(1) If the following is the case, a lender and broker shall notify in writing a person from whom the lender or broker receives or for whom the lender or broker prepares a written application for a mortgage loan that: (a) the mortgage loan applied for may be sold or assigned; (b) the servicing of the loan may be sold or assigned; and (c) the mortgage loan will not necessarily be held or serviced by the lender that originates the mortgage loan.
(a) the mortgage loan applied for may be sold or assigned;
(b) the servicing of the loan may be sold or assigned; and
(c) the mortgage loan will not necessarily be held or serviced by the lender that originates the mortgage loan.
(2) A lender and broker shall provide a written notice required by this section at the time of receipt or preparation of the written application for a mortgage loan.
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