Review
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Overview of the Integrated Mortgage Disclosure Rule
Two Mortgage Laws & Four Disclosures
Truth in Lending(TIL) Act – Regulation Z •Early TIL Disclosure •Final TIL Disclosure
RESPA – Regulation X •Good Faith Estimate •HUD-1 Settlement Statement
Dodd-Frank Required Integrated Disclosures
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Purpose of the Integrated Mortgage Disclosure Rule
•Easier-to-use mortgage disclosure forms
•Improve consumer understanding
•Aid in comparison shopping
•Prevent surprises at the closing table
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New Forms
Loan Estimate
ClosingDisclosure
• Initial TIL Disclosure• Good Faith Estimate
• Final TIL Disclosure• HUD-1 / HUD-1A
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New Forms
Loan Estimate •Replaces the early TIL and the GFE •Provided to consumers within 3 business days after submission of a loan application
Closing Disclosure •Replaces the final TIL and the HUD-1 •Must be provided to consumer 3 business days prior to closing
Effective date is August 1, 2015, and the old disclosures cannot be used for applications received
on or after that date.There will be a crossover period when new and old disclosures may be used.
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Scope of the Integrated Disclosure Rule
Which Mortgage Loans are Covered?
Closed-end consumer transactions secured by real property (first lien & subordinate liens) Purchases Refinances Closed-end home equity loans Vacation and second homes
Which Mortgage Loans are Excluded? Home equity lines of credit (HELOCs) Reverse mortgages Loan secured by a mobile home or by a dwelling that is not attached to real property Regulation Z and Regulation X will continue to apply to these loans – but the new requirements do not apply.
For more information about TILA –RESPA Integrated disclosure rule visit:http://www.consumerfinance.gov/regulatory-implementation/tila-respa/
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TILA – RESPA – Examination Impact
Real Estate Laws & Rules
•None
Sales Associate
•Minimal
•Change to Terminology
•HUD-1 / Closing Statement will be referred to as Closing Disclosure
•Effective August 1, 2015
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TILA – RESPA – Examination Impact
Broker and Real Estate Instructor
•Minimal
•Change to Terminology
•HUD-1 / Closing Statement will be referred to as Closing Disclosure
•Candidates have to be familiar with pages 2 & 3 of the Closing Disclosure
•Candidates required to perform basic calculations & know where the figures
appear on pages 2 & 3 of the Closing Disclosure
•Closing Disclosure Form
Page 2 is similar to current page 2 of HUD-1
Page 3 is similar to current page 1 of HUD-1
•Effective October 1, 2015
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Bureau of Education & Testing (BET)
• Finding us on the Internet
• Contacting us
• Candidate Information Booklet
• Printable Law Book
• Instructor Email
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www.myfloridalicense.com/dbpr
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http://www.myfloridalicense.com/dbpr/servop/testing/CBTStatistics.html
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Candidate Information Booklets
Contains useful information:Link to Test Center Locations
How to Make Reservations
Examination References
Examination Content Outline
Link to Printable Law Book
Review and Challenge Process
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If would like to be added to our email distribution list, please send your request to:
This is a common email address to be used solely by the Instructors to send exam-specific
questions or issues to the Bureau's Psychometric Unit.
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Questions