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Mortgage Loan Disclosure Statement
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rothfield

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PostPosted: Thu Apr 05, 2007 3:26 pm    Post subject: Mortgage Loan Disclosure Statement
is it necesssary to use a Mortgage Loan Disclosure Statement in CA?
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Mary Robinette

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PostPosted: Thu Apr 05, 2007 3:37 pm    Post subject:
Rothfield,

In California as per state laws ( Business and Professions Code Section 10240(c) ) it is necessary to use the Mortgage Loan Disclosure Statement (MLDS).

A Good Faith Estimate cannot be used as a substitute for this Mortgage Loan Disclosure Statement. In case it is necessary to use a GFE for the loan transaction, California Department of Real Estate has a Mortgage Loan Disclosure Statement/Good Faith Estimate (MLDS/GFE).

This MLDS/GFE meets all state disclosure requirements as well as federal Good Faith Estimate requirements.
 
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bartlett

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PostPosted: Thu Apr 05, 2007 3:57 pm    Post subject:
The federal GFE is a one page statement while the MLDS is a 2 page statement and has been divided into 3 main sections; which are, Summary of Loan Terms, General Information about Loan and Deductions from Loan Proceeds.
 
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