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Ch 11 processing real estate loans
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Ch 11 processing real estate loans

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Transcript

  • 1. Processing Real Estate LoansChapter 111
  • 2. Qualifying the Title• Notices—constructive notice and actual notice• Abstracts and opinion of title• Title insurance• Title faults• Surveys2
  • 3. Disclosures in California Real Estate Transactions• Real estate transfer disclosures• Delivery of a pest control inspection report• Disclosure of geological hazards• Disclosure of hazardous waste deposits• Thermal insulation disclosure3
  • 4. Disclosures in California Real Estate Transactions, cont.• Special flood area disclosure• Special city and country ordinances• Foreign investment real estate tax• Condominium documents disclosure• Disclosure for real property loans 4
  • 5. Costs of Securing a Loan• RESPA requires good-faith estimate• Points• Placement or origination fee• Impound funds (escrow accounts)• Property taxes• Hazard insurance• Title insurance• Mortgage insurance• Assessment liens• Interest adjustments• Prepayment penalties5
  • 6. Additional Costs• Prorations• Interest• Property taxes• Insurance premiums• Additional prorations6
  • 7. Additional Processing Concerns• Closing statements• Servicing the loan• Assignment of the loan7