Form Re 883 - Mortgage Loan Disclosure Statement - California Department Of Real Estate Page 2
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2RE 883 — Page 2 of
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OTHER LIENS
LIENS CURRENTLY ON THIS PROPERTY FOR WHICH THE BORROWER IS OBLIGATED
Lienholder’s Name
Amount Owing
Priority
LIST LIENS THAT WILL REMAIN OR ARE ANTICIPATED TO REMAIN ON THIS PROPERTY AFTER THE PROPOSED LOAN FOR WHICH YOU ARE APPLYING IS MADE OR ARRANGED (IN-
CLUDING THE PROPOSED LOAN FOR WHICH YOU ARE APPLYING):
Lienholder’s Name
Amount Owing
Priority
Notice to Borrower: Be sure that you state the amount of all liens as accurately as possible. If you contract with the broker to arrange
this loan, but the loan cannot be arranged because you did not state these liens correctly, you may be liable to pay commissions, costs,
fees, and expenses even though you do not obtain the loan.
BALLOON PAYMENT INFORMATION
IS THIS LOAN SUBJECT TO A BALLOON PAYMENT?
DUE DATE OF FINAL BALLOON PAYMENT (ESTIMATED
BALANCE DUE AT MATURITY
MONTH/DAY/YEAR)
$
¨
¨
Yes
No
IF YES, THE FOLLOWING PARAGRAPH APPLIES:
NOTICE TO BORROWER: IF YOU DO NOT HAVE THE FUNDS TO PAY THE BALLOON PAYMENT WHEN IT COMES
DUE, YOU MAY HAVE TO OBTAIN A NEW LOAN AGAINST YOUR PROPERTY TO MAKE THE BALLOON PAYMENT.
IN THAT CASE, YOU MAY AGAIN HAVE TO PAY COMMISSIONS, FEES, AND EXPENSES FOR THE ARRANGING OF
THE NEW LOAN. IN ADDITION, IF YOU ARE UNABLE TO MAKE THE MONTHLY PAYMENTS OR THE BALLOON
PAYMENT, YOU MAY LOSE THE PROPERTY AND ALL OF YOUR EQUITY THROUGH FORECLOSURE. KEEP THIS
IN MIND IN DECIDING UPON THE AMOUNT AND TERMS OF THIS LOAN.
ARTICLE 7 COMPLIANCE
If this proposed loan is secured by a first deed of trust in a principal amount of less than $30,000 or secured by a junior lien in a
principal amount of less than $20,000, the undersigned broker certifies that the loan will be made in compliance with Article 7 of
Chapter 3 of the Real Estate Law.
WILL THIS LOAN BE MADE WHOLLY OR IN PART FROM BROKER CONTROLLED FUNDS AS DEFINED IN SECTION 10241(J) OF THE BUSINESS AND PROFESSIONS CODE?
¨
¨
¨
May
Will
Will Not
Note: If the broker indicates in the above statement that the loan “may” be made out of broker-controlled funds, the broker must
inform the borrower prior to the close of escrow if the funds to be received by the borrower are in fact broker-controlled funds.
NOTICE TO BORROWER: THIS IS NOT A LOAN COMMITMENT
Do not sign this statement until you have read and understood all of the information in it. All parts of this form must be completed
before you sign it. Borrower hereby acknowledges the receipt of a copy of this statement.
NAME OF BROKER
LICENSE ID NUMBER
BROKER'S REPRESENTATIVE
LICENSE ID NUMBER
NMLS ID NUMBER
NMLS ID NUMBER
BROKER'S ADDRESS
BROKER'S SIGNATURE
DATE
OR SIGNATURE OF REPRESENTATIVE
DATE
BORROWER'S SIGNATURE
DATE
BORROWER'S SIGNATURE
DATE
Department of Real Estate license information telephone number: 877-373-4542, or check license status at
National Mortgage Licensing System:
The Real Estate Broker negotiating the loan shall retain on file for a period of three years a true and correct copy of this
disclosure signed and dated by the borrower(s).
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