real estate finance - full book (500 pgs)

The law requires that prospective borrowers be

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Unformatted text preview: fication and description of terms of loans. mortgages, deeds of trust and land contracts offered for funding or purchase through the loan broker. Advertising a real property security (Article 6 of the real estate law). • Premiums – A broker may not advertise a premium or gift to induce a borrower, lender or purchaser. Different Yield – A broker may not advertise a yield different than the rate on the note unless the advertisement states the rate on the note and the discount from face value for which the loan can be purchased. Submission of Advertising – The submission of advertising for approval to the Department of Real Estate was formerly mandatory. Business and Professions Code Section 10232.1 has changed “shall “to “may” which makes the submission voluntary. When submitted, a true copy shall be accompanied by a fee not to exceed $40. The approval is for five years. If advertising submitted for approval is not given within 15 calendar days, the proposed advertising shall be considered approved. Advertising Identification – The Department of Real Estate assigns an identifying number to each advertisement submitted for approval. Brokers who use visual advertisements will include the number in their advertisements. 10-10 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 10: REGULATION OF LOAN BROKERAGE Advertising Criteria – The commissioner may prevent or halt the publication of false, misleading or deceptive advertising. Commissioner's Regulation 2848 of the Commissioner's Regulations sets forth examples of false, misleading and deceptive advertising. BROKER ADVANCING OTHER THAN OBLIGOR'S FUNDS If, in servicing a real property secured loan, the broker pays funds to the lender other than the funds of the obligor, the broker must give written notice to the lender or owner of the note of this fact. The notice must be given within 10 days of making any such payment and include the date and amount of payment, the name of the person to whom p...
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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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