real estate finance - full book (500 pgs)

Real estate finance full book(500 pgs)

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Unformatted text preview: ormation about estimated costs, expenses, and commissions to be paid by the applicant for a loan. It also informs the borrower of the approximate net amount that will be received from the loan after paying commissions, costs and expenses, payoffs on liens against the property, and other incidental charges. Standard Form – The disclosure must be a form approved by the Commissioner and must include all information required by law. Execution – . It must be signed by the borrower and the licensee and delivered to the borrower before the borrower becomes obligated. Retention – A copy must be retained by the licensee for four years. Delivery – The disclosure must be delivered to the borrower regardless of loan amount. PROVISIONS Applicable to All Broker loans – Disclosure requirements and prepayment limitations apply to all loans negotiated by licensees unless the lender is an institution such as a Dynasty School (www.dynastySchool.com) 10-13 REAL ESTATE FINANCE bank or savings and loan association and the broker receives a commission not in excess of 2%. Other provisions regulating costs and commissions apply only to: First trust deeds less than $30,000. Junior trust deeds less than $20,000. The limitations as to loan costs and broker's commission only apply to smaller loans. The parties can agree to commissions and costs without limitation on the larger loans. Form 10-1: Lender/Purchaser Disclosure Statement (RE 851) 10-14 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 10: REGULATION OF LOAN BROKERAGE Dynasty School (www.dynastySchool.com) 10-15 REAL ESTATE FINANCE 10-16 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 10: REGULATION OF LOAN BROKERAGE Dynasty School (www.dynastySchool.com) 10-17 REAL ESTATE FINANCE 10-18 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 10: REGULATION OF LOAN BROKERAGE Dynasty School (www.dynastySchool.com) 10-19 REAL ESTATE FINANCE 10-20 Lice...
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This note was uploaded on 12/30/2010 for the course SOC 101 taught by Professor Zhung during the Spring '10 term at Punjab Engineering College.

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