ALERT: Florida Exam changes to reflect the new Closing Disclosure
The TILA/RESPA Integrated Mortgage Disclosure Rule goes into effect October 3, 2015. Students who studied the HUD-1 Settlement Statement will have to learn about the changes to the examinations!
Florida Broker exam - The biggest changes are on the broker exam, and they go into effect December 1, 2015. There are eight closing statement questions on the broker exam.
- The term that will be used instead of HUD-1 will be Closing Disclosure. Candidates will have to be familiar with pages 2 and 3 of the new five-page disclosure and be able to perform basic calculations as they do now.
- Answers to the HUD-1 questions that formerly were on page 1 of the HUD-1 will be page 3 of the Closing Disclosure.
Florida Sales Associate exam - The HUD-1/Closing Statement will now be referred to by its new name, Closing Disclosure. Candidates will start seeing this change on October 3, 2015.
Florida Real Estate Law exam – No changes.
Link to sample Closing Disclosure: http://files.consumerfinance.gov/f/201311_cfpb_kbyo_closing-disclosure.pdf
For more detailed information about TILA –RESPA Integrated disclosure rule visit: http://www.consumerfinance.gov/regulatory-implementation/tila-respa/