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. 38, September 20, 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.
