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Unformatted text preview: STATE FINANCE
Signatures – The form must be signed by the prospective lender or purchaser, and by the broker. Customer Copy – A copy must be provided to the lender or purchaser. Retention – The broker must retain a copy for 4 years. DRE Filing – In addition, a “self–dealing” broker must submit to the Department of Real Estate a copy of the disclosure statement and a concurrent statement that the submittal is pursuant to §10231.2. Timing – The disclosure statement must be submitted to DRE prior to making any presentation to the lender or purchaser. DISCLOSURE TO LENDER
“(a) If the real estate broker is ... negotiating a loan to be secured by a lien on real property or on a business opportunity, the statement required to be given to the prospective lender shall include, but shall not necessarily be limited to, the following information: Property Identification – Address or other means of identification. Market Value – Estimated fair market value of the securing property, and if the broker is relying on an appraisal... the date that the appraisal was made and the name of the person who made the appraisal. Improvements – Age, size, type of construction and a description of improvements to the property. Borrowers – Identity, occupation, employment, income, and credit data about the prospective borrower or borrowers as represented to the broker. Terms – Terms of the promissory note to be given to the lender. Liens – Pertinent information concerning all liens against the securing property and, to the extent of actual knowledge of the broker, pertinent information about other loans that the borrower expects or anticipates will result in a lien being recorded against the property securing the promissory note to be created in favor of the prospective lender. 10-4 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 10: REGULATION OF LOAN BROKERAGE
Loan Servicing – Provisions for servicing of the loan, i...
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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.
- Spring '10