The Department of Business Oversight (DBO) changed its name to the Department of Financial Protection and Innovation (DFPI) effective September 29, 2020. Along with this name change, effective January 1, 2021, the new California Consumer Financial Protection Law (CCFPL) grants the Department of Financial Protection and Innovation new powers to investigate previously unregulated businesses, such
Certain Felonies Can Bar MLO Endorsement Applications for Life
Since the passage of the SAFE Act in 2008 and the subsequently enacted legislation in California, real estate professionals and employees of California finance lenders who want to originate home loans in California must apply for a Mortgage Loan Originator (MLO) endorsement through the Nationwide Mortgage Licensing System & Registry (NMLS).
For licensees and applicants…
First SAFE Act Mortgage Loan Originator Cases Coming
“the SAFE Act requires applicants to submit to credit checks to determine if an applicant has demonstrated ‘financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that applicants will operate honestly, fairly, and effectively”…
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