Real
estate brokers who service loans are required to provide
certain disclosures to the lenders or note holders as
well. Any such servicing on behalf of a borrower, lender
or note holder must be done pursuant to a written authorization
or servicing agreement.
California law does not allow the advancing of funds by
a broker for payments that should have been paid or tendered
by the borrower without a special securities permit from
DOC.
In the event that a borrower does not make a scheduled
payment and the broker causes other funds to be applied
toward a payment to protect the security of the note or
contract being serviced, including debt service on a senior
lien, the broker must give written detailed notice to
the lender or note holder not later than 10 days after
making such payment.
Any such payment by the broker from funds other than the
borrower’s, or any promise by the broker to pay,
or to guarantee the payments, the investment, or the rate
of return may only be done under a disclosed DOC permit.
Business and Professions Code Sections
10229, 10231.2, 10232.4, 10232.5, 10232.6; and 10233.1
Corporations Code Section 25707
Commissioner’s Regulation 2846
Contact
us for more info on CA Loan Servicing |
California
Real Estate Laws & Disclosures
Relative to Sub-Divisions
 Prospective
Purchaser
Disclosure
of Material Facts
Statement
of Defects
Blanket
Encumbrance
Right
to Recind
Notices
to Tenants
Financing Real Property
Adj.
Rate Loan Disclosure
Disclosure
By Agent
Disclosures
to Borrower
Multi
Lender Transactions
Transfer
of Loan
Truth
in Lending
Disclosures to Lender
Housing
Discrimination Act
Equal
Credit Opportunity Act
Loan
Servicing
Right
to Appraisal
Real
Estate Settlement Act
Real Estate Agents
Sale
Price Information
Visual
Inspection
Real
Estate Commissions
No
Disclosure Required
Agency
Relationship Disclosure
Transfer of Real Property
Water
Heater Certification
Structural
Pest Control Inspection
Disclosures
Upon Transfer
Retrofit
and Thermal Insulation
Foreign
Investment Tax Act
State
Tax Withholding
Registered
Sex Offenders
Lead-Based
Paint Hazards
Controlling Documents
Title
Insurance
Smoke
Detector
Transfer of Business Opportunity
Bulk
Transfer Law
Ficticious
Name
Sales
Tax Clearance
Definition
of Business Opportunity
Franchise
Investment Law
Government
Agencies
Liquor
License
Misc
Check
21 |
San Jose MLS Search