The California Department of Real Estate recently published on its website a notice regarding the combined Mortgage Loan Disclosure Statement/Good Faith Estimate form (RE 883). Brokers who previously used the combined Mortgage Loan Disclosure Statement/Good Faith Estimate form, RE 883, must now provide two separate disclosure forms to borrowers when arranging federally related mortgage loans. The RE 882 Mortgage Loan Disclosure Statement and the new Good Faith Estimate required by HUD will together meet the disclosure requirements of the Real Estate Settlement and Procedures Act (RESPA) and the California real estate law. For more information, please refer to the announcement here and DocMagic's article on this subject here.
