California Occupational License
California Residential Mortgage Lending Act
Department of Business Oversight
Division of Corporations
Mortgage Lending Unit
Licensing Agency Contact Information:
Address: | 320 West Fourth Street, Suite 750 Los Angeles, CA 90013 |
Phone Number: | (866) 275-2677
|
Fax Number: | (213) 576-7574
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E-mail Address: | Ask.DBO@dbo.ca.gov |
Internet Address: | http://www.dbo.ca.gov |
License Requirements, Fees, and Examination Information:
Unlike the Real Estate Law and the California Finance Lenders Law, the CRMLA is specifically designed to authorize and regulate mortgage banking activities. An applicant under the CRMLA may obtain a license as a lender, a servicer, or both.
Mortgage bankers licensed under the CRMLA may be in the form of a natural person, a sole proprietorship, a corporation, a partnership, a limited liability company, an association, a trust, a joint venture, an unincorporated organization, a joint stock company, a government or political subdivision of a government, or any other entity.
1. Fees: There is an application fee of $900, an investigation fee of $100 and fingerprint processing costs of $62 per person investigated. Fees are not refundable.
2. Regulatory Examination Frequency: Approximately every other year. All licensees must be examined at least once every 4 years.
3. Experience Requirement: There is no testing or examination required.
Authority: California Financial Code, Division 20, commencing with Section 50000. California Code of Regulations, Title 10, Chapter 3, Subchapter 11.5, commencing with Section 1950.003.
Occupation Title | SOC Code |
Loan Officers | 132072 |