California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 1 - Definitions › Section 1950.003 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The following terms used in Subchapter 11.5 of these rules
					 shall have the following meanings (unless the context otherwise
					 indicates):
(a) "Code" means the
				  California Financial Code.
(b)
				  "Department" means the Department of Corporations.
(c) "Call report" or "NMLS Mortgage Call
				  Report" means a report of condition on a residential mortgage lender, mortgage
				  servicer, or residential mortgage lender and servicer and its operations
				  including financial statements and production activity volumes.
(d) "Form MU1" means the uniform licensing
				  form developed by the Nationwide Mortgage Licensing System and Registry for a
				  mortgage lender, mortgage servicer, or mortgage broker business, entitled
				  "Uniform Mortgage Lender/Mortgage Broker Form."
(e) "Form MU2" means the uniform licensing
				  form developed by the Nationwide Mortgage Licensing System and Registry for a
				  person that directly or indirectly exercises control over a mortgage lender,
				  mortgage servicer, or mortgage broker business, or a branch thereof, including
				  qualifying individuals and branch managers specified in Form MU1, entitled
				  "Uniform Mortgage Biographical Statement & Consent Form."
(f) "Form MU3" means the uniform licensing
				  form developed by the Nationwide Mortgage Licensing System and Registry for the
				  branch office of a mortgage lender, mortgage servicer, or mortgage broker,
				  entitled "Uniform Mortgage Branch Office Form."
(g) "Form MU4" means the uniform licensing
				  form developed by the Nationwide Mortgage Licensing System and Registry for an
				  individual mortgage loan originator license or registration, entitled "Uniform
				  Individual Mortgage License/Registration & Consent Form."
(h) "NMLS" means the Nationwide Mortgage
				  Licensing System and Registry.
(i)
				  "Sponsoring" or "to sponsor" means to maintain an employment relationship
				  between a mortgage loan originator and a residential mortgage lender, mortgage
				  servicer, or residential mortgage lender and servicer where the mortgage loan
				  origination activities of the mortgage loan originator are subject to the
				  supervision and oversight of the residential mortgage lender, mortgage
				  servicer, or residential mortgage lender and servicer. A licensed residential
				  mortgage lender, mortgage servicer, or residential mortgage lender and servicer
				  is the "sponsor" of a mortgage loan originator employed by, and subject to the
				  supervision and oversight of, the residential mortgage lender, mortgage
				  servicer, or residential mortgage lender and servicer. For purposes of
				  Subchapter 11.5 of these rules, an employment relationship may be established
				  through factors such as supervision and control of the sponsored mortgage loan
				  originator, legal and regulatory responsibility for the acts of the mortgage
				  loan originator, and performance under the name, authority and policies of the
				  sponsor, and is not necessarily contingent on whether a mortgage loan
				  originator is issued a Form W-2 by the sponsor.
1. New
					 subchapter 11.5 (articles 1-10), article 1 (section
					 1950.003) and section filed
					 11-25-96; operative 12-25-96 (Register 96, No. 48).
2. New first
					 paragraph, new subsections (c)-(i) and amendment of NOTE filed 4-1-2010 as an
					 emergency; operative 4-1-2010 (Register 2010, No. 14). A Certificate of
					 Compliance must be transmitted to OAL by 9-28-2010 or emergency language will
					 be repealed by operation of law on the following day.
3. New first
					 paragraph, new subsections (c)-(i) and amendment of NOTE refiled 9-28-2010 as
					 an emergency; operative 9-28-2010 (Register 2010, No. 40). A Certificate of
					 Compliance must be transmitted to OAL by 12-27-2010 or emergency language will
					 be repealed by operation of law on the following day.
4. New first
					 paragraph, new subsections (c)-(i) and amendment of NOTE refiled 12-23-2010 as
					 an emergency; operative 12-23-2010 (Register 2010, No. 52). A Certificate of
					 Compliance must be transmitted to OAL by 3-23-2011 or emergency language will
					 be repealed by operation of law on the following day.
5. Certificate
					 of Compliance as to 12-23-2010 order, including amendment of subsections (c)
					 and (e), transmitted to OAL 3-14-2011 and filed 4-25-2011; amendments operative
					 5-25-2011 (Register 2011, No. 17).
Note: Authority cited: Section
						50304,
						Financial Code. Reference: Sections
						50002.5 and
						50003,
						Financial Code.