This course is designed to guide the licensee in understanding the new requirements under The Dodd Frank Act which includes the new law (regarding RESPA and Truth in Lending) and new forms such as The Loan Estimate (formerly the Good Faith Estimate) regarding disclosing lending costs to the borrower and regarding settlement, including a new settlement statement (Closing Disclosure).

The new RESPA and TILA requirements are important areas to real estate licensees since this new law affects closing and disclosure requirements.  The course will provide the licensee with information that will help guide the licensee in understanding the new requirements under The Dodd Frank Act which includes the new law (regarding RESPA and Truth in Lending) and new forms such as The Loan Estimate (formerly the Good Faith Estimate) regarding disclosing lending costs to the borrower and regarding settlement, including a new settlement statement (Closing Disclosure).

Course Objective: This course is designed to guide the licensee in understanding the new requirements under The Dodd Frank Act which includes the new law (regarding RESPA and Truth in Lending) and new forms such as The Loan Estimate (formerly the Good Faith Estimate) regarding disclosing lending costs to the borrower and regarding settlement, including a new settlement statement (Closing Disclosure). Since this new law affects closing and disclosure requirements, it is imperative that all agents are well versed in this Act. This course begins by defining The Dodd Frank Act including incorporating the previous law and comparing it to the new law, then reviews the new disclosure and settlement requirements including essential verbiage and components of the Closing Disclosure, including line-by-line items of the Closing Disclosure, and concludes by reviewing examples of Closing Disclosures of various transactions.  

Instructor: Scott Alan Bly, Esquire