Rules for Truth in Lending and RESPA now call for new disclosure documents. How

can a managing broker best prepare associated licensees to manage these new

forms?

1. The broker can provide samples so that when the licensee and the borrower

prepare the forms they are following a good example

2. The lender has primary responsibility to provide these forms. The broker and

licensees should understand the items required for the lender to comply and

be prepared to guide the borrower in reviewing these forms.

3. The Loan Estimate is a binding obligation by the lender to make the loan as

described. The managing broker should train licensees to advise borrowers to

accept it right away as all lenders are pretty much alike and there is really no

reason to shop the loan

4. The listing broker will be primarily responsible for completing the Loan Estimate to

send to the lender, so the broker should train associated licensees to collect all

the necessary information in a timely fashion.