Bureau of Education

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Bureau of Education Testing
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Alex Bosque Examination Development
Supervisor Bureau of Education
Testing alex.bosque_at_myfloridalicense.com
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Topics to Review

• Integrated Mortgage Disclosure Rule (TILA-RESPA)
• Overview
• Purpose
• New Forms
• Scope
• TILA/RESPA Examination Impact
• Bureau of Education Testing
• Questions

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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
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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

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

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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-implemen
  tation/tila-respa/

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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

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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

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Bureau of Education Testing (BET)

• Finding us on the Internet
• Contacting us
• Candidate Information Booklet
• Printable Law Book
• Instructor Email

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www.myfloridalicense.com/dbpr
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http//www.myfloridalicense.com/dbpr/servop/testin
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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

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If would like to be added to our email
distribution list, please send your request to
REInstructors_at_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.
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Questions