NAR Holding Webinar March 19th on Changes to Closing Process

To help Realtors® prepare for upcoming changes to the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA), the National Association of Realtors® (NAR) will host a webinar on Thursday, March 19, 2015 at 2:00 PM EDT.

The changes, which take effect  August 1st, will replace the HUD-1 settlement statement, Good Faith Estimate forms, and Truth in Lending Act disclosure with a new Closing Disclosure and a new, single Loan Estimate. There will be changes to the closing process as well, including a new rule requiring everything to be in place three days prior to closing.

  • The new Loan Estimate (LE) must be provided within three days of closing date, after six items of information are collected:
    • The consumer’s name
    • The consumer’s income
    • The consumer’s Social Security Number
    • The address of the property
    • The estimated value of the property
    • The loan amount
  • The Closing Disclosure (CD) will replace the HUD-1 Settlement Statement.
    • The CD will restate the LE in many ways.
    • The CD will serve as the official settlement statement.
    • The CD should be delivered a full three days prior to closing.

These new procedures will preclude last minute changes at closing. The National Association of Realtors®  (NAR) worked closely with the Consumer Financial Protection Bureau to avoid more dramatic alterations to the settlement process.

NAR and the North Carolina Association of Realtors® (NCAR) will continue to provide extensive education on this issue between now and the August 1st implementation date. NCAR is planning a May webinar to help Realtors® understand the new regulations and practices that will impact real estate closings and agent/attorney relationships.

CLICK HERE for more information, including a helpful video briefing from NAR.

To register for the March 19 webinar, CLICK HERE.

Source: National Association of Realtors® and North Carolina Association of Realtors®

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