Aug. 1 RESPA changes: Need-to-know requirements

06/11/2015

Aug. 1 RESPA changes: Need-to-know requirements

ORLANDO, Fla. – June 10, 2015 – Want to get up to speed on the new Real Estate Settlement Procedures Act (RESPA) requirements that take effect Aug. 1? Check out the new Florida Realtors video below recorded by Margy Grant, vice president and general counsel for Florida Realtors.

The video, less than 10 minutes long, helps Realtors learn how to prepare their business for the dramatic changes about to happen in the real estate transaction process. Those changes include new closing forms, the elimination of the HUD-1 Settlement Statement and new requirements on providing documents to borrowers/buyers that have the potential to delay closings if Realtors aren't prepared.

Why the changes? Consumer protection.

The Consumer Financial Protection Bureau (CFPB) enacted the new mortgage disclosure rule to make it easier for consumers to shop for mortgages and to protect them from costly surprises at closing.

You may have heard that the CFPB recently announced a grace period for lenders who make a good-faith effort in complying with the new mortgage disclosure rules. Note, however, that the requirements still go into effect Aug. 1.

Questions about the new RESPA rules? Contact Florida Realtors Legal Hotline by phone or online.

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