California Residential Mortgage Lending Act
- 03/11/2014 - The California Department of Business Oversight Commissioner (Commissioner) is requesting comments on proposed changes to the regulations under the California Finance Lenders Law and the California Residential Mortgage Lending Act. The proposed regulations would clarify that non-depository operating subsidiaries, affiliates, and agents of federal banks and other financial institutions are required to be licensed and regulated by the Department of Business Oversight. The Commissioner is seeking comments from interested parties prior to initiating a rulemaking action, and requests that comments be received by May 7, 2014. (Invitation for Comments, PRO 03/13)
- 03/06/2014 - Licensees are reminded that in accordance with section 7119 of title 21 of the California Code of Regulations, the Residential Mortgage Loan Report is due by March 31, 2014, for all residential mortgage lenders that are not reporting to a federal or state regulatory agency as provided by the Home Mortgage Disclosure Act of 1975, as amended. Licensees making residential mortgages should consult with their internal compliance officers regarding whether they are required to file the state report.
- 02/24/2014 - The CRMLA reports (CRMLA 13 Report Letter.pdf, CRMLA 13 Annual Report.pdf, CRMLA_13_FSD_Survey.pdf) must be completed and returned to the Department of Business Oversight. These reports must be filed by every licensee, even if no business was conducted under the authority of the license in 2013. Due to the delayed of this notice, the Commissioner hereby grants an extension until April 4, 2014.
- 01/09/2014 - The Commissioner of Business Oversight adopted amendments to various sections of Title 10 of the California Code of Regulations. The regulations (1) amend license and renewal license application forms under the Corporate Securities Law of 1968 (broker-dealers, agents, investment advisers), the California Finance Lenders Law, the California Residential Mortgage Lending Act, and the Securities Depository Law pursuant to AB 1424 (Chap. 455, Stats. 2011); (2) amend the application for a license under the California Finance Lenders Law regarding operating subsidiaries, reporting of past criminal acts and other violations, and self-certification for passive investors; and (3) adopt the annual report form under the California Finance Lenders Law. The amendments were filed with the Secretary of State on January 7, 2014 and are effective upon filing with the Secretary of State. (PRO 18/11)
- 08/12/2013 -The Commissioner of the Department of Business Oversight is proposing further amendments to Sections 260.210, 260.211, 260.211.1, 260.231, 1422, 1422.7, 1423, 1430, 1581, 1582, 1805.204, and 1950.122.8 of Title 10 of the California Code of Regulations, originally published in the California Regulatory Notice Register 2012, No. 50-Z. This rulemaking action relates to amendments made in response to comments received regarding the proposed regulation and other nonsubstantive changes. The Department of Business Oversight also proposes other nonsubstantive changes throughout the text to amend Department-specific information as a result of the reorganization of state departments. The period within which to comment on these amendments ends on August 29, 2013. (PRO 18/11)
- 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.
- 02/06/13 - The Residential Mortgage Loan Report and the Mortgage Banker Annual Report are now available.
- 12/07/12 - The Commissioner of Corporations proposes to adopt and amend various sections of Title 10 of the California Code of Regulations. This regulatory action proposes to, among other things, amends license and renewal license application forms under the California Residential Mortgage Lending Act. The period within which to comment on this proposed regulatory action ends on January 28, 2013.
- 12/04/12 - The Commissioner of Corporations has issued Release 65-FS to advise mortgage servicers of the new foreclosure laws effective January 1, 2013, including the landmark California Foreclosure Reduction Act (AB 268 (Ch. 86, Stats. 2012) and SB 900 (Ch. 87, Stats. 2012)), which reforms the foreclosure process.
- 11/30/12 - The California Corporations Commissioner 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.
- 02/07/12 - The updated Mortgage Banker Annual Report and the Non-traditional Adjustable Rate and Mortgage Loan Survey are now available
- About the Law
- Who is Required to Obtain a License or Branch License under the CRMLA?
- How do I Apply for a CRMLA License or Authorize a Branch Office under the CRMLA
- Requirements After a CRMLA License has been issued
- How do I Amend CRMLA License or authorize a Branch Office under the CRMLA
- How Do I Surrender a CRMLA License or Branch Office Authorization under the CRMLA
- Frequently Asked Questions
- Regulations, Legislation, Opinions, Releases
- Search the Licensee Listing
Information on CRMLA 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), allows companies to conveniently manage their mortgage license(s) in an electronic format through a secure website.
- Bona Fide Nonprofit Affordable Housing Organizations
- How to file a complaint
- Search the Licensee Listing
Information on companies and branches licensed under CRMLA is also available in NMLS Consumer Access.