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This course examines the new TILA-RESPA Integrated Disclosure Rule and the two new mandatory disclosure forms required by the CFPB.
The new Loan Estimate and Closing Disclosure requirements – effective
August 1, 2015 October 1st, 2015 – will combine two existing disclosure regimes under TILA and RESPA and are designed to make mortgage disclosure easier for consumers to understand and use.
At the conclusion of this course the student will be able to:
In this course we use one version of the CFPB sample forms to review the rule and it's implications on the industry. Students will be able to review the forms in an organized way and we will expose key issues related to the real estate transaction.
Table of Contents
Unit 1: Loan Estimate
Unit 2: Closing Disclosure
Unit 3: In Practice
The course includes exercises and a case study and is concluded with a final exam. Students may also benefit from reviewing the CFPB primer for consumers that can be viewed online by clicking here.
Note: The CFPB announced they were delaying the implementation date until October to correct administrative errors. The course reflects these changes.