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Bureau of Education & Testing

Explore the Integrated Mortgage Disclosure Rule, its purpose, impact on examinations, new forms, scope, key laws, and disclosures.

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Bureau of Education & Testing

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  1. Bureau of Education & Testing

  2. Alex Bosque Examination Development Supervisor Bureau of Education & Testing alex.bosque@myfloridalicense.com

  3. Topics to Review • Integrated Mortgage Disclosure Rule (TILA-RESPA) • Overview • Purpose • New Forms • Scope • TILA/RESPA – Examination Impact • Bureau of Education & Testing • Questions

  4. 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

  5. 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

  6. New Forms • Loan • Estimate • Closing • Disclosure • • Initial TIL Disclosure • • Good Faith Estimate • • Final TIL Disclosure • • HUD-1 / HUD-1A

  7. 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.

  8. 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/

  9. 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

  10. 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

  11. Bureau of Education & Testing (BET) • Finding us on the Internet • Contacting us • Candidate Information Booklet • Printable Law Book • Instructor Email

  12. www.myfloridalicense.com/dbpr

  13. http://www.myfloridalicense.com/dbpr/servop/testing/CBTStatistics.html

  14. 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

  15. If would like to be added to our email distribution list, please send your request to: REInstructors@myfloridalicense.com  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.

  16. Questions

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