California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 11.5 › Article 2 - Application for Licensure and Related Forms › Section 1950.122.9 - Notice of Changes by Residential Mortgage Lender, Mortgage Lender Servicer, Residential Mortgage Lender and Servicer, and Mortgage Loan Originator

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Each licensed
				  residential mortgage lender, mortgage servicer, residential mortgage lender and
				  servicer, or mortgage loan originator shall, upon any change in the information
				  contained in its application for license (other than financial information
				  contained therein), promptly file an amendment to such application setting
				  forth the changed information.
(b)
				  A residential mortgage lender, mortgage servicer, and residential mortgage
				  lender and servicer shall file changed information contained in its Forms MU1,
				  MU2, and MU3, and any exhibits thereto, through NMLS in accordance with its
				  procedures for transmission to the Commissioner. Any change that cannot be
				  submitted through NMLS shall be filed directly with the Commissioner.
(c) A mortgage loan originator shall file
				  changed information contained in its Form MU4, and any exhibits thereto,
				  through NMLS in accordance with its procedures for transmission to the
				  Commissioner within twenty (20) days of changes to the information. Any change
				  that cannot be submitted through NMLS shall be filed directly with the
				  Commissioner. A mortgage loan originator may not renew his or her license under
				  Section 1950.122.5.3 of Subchapter 11.5 of
				  these rules until all changes to the information contained in his or her Form
				  MU4 are filed with the Commissioner as provided in this section.
(d) A licensed residential mortgage lender,
				  mortgage servicer, and residential mortgage lender and servicer shall notify
				  the Commissioner of the employment of any new mortgage loan originator in
				  California and of the termination of employment of any mortgage loan originator
				  in California in accordance with Section
				  1950.122.5 of Subchapter 11.5 of
				  these rules.
(e) If a residential
				  mortgage lender, mortgage servicer, or residential mortgage lender and servicer
				  discovers that a sponsored mortgage loan originator has not filed an amendment
				  to his or her Form MU4, the residential mortgage lender, mortgage servicer, or
				  residential mortgage lender and servicer shall require the mortgage loan
				  originator to file the amendment immediately. If, within five (5) days from the
				  demand, the mortgage loan originator has not made the changes, the residential
				  mortgage lender, mortgage servicer, or residential mortgage lender and servicer
				  shall inform the Commissioner in writing.
1. New
					 section filed 4-1-2010 as an emergency; operative 7-31-2010 (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.
2. Editorial correction of HISTORY 1 (Register 2010, No.
					 40).
3. New section refiled 9-28-2010 as an emergency, including
					 repealer of subsection (f); 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 section 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 subsection (e) and NOTE,
					 transmitted to OAL 3-14-2011 and filed 4-25-2011; amendments operative
					 5-25-2011 (Register 2011, No. 17).
Note: Authority cited: Sections
						50120,
						50130,
						50140 and
						50304,
						Financial Code. Reference: Section
						1798.18, Civil
						Code; and Sections
						50124,
						50126 and
						50146,
						Financial Code.