12 CCR s 302.1

Cal. Admin. Code tit. 12, s 302.1

CALIFORNIA CODE OF REGULATIONS
TITLE 12. MILITARY AND VETERANS AFFAIRS
DIVISION 2. DEPARTMENT OF VETERANS' AFFAIRS
CHAPTER 2. VETERANS' FARM AND HOME PURCHASES
SUBCHAPTER 1. ELIGIBILITY AND QUALIFICATIONS
This database is current through 12/22/06, Register 2006, No. 51.
s 302.1. Use of Mortgage Brokers.

(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
Department 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 Department 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 Department 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 Cal-Vet training. The
Department will provide standardized training to Mortgage Brokers and
their loan officers as resources permit on Cal-Vet loan processing and
eligibility, which shall include, a training manual, and issuing a
certificate verifying completion of training. This may be through
Department staff or through a private vendor selected by the Department.
Attendance is by pre-registration, and there may be a cost to cover
materials and instruction.

(d) Use of Mortgage Brokers on USDVA guaranteed loans is subject to USDVA
requirements since the Department 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27-2001 or emergency language will be repealed by operation of law on the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).

12 CCR s 302.1, 12 CA ADC s 302.1
1CAC

12 CA ADC s 302.1

END OF DOCUMENT