(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.
(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.