California Mortgage
California Department of Real Estate: Disclosures in Real PropertyTransactions
Disclosurerequirements are primarily the responsibility of the lender/creditor. RESPAregulates specified disclosures at the time of the loan application, and at orbefore the time of settlement or closing of escrow, and servicing disclosuresafter closing. Effective January 1, 1998, real estate brokers who act asmortgage brokers no longer have to deliver to the borrower a separateCalifornia-mandated mortgage loan disclosure statement in federally related loantransactions where the borrower receives a good faith estimate (GFE) ofsettlement costs as required under RESPA and all disclosures required by theTruth-in-Lending Act and Regulation Z. This is provided that the documents setforth the broker’s real estate license number, contain a clear and conspicuousstatement on the face of the documents stating that the "good faithestimate" does not constitute a loan commitment; and that a special balloonpayment disclosure is included if the loan contains a balloon payment provision. Not ... [Read More]
California Department of Real Estate: Predatory Lending
Using the Services of a Mortgage Broker , published by the California Department of Real Estate, provides further information about the various aspects of mortgage transactions including the mortgage broker’s role, acceptable commissions and fees, definitions of terms, tools for decision-making, your rights, what to expect and where to go for help. ... Mortgage Borrower’s Rights , published by the U.S. Department of Housing and Urban Development, lists rights you have and should be aware of before you enter into any loan agreement. ... [Read More]
California Department of Corporations - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT
Approval from the Federal Housing Administration (FHA), Veterans Administration (VA), Farmers Home Administration (FmHA), Government National Mortgage Association (Ginnie Mae), Federal National Mortgage Association (Fannie Mae) or Federal Home Loan Mortgage Corporation (Freddie Mac) as a lender and/or servicer. ... The CRMLA authorizes licensees to make federally related mortgage loans, to make loans to finance the construction of a home, to sell the loans to institutional investors, and to service such loans. Licensees are authorized to purchase and sell federally related mortgage loans and to provide contract underwriting services for institutional lenders. Licensees are authorized to service any federally related mortgage loan regardless of whether they make the loan or purchase a servicing portfolio. ... [Read More]
California Department of Real Estate: FAQs - Mortgage Loan Brokering in California
A . - As a licensed real estate broker, you may engage in mortgage brokering without any additional license. A real estate broker may engage in a variety of real estate related activities including residential home sales, mortgage brokerage, and property management, among others. You may, however, wish to consult with the Department of Housing and Urban Development to determine their rules regarding real estate sales and the arranging of FHA loans. Additionally, if you represent a buyer or seller in a real estate transaction, and will also be compensated for obtaining the loan for the buyer, Commissioner’s Regulation 2904 requires you to disclose, to all parties in the transaction, the form, amount, and source of the compensation received or expected for the loan. ... [Read More]
California Department of Real Estate: Using the Services of a MortgageBroker
A mortgage broker helps youobtain a home loan. A mortgage broker may be licensed by either the CaliforniaDepartment of Corporations or the California Department of Real Estate. Mortgagebrokers make or arrange first mortgages and junior mortgages. A junior mortgagesecures a loan which is secondary or junior to one or more other loans on theproperty. Some home loans arranged through brokers are very similar to a homeloan you might obtain independently from a bank, savings and loan association(S&L), credit union, finance company, or other type of lender. Some brokersoffer shorter loan terms and/or different repayment plans. ... [Read More]
California Department of Corporations - Financial Services Division
Licensee Listing - Address listing for California Finance Lenders, Mortgage Bankers, Deferred Deposit Transaction Law and Independent Escrow Companies. ... • Independent Escrows • Consumer and Commercial Finance Lending • Residential Mortgage Lending • ... [Read More]
First Alliance Mortgage Company
The People of The State of California, The State of Arizona, The State of Florida, The Commonwealth of Massachusetts, The People of the State of Illinois, and The New York State Banking Department, Plaintiffs, v. First Alliance Mortgage Company, et al., Defendants; In re: First Alliance Mortgage Company, et al., Debtors; Federal Trade Commission, Plaintiff, v. First Alliance Mortgage Company, et al., Defendants; and Frank and Nicolena Aiello, et al., Plaintiffs, v. First Alliance Mortgage Company, et al., Defendants. ... [Read More]
HUD in California
Did you know that your credit is a key factor in determining if you obtain a home mortgage? A HUD-approved housing counselor can help you understand your credit report and offer ideas to repair bad credit. Find out more about buying a home and locate a housing counselor near you. ... Mortgage insurance premium (MIP) refunds ... [Read More]
California Department of Real Estate: Reference Book Table of Contents
Background, The Economy, The Mortgage Market, Overview of the Loan Process,Details of the Loan Process, Federal and State Disclosure and Notice of Rights,Promissory Notes, Trust Deeds and Mortgages, Junior Trust Deeds and Mortgages,Other Types of Mortgage and Trust Deed Loans, Alternative Financing, Effects ofSecurity, Due on Sale, Lender’s Remedy in Case of Default, Basic Interest RateMathematics, The Tools of Analysis ... Non-Mortgage Alternatives to RE Financing ... [Read More]
California Department of Corporations - In the News - Home Buyers Turning to Interest-Only Loans:
This type of mortgage, designed for buyers who intend to live in their homes for less than the length of the loan, allows borrowers to make lower payments than a traditional mortgage because none of the monthly payment goes toward the principal. Interest rates generally are up to 1 percentage point lower than fixed-rate mortgages, and the full payment is tax-deductible. ... At Washington Mutual Inc., the nation's largest residential lender, such mortgages have accounted for roughly $1 billion a month since being introduced last summer. As mortgage rates fell to the lowest levels in decades, the loans were the most requested of all categories, said Gregory Sayegh, a senior vice president in the Irvine office. ... [Read More]
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