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Good Faith Estimate / Mortgage Loan Disclosure Statement

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A good faith estimate, referred to as a GFE, must be provided by a mortgage lender or broker in the United States to a customer, as required by the Real Estate Settlement Procedures Act (RESPA).

Good Faith Estimate / Mortgage Loan Disclosure Statement

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MORTGAGE LOAN DISCLOSURE STATEMENT (RE882)
INFORMATIONAL SHEET
WHEN TO USE THIS FORM
TRADITIONAL LOAN PRODUCTS – This form may be used when the loan product being offered to
the consumer DOES NOT allow the borrower to defer repayment of principal or interest. Each payment
includes the full amount of interest and principal due for that installment.
AVAILABLE ON THE DRE WEB SITE AT WWW.DRE.CA.GOV.
NONTRADITIONAL MORTGAGE PRODUCT IN COMMISSIONER’S REGULATION 2842
RESIDENTIAL UNITS) - RE885 MUST BE USED. REFER TO THE DEFINITION OF A
ESTIMATE – NONTRADITIONAL MORTGAGE PRODUCT (ONE TO FOUR UNIT
FOR THOSE LOANS THE MORTGAGE LOAN DISCLOSURE STATEMENT/GOOD FAITH
INTEREST OR PRINCIPAL AND ARE SECURED BY A 1 – 4 UNIT RESIDENTIAL PROPERTY.
USED FOR LOAN PRODUCTS THAT ALLOW THE BORROWER TO DEFER REPAYMENT OF
THIS FORM CANNOT BE
SECURED BY REAL PROPERTY – This form may be used when the loan is secured by real property
(raw or unimproved land or parcels, commercial, multi-family, 1 to 4 unit residential, or any other interest
in real property).
TIPS ON COMPLETING THIS FORM
Section I (B) (4) – Additional Compensation – This section is completed to disclose any compensation
received by the broker from a lender in the form of a yield/spread premium, service release premium or
any other rebate or compensation.
Section II (A) – PROPOSED LOAN INFORMATION – The form contains four (4) boxes for the purpose
of providing loan terms and information to the consumer. Depending on the loan product being offered to
the consumer, select the appropriate box and complete the information specified in that box. The Real
Estate Law requires the disclosure of all material terms of the loan. In situations where the proposed loan
terms cannot be accommodated in one of the four (4) boxes, an addendum, signed and dated by the
borrower(s) and the broker (or broker’s representative), should be attached to the form. The addendum
must include all material information on the proposed loan. A real estate broker who wishes to use a form
other than the approved RE882 must obtain the prior written approval of the Department.
USING THE WRONG FORM. THE RE885 MUST BE USED.
IF THE LOAN PRODUCT IS A NONTRADITIONAL MORTGAGE LOAN PRODUCT YOU ARE
Other than the non-applicable boxes in Section II, do not leave any lines or spaces blank.
After completion, the form must be signed by the broker or broker’s representative and provided to the
borrower within THREE (3) DAYS OF RECEIVING THE BORROWER’S COMPLETED WRITTEN
LOAN APPLICATION.
A COPY OF THE FORM SIGNED BY THE BORROWER MUST BE RETAINED BY THE BROKER
FOR A PERIOD OF THREE (3) YEARS.
I. Summary of Loan TermS
a. PrIncIPaL amounT $ ____________________
B. eSTImaTed deducTIonS from PrIncIPaL amounT
1. costs and expenses (See Paragraph III-a) $ ____________________
2. Broker commission/origination fee (See Paragraph III-B) $ ____________________
3. Lender origination fee/discounts (See Paragraph III-B) $ ____________________
4. additional compensation will/may be received from lender not deducted from loan
proceeds. yeS $______________ (if known) no
5. amount to be Paid on authorization of Borrower (See Paragraph III-c) $ ____________________
c. eSTImaTed caSh PayaBLe To Borrower (a LeSS B) $ ____________________
II. GeneraL InformaTIon aBouT Loan
a. ProPoSed Loan InformaTIon
years
 Fixed rate loan
fixed rate loan______% payable at $_____ month
 adjustable rate loan (example 6-month arm; 1-year arm)
Proposed interest rate:____%
fully indexed rate ______ %
Proposed monthly payment $_________
maximum interest rate _______%
Interest rate can increase________% each______months
_______after_______
maximum loan payment can be $ months
 initial Fixed rate loan (example 2/28; 3/1; 5/1)
Proposed initial fixed interest rate:_____%
Initial fixed interest rate in effect for_____months
Proposed initial monthly payment $___________
adjustable interest rate of _____% will begin after fixed rate
period ends
Monthly payment can increase to $____after fixed rate period ends
fully indexed rate ______%
maximum interest rate ______%
Interest rate can increase _____% each _____ months
maximum loan payment can be $_______after_______months
 initial adjustable rate loan (example low entry rate arm)
Proposed initial adjustable interest rate____ %
Initial interest rate in effect for_____months
Proposed monthly payment $__________
fully indexed rate_______%
maximum interest rate _______%
Interest rate can increase_______% each ______months
monthly payment can increase to $_____after initial
adjustable rate period ends
maximum loan payment can be $_______after ______months
1. Proposed loan term   months
points or fees than other products requiring documentation:  n yes.
2. This loan is based on limited or no documentation of your income and/or assets and may have a higher interest rate, or more
o 
of $__________
3. The loan is subject to a balloon payment:  no  Yes. If Yes, the following paragraph applies and a final balloon payment
will be due on ___/___/___ [estimated date (month/day/year)].
k N N N N N N N N
B N N N
N N N N N N N B N N
N iN N N N N
B N N N N B N
Notice to Borrower: i N N B N N N
-
f you do ot have the fu ds to pay the alloo payme t whe it
comes due, you may have to o tai a ew loa agai st your property to make the alloo
payme t. that case, you may agai have to pay commissio s, fees a d expe ses for the
arra gi g of the ew loa . i additio , if you are u a le to make the mo thly payme ts
or the alloo payme t, you may lose the property a d all of your equity through fore
closure. eep this i mi d i decidi g upo the amou t a d terms of this loa .
B. This loan will be evidenced by a promissory note and secured by a deed of trust on property identified as (street address or legal
description):
__________________________________________________________________________________________________
__________________________________________________________________________________________________
c. 1. Liens presently against this property (do not include loan being applied for):
Nature of Lien Priority Lienholder’s Name Amount Owing
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
2. Liens that will remain against this property after the loan being applied for is made or arranged (include loan being applied
for):
Nature of Lien Priority Lienholder’s Name Amount Owing
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
______________________________________________________________________________________________
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 it cannot be arranged because you did not state these liens correctly, you may be liable to pay
commissions, fees and expenses even though you do not obtain the loan.
d. Prepayments: The proposed loan has the following prepayment provisions:
 No prepayment penalty (you will not be charged a penalty to pay off or refinance the loan before maturity)
 You will have to pay a prepayment penalty if the loan is paid off or refinanced in the first ______ years. The prepayment
penalty could be as much as $___________. any prepayment of principal in excess of 20% of the
name of Broker Business address
State of California
Department of real eState
Serving Californians Since 1917
mortgage loan disclosure statement (borrower)
re 882 (rev. 6/09)
RE 882 — Page 2 of 2
RE 882 — Reverse
 original loan balance or
 unpaid balance
for the first _______ years will include a penalty not to exceed ______ months interest at the note interest rate but not more
than the interest you would be charged if the loan were paid to maturity.
 Other – you will have to pay a prepayment penalty if the loan is paid off or refinanced in the first _____ years
as follows:
____________________________________________________________________________________________________
____________________________________________________________________________________________________
e. Taxes and Insurance:
 There will be an impound (escrow) account which will collect approximately $_______ a month in addition to your
principal and interest payments for the payment of  county property taxes** hazard insurance  mortgage insurance
 flood insurance  other__________________.
 If there is no impound (escrow) account or if your escrow (impound) account does not include one or more of the payments
described above, you will have to plan for the payment of  county property taxes**  hazard insurance  mortgage
insurance  flood insurance  other__________________ of approximately $________ per year.
i
(if not escrowed)
n a purchase transaction, county property taxes are calculated based on the sales price of the property and may require
the payment of an additional (supplemental) tax bill from the county tax authority by your lender (if escrowed) or you
**
f. Late charges: yeS, see loan documents no
G. The purchase of credit life and/or credit disability insurance by a borrower is not required as a condition of making this loan.
III. deducTIonS from Loan ProceedS
a. estimated maximum costs and expenses of arranging the Loan to be Paid out of Loan Principal
PayaBLe To: Broker others
1. appraisal fee ___________________ ___________________
2. escrow fee ___________________ ___________________
3. Title insurance policy ___________________ ___________________
4. notary fees ___________________ ___________________
5. recording fees ___________________ ___________________
6. credit investigation fees ___________________ ___________________
7. other costs and expenses:
__________________________________________ ___________________ ___________________
__________________________________________ ___________________ ___________________
Total costs and expenses $ _________________
B. compensation
1. Broker commission/origination fee $ _________________
2. Lender origination fee/discounts $ _________________
c. estimated Payment to be made out of Loan Principal on authorization of Borrower
PayaBLe To: Broker others
1. fire or other hazard insurance premiums ___________________ ___________________
2. credit life or disability insurance premiums
(See Paragraph II-G) ___________________ ___________________
3. Beneficiary statement fees ___________________ ___________________
4. reconveyance and similar fees ___________________ ___________________
5. discharge of existing liens against property ___________________ ___________________
__________________________________________ ___________________ ___________________
__________________________________________ ___________________ ___________________
6. other:
__________________________________________ ___________________ ___________________
Total to be Paid on authorization of Borrower $ ___________________
Article 7 Compliance: If this loan is secured by a first deed of trust on dwellings in a principal amount of less than $30,000 or secured
by a junior lien on dwellings in a principal amount of less than $20,000, the undersigned licensee certifies that the loan will be made
in compliance with article 7 of chapter 3 of the real estate Law.
 This loan may/will/will not (delete two) be made wholly or in part from broker-controlled funds as defined in Section 10241(j) of
the Business and Professions code.
IV. Notices to Borrower:
1. This disclosure statement may be used if the broker is acting as an agent in arranging the loan by a third person or if the loan
will be made with funds owned or controlled by the broker. If the broker indicates in the article 7 compliance immediately
above, that the loan “may” be made out of broker-controlled funds, the broker must notify the borrower prior to the
close of escrow if the funds to be received by the borrower are in fact broker-controlled funds.
2. 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. Borrower hereby acknowledges the receipt of a copy of this
statement.
_______________________________________________ ________________________________________________
Name of Broker License # Broker’s Representative License #
_______________________________________________
Broker’s Address
_______________________________________________ ________________________________________________
Signature of Broker Date or Signature of Representative Date
_______________________________________________ ________________________________________________
Borrower Date Borrower Date
Department of Real Estate license information telephone number: 877-373-4542, or check license status at www.dre.ca.gov

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