In the realm of real estate and mortgage loan brokerage, the State of California's Department of Real Estate mandates rigorous annual reporting to ensure transparency and regulatory compliance. Central to this is the RE 881 form, a comprehensive report that serves as a crucial tool for brokers operating within the state. The form meticulously captures the scope of a broker's mortgage loan and trust deed transactions over a specified period, revealing details that span from the number and aggregate principal amount of loans originated both as agent and principal, to more nuanced aspects such as loans to refinance, balloon payments, and interest-only loans. It also extends to cover the sales of notes and real property sales contracts, alongside servicing details for notes and contracts within the reporting timeframe. Moreover, it doesn't stop at just presenting raw data; the form requires an in-depth breakdown of costs and expenses paid by borrowers during loan origination, offering a lens into the financial mechanics underpinning these deals. This exhaustive reporting mechanism, last revised in October 2007, underscores the state's commitment to safeguarding the interests of all parties involved in real estate transactions, promoting a culture of accountability and precision among brokers.
Question | Answer |
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Form Name | Form Re 881 |
Form Length | 5 pages |
Fillable? | No |
Fillable fields | 0 |
Avg. time to fill out | 1 min 15 sec |
Other names | VII, Fractionalized, Serviceds, licensee |
STATE OF CALIFORNIA
DEPARTMENT OF REAL ESTATE
Serving Californians Since 1917
MORTGAGE LOAN/TRUST DEED |
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ANNUAL REPORT |
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RE 881 (Rev. 10/07) |
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NAME OF REPORTING BROKER (CORPORATION OR INDIVIDUAL) |
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PRINCIPAL BUSINESS ADDRESS |
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This report covers mortgage loan brokerage and trust deed and |
FROM (MONTH, DAY, YEAR) |
TO (MONTH, DAY, YEAR) |
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real property sales contract transactions for the period: |
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During the reporting period, mortgage loan/trust deed business activities were conducted by the reporting broker and his afiliates at the following address(es) in addition to the principal business above:
Report Data
I.LOANS ORIGINATED AS AGENT [B&P Code §10131(d)]
TOTAL LOANS
Number ............................................................................................................
Aggregate Principal Amount............................................................................
Total Commissions Received from All Loans Originated as Agent ................
A. MULTIPLE LENDER LOANS (Fractionalized)k
1)Total Number of Loans......................................................................
2)Aggregate Principal Amount.............................................................
3)Aggregate Number of Investors ........................................................
Article 7 Loans j |
Other Loans |
_______________ |
_______________ |
$______________ |
$______________ |
$______________ |
$______________ |
_______________ |
_______________ |
$______________ |
$______________ |
_______________ |
_______________ |
B.LOANS TO REFINANCEl LOANS PREVIOUSLY NEGOTIATED BY REPORTING BROKER OR AFFILIATEm
1)Number..............................................................................................
2)Aggregate Principal Amount.............................................................
C.BALLOON PAYMENT AND
1)Number..............................................................................................
2)Aggregate Principal Amount (at maturity)........................................
D.LOANS COVERED UNDER FINANCIAL CODE SECTION 497011
1)Number..............................................................................................
2)Aggregate Principal Amount ............................................................
_______________ |
_______________ |
$______________ |
$______________ |
_____________ |
_______________ |
$______________ |
$______________ |
_______________ |
_______________ |
$______________ |
$______________ |
See page 5 for explanation of footnotes.
RE 881 |
Page 2 of 5 |
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BROKER'S NAME |
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Article 7 Loansj |
Other Loans |
II.LOANS ORIGINATED AS PRINCIPAL (FUNDED BY BROKER) FOR RESALE [B&P Code §10131.1]
TOTAL LOANS
Number ............................................................................................................
Aggregate Principal Amount |
$ |
$ |
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Loan Origination Fees (Points) of all Loans Originated as Principal Funded |
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$______________ |
$______________ |
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for Resale |
A.LOANS TO REFINANCE LOANSl PREVIOUSLY NEGOTIATED BY REPORTING BROKER OR AFFILIATEm
1) |
Number |
_______________ |
_______________ |
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2) |
Aggregate Principal Amount |
$______________ |
$______________ |
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B. BALLOON PAYMENT AND |
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1) |
Number |
_______________ |
_______________ |
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2) |
Aggregate Principal Amount (at maturity) |
$______________ |
$______________ |
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C. PRINCIPAL (Broker Funded) LOANS RESOLD |
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1) |
Single Purchaser: |
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a) |
Number |
_______________ |
_______________ |
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b) |
Aggregate Selling Price |
$______________ |
$______________ |
2) |
Multiple Purchasers (Fractionalized)k: |
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a) |
Number |
_______________ |
_______________ |
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b) |
Aggregate Selling Price |
$______________ |
$______________ |
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c) Aggregate Number of Purchasers |
______________ |
______________ |
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11 |
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D. LOANS COVERED UNDER FINANCIAL CODE SECTION 4970 |
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1) |
Number |
$______________ |
$______________ |
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2) |
Aggregate Principal Amount |
$______________ |
$______________ |
III.COSTS AND EXPENSES PAID BY BORROWERS IN LOAN ORIGINATIONSn
Total |
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$ |
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Retained by Broker or Afiliate for Services |
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$ |
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See page 5 for explanation of footnotes. |
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RE 881 |
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Page 3 of 5 |
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BROKER'S NAME |
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IV. LOANS FOR BROKER’S USE OR BENEFITo [B&P Code §10231.2] |
All Loans/Sales |
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A. |
Total Number |
_______________ |
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B. Number of Fractionalized Loans |
_______________ |
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C. |
Aggregate Amount Borrowed |
$______________ |
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V. |
SALES OF NOTES AS AGENT [B&P Code §10131(e)] |
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TOTAL LOANS |
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A. |
Number |
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_______________ |
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B. |
Aggregate Selling Price |
$______________ |
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C. |
Commissions Received |
$______________ |
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D. |
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1) |
Number of Loans |
_______________ |
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2) |
Aggregate number of Lenders/Investors |
_______________ |
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3) |
Aggregate Selling Price |
$______________ |
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4) |
Commissions Received |
$______________ |
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VI. RESALES AS PRINCIPAL OF NOTES PURCHASED BY BROKER |
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[B&P Code §10131.1] |
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TOTAL LOANS |
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A. |
Number |
_______________ |
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B. |
Aggregate Purchase Price |
$______________ |
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C. |
Aggregate Resale Price |
$______________ |
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D. |
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1) |
Number of Loans |
_______________ |
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2) Aggregate number of Investors |
_______________ |
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3) |
Aggregate Selling Price |
$______________ |
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4) |
Commissions Received |
$______________ |
VII. SALES OF REAL PROPERTY SALES (RPS) CONTRACTSp AS |
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AGENT OR PRINCIPAL [B&P Code §10131(e) and 10131.1] |
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A. |
Number |
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_______________ |
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..................................................................................................... |
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B. |
Aggregate Selling Price |
$______________ |
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See page 5 for explanation of footnotes.
RE 881 |
Page 4 of 5 |
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BROKER'S NAME |
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VIII. NOTE AND RPS CONTRACT SERVICING
A.Total Number of Notes and/or Contracts Serviced During Reporting Period........................................................................................................
B.Number of Fractionalized Notes Serviceds...........................................
C.Total Dollar Amount of Payments Collected from Borrowers During the Reporting Period including Payoffsq ..............................................
D.Total Dollar Amount of Payments Collected from Borrowers on Frac- tionalized Notes During the Reporting Period including Payoffss........
E.Total Dollar Amount of Loans Servicedr .............................................
F.Total Dollar Amount of Fractionalized Loans Servicedrs..................
G.Total Late Charges Received During the Reporting Period .....................
H.Total Late Charges Retained by Broker ...................................................
I.Number of Loans Prepaid.........................................................................
J.Total Amount of Prepayment Penalties Paid by Borrowers .....................
K.Total Amount of Prepayment Penalties Retained by Broker....................
L.Total Other Broker Charges for Servicing................................................
M.Number of Notices of Default Filed.........................................................
N.Number of Trustee's Sales, Judicial Sales or Deeds in Lieu of Foreclosure Recorded...............................................................................
_______________
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$______________
$______________
$______________
$______________
$______________
$______________
_______________
$______________
$______________
$______________
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Certiication
To the best of my knowledge and belief the information contained in this report is true and correct.
SIGNATURE OF BROKER OR DESIGNATED LICENSED OFFICER
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PRINTED NAME OF BROKER OR DESIGNATED LICENSED OFFICER (REPORTING BROKER)
DATE
LICENSE NUMBER
NAME OF CORPORATION
BUSINESS TELEPHONE NUMBER
vIf reporting broker is an individual licensee, he/she must sign this report. If reporting broker is a corporate licensee, the corpora- tion’s designated licensed oficer must sign this report.
See page 5 for explanation of footnotes.
RE 881 |
Page 5 of 5 |
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BROKER'S NAME |
Footnotes |
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jARTICLE 7 LOANS — Loans of less than $30,000 secured by irst deeds of trust on dwellings and loans of less than $20,000 secured by junior deeds of trust on dwellings.
kMULTIPLE LENDER LOANS (FRACTIONALIZED) — One funded
through the issuance of a series of notes of equal priority secured by the same real property or the sales of undivided interests in a single note secured by the same real property, to two or more persons not otherwise associated.
lLOANS TO REFINANCE — A loan funded within 90 days of the maturity date of an existing obligation of the borrower in which 75 percent or more of the proceeds made available to the bor- rower are applied to pay off the existing obligation.
mAFFILIATE — Any entity in which an individual reporting bro- ker or an oficer, director or shareholder of a corporate report- ing broker has more than a nominal inancial interest or from whom the reporting broker receives any form of compensation for the referral of business in connection with the reporting broker’s mortgage loan activities. Should the afiliate meet the criteria of Section 10232, a separate report must be compiled and submitted for each entity.
nCOSTS & EXPENSES — For services enumerated in Section 10241(a) (appraisal fees, escrow fees, title charges, notary fees, recording fees, credit investigation fees) and any other charge made to the borrower and retained by the broker, an afiliate or subsidiary.
sFractionalized
11 Refer to Financial Code Section 4970(a) through (e) for the deinition of a covered loan.
See page 5 for explanation of footnotes.