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
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