SAFE ACT – Frequently Asked Questions

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in Real Estate

(Source: California Department of Real Estate) - Which New Reports Must I Submit? RE 866 This notification to the DRE must be submitted if you are using your DRE license to perform residential mortgage loan activities for properties of 1-4 units. It must be submitted within 30 days of commencing residential mortgage loan activity and must accurately reflect the types of activities you are conducting. It must be submitted separately by each and every licensed real estate corporation, real estate broker and salesperson that performs residential mortgage loan activity.The form is available for online completion at the Department’s website: www.dre.ca.gov. See the MLO tab near the top of page. Financial Statement California DRE does NOT require this NMLS report; therefore, DRE licensees do not need to submit financial statements. Mortgage Call Report This report will be completed online on the NMLS website. It will be submitted by every MLO company, that is, every MLO-licensed real estate broker who has an approved MU1 filing and every MLO-licensed real estate corporation. It will be submitted every quarter after an approved NMLS license endorsement has been obtained. This report will be available on the NMLS website beginning in early May 2011.

Revised 03/2011

Department of Real Estate

SAFE ACT – Frequently Asked Questions

Which New Reports Must I Submit?

Financial Condition Report This is part of the Mortgage Call Report. It will be submitted on NMLS website. It will be submitted by every MLO company, that is, every MLO-licensed real estate broker who has an approved MU1 filing and every MLO-licensed real estate corporation. If the MLO company is approved with Fannie Mae, Freddie Mac or Ginnie Mae, the report is submitted quarterly. If the MLO company is NOT approved with Fannie Mae, Freddie Mac or Ginnie Mae, the report is submitted annually. Business Activity Report This is an annual report of activity to be submitted to directly to the DRE. It will be available beginning January 1, 2012 for submission on the DRE website. DRE-licensed brokers and corporations who perform residential mortgage loan activity as described in B&P Code Section 10166.07 will submit the report. The report will be due within 90 days of the end of the fiscal year, and the report will be ready to submit online beginning January 1, 2012. Beginning January 1, 2012 the report will also be submitted online by Threshold and Multi-Lender brokers who are required to report the business activities described in B&P code Section 10232.2 (c).

Source: California Department of Real Estate

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