When engaged in mortgage loan brokering, are there any special trust fund record keeping requirements?
A. – Yes. In addition to the trust fund record keeping requirements of the Business and Professions Code that apply to all real estate brokers, mortgage brokers must also maintain quarterly trust fund reconciliations of their trust account on special forms available from the Department. These forms are completed, maintained in the broker’s office, and made available upon request to a Department representative for review. The quarterly reconciliation forms are, Trust Fund Status Report ( RE 855)  and Trust Fund Bank Account Reconciliation (RE 856)  .
