Mortgage Loan Disclosure Statement (Continued).....
The required statement , known as the Mortgage Loan Disclosure Statement (MLDS) , must be in a exact form approved by the Real Estate Commisioner. The MLDS needs to disclose expected maximum costs and expenses of making the loan which are to be paid by the borrower , including fees for appraisal, escrow, credit report, title insurance, recording, and notary services. In addition, the total amount of real estate commissions to be received by the broker for services performed in arranging the loan must be disclosed. These fees include: points, loan origination fees, bonuses, rebates, premiums, discounts as well as other charges received by the real estate broker in lieu of interest in transactions where the broker acts as the lender.
THe MLDS must be signed by the borrower and the agent negotiating the loan. The broker negotiating the loan must keep a signed copy if the statement on file for THREE years.
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