Which is better for first-time homebuyers reliant on mortgage insurance: MIP or PMI?
MIP, PMI or neither?
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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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Los Angeles housing indicators
View these Los Angeles regional charts for details on current activity and forecasts for its housing market.
Foreclosed out homeowners not to be contacted for 90 days regarding surplus funds
An owner entitled to surplus funds remaining from the foreclosure sale of their residence are chased by individuals attempting to make claim on the surplus funds. Now these surplus fund chasers are barred from contacting the owners for 90 days after the trustee’s deed is recorded to better protect California homeowners in a vulnerable position.
Form-of-the-Week: Mortgage Broker Representation Agreement, and Disclosure of Mortgage Loan Originator Fees — Forms 104 and 119-1
A broker and their agent use RPI Form 104 to arrange a mortgage with a buyer or owner of real estate or a holder of a trust deed note and RPI Form 119-1 to disclose to all parties the receipt of a mortgage-related fee in addition to a sales fee on the transaction.
SoCal commercial vacancy rates continue to rise in Q1 2024
Southern California’s commercial market softened even further in the first quarter of 2024.
Negative equity and foreclosure
When does strategic default make sense for a negative equity homeowner?
The Statewide Housing Plan (SHP) focuses on first-time homebuyers and homeownership disparities
Calif. Health and Safety Code §50426
Amended to add subsection (c) by AB 1508
Effective date: January 1, 2024
SoCal commercial vacancy rates continue to rise in Q4 2023
Southern California’s commercial market softened even further in the fourth quarter of 2023.
Form-of-the-Week: Purchase Agreement for Note and Trust Deed, and Agreement to Hypothecate — Forms 241 and 242
A trust deed 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, and when arranging a loan made by a trust deed investor collateralized by an existing trust deed note held by the borrower to prepare an offer by the investor for the borrower’s acceptance stating the terms and conditions for making the collateralized loan.
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.
06/25: The 2025 rules for buyer representation and fee-splitting avoidance are currently being edited into this e-book.