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California Mortgage Lending
Learn the core concepts of consumer and business mortgage lending and brokering.
Stay current on the latest news, videos, forms, and updates for California Mortgage Lending.
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Form-of-the-Week: Trust Deed Listing, and Purchase Agreement for Note and Trust Deed — Forms 112 and 241
A trust deed broker uses these forms when employed by the holder of a trust deed note, to act as their exclusive agent to locate an investor and negotiate the terms for the sale of the note, and a loan broker uses these forms when arranging the purchase by a trust deed investor of an existing trust deed note held out for sale, to prepare an offer stating the price and conditions for purchase of the trust deed note.
Sales volume trends, from a weak year; Monthly Statistical Update (December 2023)
Sales volume after 2023’s puny seasonal bounce; Sales volume is weakening, but a recovery lurks; MLS inventory flatlines, buyers and sellers wait
A consumer mortgage becomes a Section 32
A consumer-purpose mortgage origination secured by the borrower’s primary residence earns a Section 32 designation based on a three-step set of APR tests.
Mortgage industry sees more originations in 2024, despite also anticipating a recession
The MBA’s crystal ball shows more mortgage originations in 2024 – but also a recession.
California home sales volume
Home sales volume continues to fall back in 2023.
May a buyer who acquires property subject to an existing mortgage which is in default reinstate the mortgage to cure the default when the lender has not called the mortgage due, refuses to accept reinstatement and starts foreclosure?
Shetty v. HSBC Bank USA, N.A.
As mortgage rates rise, so must property prices retreat; Monthly Statistical Update (November 2023)
https://vimeo.com/880610858 The Monthly Statistical Update (MSU) keeps agents and brokers current on the market trends affecting California real estate transactions. This month, we’re covering: ARM rates, which remain useless to buyers seeking to increase their...
California tiered home pricing
Home prices are at the tail end of a brief seasonal uptick across California’s metropolitan areas.
Errata & Updates
- Chapter 3: The Agency Law Disclosure. The updated statutory Agency Law Disclosure and confirmation provision went into effect the beginning of 2019. Both the content of the form and when it is to be used have been modified. Further, prior printings indicate the Agency Law Disclosure is not required on a lease with a term exceeding one year. However, lease transactions greater than one year are targeted transactions requiring the disclosure. For a thorough analysis of the new disclosure and confirmation practices, see the digital eBook version of the book.
- Chapter 72: Home mortgage interest deductions. The definition for principal residence on page 472 is partially obscured. It should read “The residential property where the homeowner resides a majority of the year.”
- Quiz 3 Question 3 has been simplified to read:
California anti-discrimination law is enforced by:
a. the Department of Business Oversight (DBO).
b. the Department of Fair Employment and Housing.
c. the Department of Housing and Urban Development (HUD).
d. Fannie Mae.