- (a) Mortgage Brokers may represent the applicant during the loan process, and have access to any status information available through the Internet, over the telephone, or in person on behalf of the applicant and upon verification of authorization by the applicant via receipt by the Home Loan Division of the “Designation of Agent and General Release” form (Form A-3 Rev. 10/00), or other agreements signed by the Agent and buyer, such as the Purchase Agreement, that authorizes the agent to act on the buyer's behalf.
- (b) The Home Loan Division shall post all program changes that affect loan processing on its Website for easy access by real estate professionals to keep them informed.
- (c) The Home Loan Division will certify individual mortgage broker companies who sign and complete a Mortgage Broker Agreement, complete three completed loans within 24 months, and send loan officers to CalVet training. The Department will provide standardized training to Mortgage Brokers and their loan officers as resources permit on CalVet loan processing and eligibility, which shall include, a training manual, and issuing a certificate verifying completion of training. This may be through Home Loan Division staff or through a private vendor selected by the Home Loan Division. Attendance is by pre-registration, and there may be a cost to cover materials and instruction.
- (d) Use of Mortgage Brokers on United States Department of Veterans Affairs (USDVA) guaranteed loans is subject to USDVA requirements since the CalVet is a USDVA guaranteed lender.
- (e) A loan origination fee to be paid through escrow by the buyer or seller of up to 1% of the loan amount may be charged and paid to any Mortgage Broker assisting the applicant and pursuant to the requirements as stated in this section.
Note: Authority cited: Section 700, Military and Veterans Code. Reference: Section 987.59, Military and Veterans Code.
History
1. New section filed 10-30-2000 as an emergency; operative 10-30-2000 (Register 2000, No. 44). A Certificate of Compliance must be transmitted to OAL by 2-27-2001 or emergency language will be repealed by operation of law on the following day.
2. Certificate of Compliance as to 10-30-2000 order, including further amendment of subsections (c)-(e), transmitted to OAL 2-23-2001 and filed 4-6-2001 (Register 2001, No. 14).
3. Amendment filed 3-24-2026; operative 7-1-2026 (Register 2026, No. 13).