New Federal RESPA rules became effective on January 16, 2009 and new forms are required to be used as of January 1, 2010. Lenders are required to use a new Good Faith Estimate form (GFEs) and a new HUD-1 Settlement Statement (HUD-1).
RESPA (Real Estate Settlement Procedures Act) is a HUD consumer protection statute which covers closing costs and procedures. It also requires that consumers receive disclosures at various times concerning fees involved in a closing and also prohibits cost inflating “kickbacks.”
These new rules standardize the Good Faith Estimates of Closing Costs, promote transparency, and allow buyers to make educated decisions when shopping for a lender. These new rules apply to all residential contracts.
Accelerated Discount Learning Centers, Inc. is one of the first to offer Broker Management as a self-study format. We offer courses which fulfill the State of Illinois Continuing Education requirements.
Self-Study courses are ready for you any time—no waiting for the next seminar or webinar that fits into your schedule. All of our classes are Online. The distance learning format allows you to read at your own pace, when it is convenient for you. Sign up today and if you decide you would rather sit in a classroom, we will refund your money. No questions asked.
Accelerated Discount Learning Centers, Inc. offer courses which fulfill the State of Illinois Continuing Education requirements. We also offer elective courses designed to expand your knowledge in areas such as 1031 Tax Deferred Exchanges and Reverse Mortgages. Each six hour course contains a 50 question True/False exam. The State of Illinois requires that every exam be proctored. Please refer to the Proctor Application for more information. A passing grade is achieved with a score of 70% or better. If necessary, a re-take of the exam is free of charge.
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