Due to the merger of the Real Estate Settlement Procedures Act and the Truth in Lending Act, two new forms are emerging. The Loan Estimate and the Closing Disclosure will replace the HUD-1 settlement and the Good Faith Estimate forms. You can access the new forms, and other materials to help you get accustomed to all these changes to your industry on the CFPB website.
Recently, NAR hosted a webcast explaining the changes to REALTORS® in Louisiana, Florida, and Washington. You can watch a recording of the webcast featuring attorney Phil Schulman and NAR Senior Counsel Finley Maxon online.