Mortgage Loan Originators
- 07/17/2013 - The California Foreclosure Reduction Act (“Act”) became effective January 1, 2013, significantly changing the landscape of the non-judicial foreclosure process in California. The Act applies to all mortgage servicers that conduct foreclosures in this state. However, many provisions in the Act apply to mortgage servicers that have foreclosed on more than 175 homes during the preceding calendar year. Click here for a summary of the Act and a list of such mortgage servicers previously licensed by the former Department of Corporations, now licensed by the Department of Business Oversight. At this time, no state-licensed bank or credit union previously licensed by the former Department of Financial Institutions, now licensed by the Department of Business Oversight, has more than 175 foreclosures in the preceding calendar year.
- 11/30/12 - The Commissioner of Corporations has issued Release 64-FS to provide information to mortgage loan originators (MLOs) who are employed by bona fide nonprofit organizations, and who may be exempt from licensure requirements under Financial Code Section 22013(b) of the California Finance Lenders Law and Financial Code Section 50003.5(b) of the California Residential Mortgage Lending Act, as amended by AB 2666 (Chap. 264, Stats. 2012), effective January 1, 2013. For an MLO to qualify for the exemption, the bona fide nonprofit organization employer must register with the Department. The Commissioner of Corporations has posted the form and instructions for filing.
- 10/12/12 - MLO LICENSE RENEWAL REQUIREMENTS: The annual renewal period for mortgage loan originator license will be from November 1, 2012 through December 31, 2012. MLO must renew their license during this period in order to ensure they are authorized to continue originating loans during the 2013 calendar year. Please note that all licensed mortgage loan originators must complete 8 hours of continuing education prior to submitting a request to renew their licenses for 2013. IF YOU COMPLETED PRE-LICENSURE EDUCATION DURING 2012, YOU ARE NOT REQUIRED TO COMPLETE 8 HOURS OF CONTINUING EDUCATION IN ORDER TO RENEW FOR 2013. See 09/17/12 letter to All Licensed Mortgage Loan Originators.
- 10/12/12 - COMPANY AND BRANCH LICENSE RENEWAL REQUIREMENTS FOR 2012:
All licensees holding a California Residential Mortgage Lending Act license and licensees under the California Finance Lenders Law who make, broker or service residential mortgage loans must submit a renewal request through the Nationwide Mortgage Licensing System and Registry (NMLS) between November 1st and December 31, 2012. All licensed mortgage loan originators employed by your company must also renew their licenses during this renewal period in order to continue originating loans during 2013. See 09/17/12 letter to All Companies and Branches.
- About Mortgage Loan Originators
- Frequently Asked Questions
- How Do I Apply for a Mortgage Loan Originator License
- How Do I Amend a Mortgage Loan Originator License
- How Do I Renew my Mortgage Loan Originator License
- How Do I Surrender a Mortgage Loan Originator License
- License Fees
- Licensing Status/Assistance
- Requirements for CFLL and CRMLA Licensees who employ MLOs
- What are the Pre-requisites for Mortgage Loan Originator License Applications
- Who is Required to Obtain a Mortgage Loan Originator License
Information on MLO licensing requirements is also available in NMLS.
NMLS, developed through the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR), will allow companies to conveniently manage their mortgage license(s) in an electronic format through a secure website.
Application and maintenance of an MLO license are managed through the Nationwide Mortgage Licensing System (NMLS).
Application and maintenance of a CRMLA license are managed through the Nationwide Mortgage Licensing System (NMLS).
For Companies Engaged in Residential Lending or Brokering: Application and maintenance of a CFL license for companies engaged in residential lending or brokering are managed through the Nationwide Mortgage Licensing System (NMLS).
Please visit NMLS for additional information and licensing requirements specific to the California Department of Business Oversight.
For Companies Engaged in Non-Residential Lending or Brokering: Application and maintenance of a CFL license for companies engaging in lending or brokering that is secured by other than residential real property are managed directly with the Department. Please visit the main CFL website for details. http://www.dbo.ca.gov/Licensees/Finance_Lenders/
- Bona Fide Nonprofit Affordable Housing Organizations
- How to file a complaint
- Verify an MLO license through NMLS Consumer Access
NMLS Consumer Access is a fully searchable website that allows the public to view information concerning state-licensed mortgage companies, branches and individuals currently licensed through NMLS.