Fillable Form Mortgage Loan Disclosure Statement (Traditional Calbre 882)

What is a Mortgage Loan Disclosure Statement?

A Mortgage Loan Disclosure Statement, or an MLDS-882 form, is a document provided to prospective borrowers that outlines the key terms, costs, and conditions of a mortgage loan. This disclosure is required by federal law to help borrowers understand the financial commitment involved in obtaining a mortgage and to ensure transparency from lenders. By reviewing the disclosure, borrowers gain a clear picture of their responsibilities, including interest rates, monthly payments, closing costs, and any other fees associated with the loan.

The Mortgage Loan Disclosure Statement works in tandem with a loan estimate. It provides critical details such as the property address and is often accompanied by related links to resources that further explain a borrower's options. Unlike the previous practice of issuing a good faith estimate, today's disclosures are streamlined to offer a comprehensive view of costs and responsibilities. It's essential for the parties involved, including brokers and other parties, to be transparent and accurate in their communication. Borrowers are encouraged to double check the information to ensure all terms are understood and that there are no discrepancies before proceeding with the loan agreement.

How do I fill out a Mortgage Loan Disclosure Statement?

A fillable Mortgage Loan Disclosure Statement Template can be found here.

Prepared By

Enter the name of the agent and/or broker that prepared this form, as well as their phone number and email address.

Borrower’s Name

Enter the name(s) of the borrower.

Real Property Collateral

Enter the real property collateral associated with this loan.

California Real Estate Broker

Enter the name of the CA Real Estate Broker that is acting as a mortgage broker for this loan disclosure statement.

Intended Lender To Whom Your Loan Application Will Be Delivered

Enter the name of the lender who you intend this application to be delivered to. If the name of the lender is unknown, mark the box provided instead.

Payments

For each of the below, enter the amount paid to others and the amount paid to the broker in the applicable lines when requested.

• Items payable in connection with loan
  • Mortgage broker commission/fee
  • Lender’s loan origination fee
  • Lender’s loan discount fee
  • Appraisal fee
  • Credit report
  • Lender’s inspection fee
  • Tax service fee
  • Processing fee
  • Underwriting fee
  • Wire transfer fee
• Items required by lender to be paid in advance
  • Interest per day
    • Enter the days and amount in the spaces provided
  • Hazard insurance premiums
  • County property taxes
  • Mortgage insurance premiums
  • VA funding fee/FHA MIP/PMI
  • Other (specify)
• Reserves deposited with lender
  • Hazard insurance
    • Enter the months and amount per month
  • Co. property taxes
    • Enter the months and amount per month
  • Mortgage insurance
    • Enter the months and amount per month
  • Other (specify)
• Title charges
  • Settlement or closing/escrow fee
  • Document preparation fee
  • Notary fee
  • Title insurance
  • Other (specify)
• Government recording and transfer charges
  • Recording fees
  • City/County Tax/Stamps
  • Other
• Additional settlement charges
  • Pest inspection
  • Credit life, and/or disability insurance
• Subtotals of initial fees, commissions, costs, and expenses
• Total of initial fees, commissions, costs and expenses
• Compensation to broker (not paid out of loan proceeds)
  • Yield spread premium, service release premium, or other rebate received from lender
  • Yield spread premium, service release premium, or other rebate credited to borrower
  • Total amount of compensation retained by broker

Additional Required California Disclosures

Enter the relevant amounts for each of the following.

• Proposed loan amount
• Initial commissions, fees, costs, and expenses summarized on page 1
• Down payment or loan payoffs/creditors (list)
  • Enter the names of each creditor associated with this loan
• Subtotal of all deductions

Then mark the relevant box to indicate if the estimated cash at closing is to you or an amount that you must pay, and enter the relevant amount.

General Information About Loan

Enter the following information and provide the necessary details for the loan.

• Proposed Interest Rate
  • Mark the box to indicate if the rate is fixed or an initial variable rate.
• Proposed Monthly Loan Payments
  • Total Number of Installments
  • Loan Term
    • Years
    • Months

Balloon Payment Information

Mark the box to indicate whether or not this loan is subject to a balloon payment, then enter the due date of the final balloon payment and how much is to be paid.

Prepayment Information

Mark the box to indicate if a prepayment penalty applies. If you mark “Yes”, enter the number of years that the prepayment penalty is in effect, and the maximum dollar amount of the penalty.

Then mark the relevant box to indicate if there is a prepayment penalty for paying in excess of 20% of the original or unpaid loan balance.

Taxes and Insurance

Mark the box to indicate if the account is an impound account or not. If you mark “yes”, mark yes or no to indicate if the impound account will include any of the following:

• County property taxes
• Mortgage insurance
• Hazard insurance
• Flood insurance
• Other (specify)

If you mark “no”, mark yes or no to indicate if the borrower must plan for payments of the following items

• County property taxes
• Mortgage insurance
• Hazard insurance
• Flood insurance
• Other (specify)

Other Liens

Enter the following information for each of the lienholders currently on this property that the borrower is obligated, as well as for each of the lienholders for liens that will remain or are anticipated to remain on this property after the proposed loan for which you are applying is made or arranged

• Lienholder’s Name
• Amount Owing
• Priority

Article 7 Compliance

Mark the relevant box from the following to indicate if the loan will be made wholly or in part from broker controlled funds as defined in section 10241(J) of the business and professions code.

• May
• Will
• Will Not

Stated Income

Mark yes or no to indicate whether or not this loan is based on limited or no documentation of your income and/or major assets.

Broker’s Information

Enter the following information about the broker.

• Name
• License ID Number
• NMLS ID Number
• Broker’s Representative’s Name
• License ID Number
• NMLS ID Number
• Broker’s Address
• Broker’s Signature
• Date
• OR Signature of Representative
• Date
• Borrower’s Signature(s)
• Date

Frequently Asked Questions (FAQs)

Who is required to provide a Mortgage Loan Disclosure Statement?

Lenders must provide this disclosure to prospective borrowers before finalizing a mortgage loan. It’s mandated by federal law to ensure transparency in the lending process.

When is the Mortgage Loan Disclosure Statement provided to borrowers?

Borrowers typically receive the statement early in the loan application process, usually within three business days of applying. This timing allows them to review and consider the loan terms.

What information does a Mortgage Loan Disclosure Statement include?

It includes details on interest rates, loan terms, monthly payments, and closing costs. It may also highlight fees for services like appraisals and title searches.

How does the Mortgage Loan Disclosure Statement benefit borrowers?

It allows borrowers to compare loan offers, understand costs, and avoid unexpected expenses. This transparency ensures borrowers fully grasp their financial obligations.

Can the terms in the Mortgage Loan Disclosure Statement change over time?

Yes, terms may change if the loan includes an adjustable interest rate. Borrowers are notified of possible adjustments and their timing in the statement.

Are all lenders required to use the same format for the Mortgage Loan Disclosure Statement?

Yes, federal regulations standardize the format to ensure consistency and clarity across lenders. This uniformity helps borrowers compare loans more easily.

What is the difference between a fixed rate and adjustable rate on this statement?

A fixed rate remains constant over the loan term, while an adjustable rate can change based on market conditions. The statement indicates which rate type applies.

Does the statement include closing costs?

Yes, it provides an estimate of closing costs, including fees for appraisals, inspections, and other services. This breakdown helps borrowers understand total loan expenses.

Is the Mortgage Loan Disclosure Statement legally binding?

No, it’s an informational document rather than a binding contract. However, it must accurately reflect the terms offered by the lender at the time.

How does the Mortgage Loan Disclosure Statement aid in loan comparison?

It allows borrowers to review key costs and terms side by side with other loan offers. This helps borrowers identify the most favorable loan options.

Are prepayment penalties disclosed on the statement?

Yes, if a loan includes a prepayment penalty, it must be disclosed. Borrowers are informed of any fees for paying off the loan early.

What does the statement say about monthly payments?

It outlines the projected monthly payment amount, including principal, interest, and often taxes and insurance. This gives borrowers a clear view of monthly obligations.

Does the Mortgage Loan Disclosure Statement include total loan costs over the loan term?

Yes, the statement provides an estimate of the total cost of the loan if held to term. This total helps borrowers gauge the long-term expense of the loan.

Are fees for optional services included in the disclosure?

Only mandatory fees are typically listed, but optional services may be mentioned if they’re commonly associated with the loan. Borrowers can opt out of non-required fees.

Does the disclosure cover mortgage insurance requirements?

Yes, if mortgage insurance is required, the statement will include this cost. It’s essential for borrowers to factor this into their monthly payment.

Is the Mortgage Loan Disclosure Statement accessible on an iOS device?

Yes, most lenders provide digital versions of the Mortgage Loan Disclosure Statement, which can be accessed and reviewed on an iOS device. This digital availability ensures borrowers can conveniently track and reference the document throughout the loan process.