Multi Lender Transaction Notice (RE 860), Rev 10/16 RE 860 Re860
User Manual: RE-860
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State of California
Bureau of Real Estate
Multi-Lender Transaction Notice
RE 860 (Rev.
General Information
This notice is filed pursuant to Section 10238 of the Business
and Professions Code.
Mail this completed notice to:
Bureau of Real Estate
Mortgage Loan Activities
P.O. Box 137015
Sacramento, CA 95813-7015
An amended notice must be filed by the broker
within 30 days of any material change in the
information required to be set forth herein.
Multi-Lender Transaction Notice
Check One
Original Notice
Amended Notice
1. Name of broker conducting transaction under bpc Section 10237
2. Broker License ID#
3. Month Fiscal Year Ends
4. Broker’s Telephone Number
5. Firm name (if different from 1)
6.
address of main location (Street, City, State, zip code )
7. Mailing address (street, city, state, zip code)
8. Servicing Agent — Identify by name, address, and telephone number the person or entity who will act as the servicing agent in transactions pursuant
to bpc Section 10238 (including the undersigned broker if that is the case)
9. Total number of multi-lender notes arranged
10. Total Number of interests sold to investors on the multilender’s notes
11. Inspection of Trust Account — Before answering this question, review the provisions of paragraph (3) of subdivision (k) of BPC Section 10238. (See Page 2)
Check only one of the following:
The undersigned broker is (or expects to be) required to file reports of inspection of its trust account(s) with the Real Estate Commissioner
pursuant to paragraph (3) of subdivision (k) of Section 10238.
•
Amount of multi-lender payments collected in the last fiscal quarter:________________________
•
Total number of investors due payments last fiscal quarter: ________________________
The undersigned broker is NOT (or does NOT expect to be) required to file reports of inspection of its trust account(s) with the Real Estate
Commissioner pursuant to paragraph (3) of subdivision (k) of Section 10238.
Multi-Lender Transaction Notice
Signature
»
Date
printed Name of person signing this notice
Signature of Broker or Designated Officer of Corporation
»
printed Name of broker or designated officer of corporation
date
Page 2 of 2
RE 860
Section 10238(k) of the Business and Professions Code
(k) The notes or interests shall be sold subject to a written
agreement that obligates a licensed real estate broker, or a
person exempted from the licensing requirement for real estate
brokers under this chapter, to act as agent for the purchasers or
lenders to service the note or notes and deed of trust, including
the receipt and transmission of payments and the institution
of foreclosure proceedings in the event of a default. A copy of
this servicing agreement shall be delivered to each purchaser.
The broker shall offer to the lenders or purchasers the services
of the broker or one or more affiliates of the broker, or both,
as servicing agent for each transaction conducted pursuant to
this article. The agreement shall require all of the following:
(1)(A) That payments received on the note or notes be
deposited immediately to a trust account maintained
in accordance with this section and with the
provisions for trust accounts of licensed real estate
brokers contained in Section 10145 and Article 15
(commencing with Section 2830.1) of Chapter 6 of
Title 10 of the California Code of Regulations.
That payments deposited pursuant to
(B)
subparagraph (A) shall not be commingled with the
assets of the servicing agent or used for any transaction
other than the transaction for which the funds are
received.
(2)That payments received on the note or notes shall
be transmitted to the purchasers or lenders pro rata
according to their respective interests within 25 days
after receipt thereof by the agent. If the source for the
payment is not the maker of the note, the agent shall
inform the purchasers or lenders of the source for
payment. A broker or servicing agent who transmits to
the purchaser or lenders the broker’s or servicing agent’s
own funds to cover payments due from the borrower but
unpaid as a result of a dishonored check may recover
the amount of the advances from the trust fund when the
past due payment is received. However, this article does
not authorize the broker, servicing agent, or any other
person to issue, or to engage in any practice constituting,
any guarantee or to engage in the practice of advancing
payments on behalf of the borrower.
(3) If the broker or person who is or becomes the servicing
agent for notes or interests sold pursuant to this article
upon which the payments due during any period of three
consecutive months in the aggregate exceed one hundred
twenty-five thousand dollars ($125,000) or the number
of persons entitled to the payments exceeds 120, the trust
account or accounts of that broker or affiliate shall be
inspected by an independent certified public accountant
at no less than three-month intervals during the time the
volume is maintained. Within 30 days after the close of
the period for which the review is made, the report of the
accountant shall be forwarded as provided in paragraph
(6) of subdivision (j). If the broker is required to file an
annual report pursuant to subdivision (o) or pursuant
to Section 10232.2, the quarterly report pursuant to
this subdivision need not be filed for the last quarter of
the year for which the annual report is made. For the
purposes of this subdivision, an affiliate of a broker is
any person controlled by, controlling, or under common
control with the broker.
(4)Unless the servicing agent will receive notice pursuant
to Section 2924b of the Civil Code, the servicing agent
shall file a request for notice of default upon any prior
encumbrances and promptly notify the purchasers or
lenders of any default on the prior encumbrances or on
the note or notes subject to the servicing agreement.
(5)The servicing agent shall promptly forward copies of
the following to each purchaser or lender:
(A) Any notice of trustee sale filed on behalf of the
purchasers or lenders.
(B) Any request for reconveyance of the deed of trust
received on behalf of the purchasers or lenders.
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