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# Do-it-yourself refinancing
- URL: https://www.smdp.com/do-it-yourself-refinancing/
- Published: 2006-08-09T15:00:00.000Z
- Updated: 2026-10-25T00:34:35.000Z
- Author: Guest Author
- Tags: Opinion, Santa Monica, #archive-import

*By MICHAEL CHULAK*

QUESTION: I intend to refinance my home in the near future and have not yet decided whether to go directly to a lender or to a mortgage broker. What are the legal requirements to be a mortgage broker?

ANSWER: A mortgage broker must simply be licensed as a real estate broker by the California Department of Real Estate. There are no other legal qualifications or requirements.

QUESTION: I often see ads by mortgage brokers that indicate “no income verification — no tax returns.” I never see this type of loan offered by direct lenders. Can mortgage brokers legally originate loans that direct lenders are unable to originate?

ANSWER: No. Direct lenders can originate any type of loan that mortgage brokers can originate.

QUESTION: Our homeowner’s association hired an attorney more than two years ago to represent us in a construction defect claim against the developer. Our association members have advanced more than $90,000 for costs and we are not even close to settlement. We have been informed that the association members will be required to advance an additional $30,000 to $45,000 for costs very soon. We are not satisfied with our attorney and cannot afford to keep advancing costs. Can we change attorneys at this stage?

ANSWER: Yes. Under California law, a client may always change attorneys. If you decide to make a change, you should be aware that many knowledgeable, experienced construction defect law firms will advance all of the costs on behalf of the association. (Michael T. Chulak is the founder of Michael T. Chulak & Associates, a Law Corporation, based in Agoura Hills. Questions can be sent by e-mail to Answers are general in nature. An attorney should always be consulted when legal advice is needed. For more information visit www.MTCLaw.com and www.HOAQandA.com.)

*Originally published in the Santa Monica Daily Press print edition on August 9, 2006.* [Read the original PDF.](https://s3.us-east-1.amazonaws.com/smdp%5Fbackissues/080906.pdf?ref=smdp.com)