Sections
30 entriesSection 2947Allows any transferable interest in real property to be mortgaged. If an interest in real property is capable of being transferred, that…Section 2948Allows a real-property mortgage to use substantially the statutory form identifying the mortgagor, mortgagee, property, secured dollar amount or other obligation, payment…Section 2948.5Prohibits charging a borrower on a one-to-four-unit residential real-property loan interest for over one day before loan proceeds are disbursed under applicable…Section 2949Prohibits declaring a mortgage or deed of trust on a single-family owner-occupied dwelling in default, or accelerating the secured debt, solely because…Section 2950Requires a duly executed and acknowledged defeasance instrument to be recorded in the county where the property is located when an apparently…Section 2951Requires conventional home mortgage loans originated on or after January 1, 2027, secured by owner-occupied residential property of four or fewer units…Section 2952Allows real-property mortgages and deeds of trust to be acknowledged, proved, certified, and recorded like grants, and permits recorded fictitious instruments to…Section 2953Prohibits a borrower, when making or renewing a real-property-secured loan, from validly agreeing to waive specified foreclosure and deficiency-related rights; any such…Section 2953.1Defines “real property security instrument” to include a mortgage, trust deed, or land contract in or on real property. Defines a “subordination…Section 2953.2Requires every real-property security instrument containing or attaching a subordination clause to display a prominent “Subordinated” legend and an immediate warning that…Section 2953.3Requires every subordination agreement to display “Subordination Agreement” at the top in specified prominent type and immediately provide a notice that the…Section 2953.4Allows a security-interest holder or successor to void a noncompliant subordination clause or agreement within two years after the subordinated instrument is…Section 2953.5Exempts a subordination clause or subordination agreement from the specified statutory restrictions when it expressly states that the subordinating loan will exceed…Section 2954Limits required impound accounts for single-family dwellings occupied by a signatory within 90 days, except regulatory/government loans, two unpaid tax installments, 90%/80%…Section 2954.1Prohibits lenders, purchasers of real-property obligations, and their agents maintaining impound or similar accounts from requiring excessive deposits or balances or making…Section 2954.2Requires a mortgagee on specified one-to-four-family purchase-money or refinance mortgages to give the mortgagor, within 60 days after each calendar year, a…Section 2954.4Limits late charges on owner-occupied mortgage installments to the greater of 6 percent of principal and interest or $5 and bars duplicate…Section 2954.5Requires a real-property lender, before the first delinquency charge, to give written notice allowing at least 10 days to cure or billing…Section 2954.6Requires a lender, when private mortgage or mortgage-guaranty insurance is required on a covered real-property loan, to notify the borrower of cancellation…Section 2954.65Requires a private mortgage insurer or mortgage guaranty insurer, when a policy is cancellable, to refund the unused portion of the premium…Section 2954.7Allows a borrower to terminate future private mortgage-insurance payments by written request when the loan is at least two years old, owner-occupied…Section 2954.8Requires covered institutions holding advance tax, assessment, insurance, or related funds for California one-to-four-family residential loans to pay at least 2 percent…Section 2954.85Requires financial institutions holding hazard-insurance proceeds in loss-draft accounts for rebuilding or repairing California one-to-four-family residential property to pay at least 2…Section 2954.9Allows borrowers on residential loans of four or fewer units to prepay, subject to written charge agreements and a seller-carryback exception. For…Section 2954.10Prohibits an obligee that accelerates a real-property-secured loan because of a transfer from charging a prepayment fee or penalty. Exempts nonresidential loans…Section 2954.11Allows loan prepayment and limits charges to the first five years: 20 percent of original principal per 12 months is charge-free, and…Section 2954.12Prohibits future private mortgage-insurance charges when an owner-occupied one-to-four-unit loan is ≤75% of the lesser purchase price/appraisal, current, made on or after…Section 2955Requires California real-property impound funds held by mortgagees, deed-of-trust beneficiaries, or vendors to remain and, if invested, be invested in California. Allows…Section 2955.1Requires a lender making a condominium-interest loan subject to an institutional purchaser’s earthquake-insurance, fee, or substitute condition to disclose that requirement, that…Section 2955.5Prohibits a real-property lender from requiring hazard insurance above the replacement value of improvements and requires written disclosure of that limit before…