Cal. Code Regs. Tit. 10, § 2758.3 - Evidence of Financial Responsibility

Current through Register 2022 Notice Reg. No. 16, April 25, 2022

The Commissioner's finding required by Section 10166.05(c) of the Business and Professions Code relates to any matter, personal or professional, that may impact upon an applicant's propensity to operate honestly, fairly, and efficiently when engaging in the fiduciary role of a mortgage loan originator.

In order to apply for a mortgage loan originator license endorsement, an applicant shall authorize the Nationwide Mortgage Licensing System and Registry (NMLSR) to obtain the applicant's current credit report. The credit report will be used as needed to validate the applicant's responses to the NMLSR's electronic application form, in order to support the Commissioner's finding required by Section 10166.05(c) of the Business and Professions Code.

(a) The applicant may be precluded from obtaining a mortgage loan originator license endorsement where his or her personal history includes:
(1) any liens or judgments for fraud, misrepresentation, dishonest dealing, and/or mishandling of trust funds, or
(2) other liens, judgments, or financial or professional conditions that indicate a pattern of dishonesty on the part of the applicant.
(b) Notwithstanding the requirements above, where an applicant for a mortgage loan originator license endorsement (1) is currently holding a restricted real estate license, or (2) has a right to a restricted license and is making a dual application for the restricted license and mortgage loan originator license endorsement, such applicant must demonstrate, where pertinent, the completion of restitution to any person who has suffered monetary losses through acts or omissions of the applicant that include, but are not limited to, those that substantially related to the qualifications, functions or duties of a real estate licensee as defined in Section 2910 of these regulations, and/or the discharge of, or bona fide efforts toward discharging, adjudicated debts or monetary obligations to others.

Notes

Cal. Code Regs. Tit. 10, § 2758.3

Note: Authority cited: Sections 10080 and 10166.17, Business and Professions Code. Reference: Sections 10150(d), 10151(e),10166.02(b)(2), 10166.02(d), 10166.04(a)(2) and 10166.05(c), Business and Professions Code.

1. New section filed 2-23-2010 as an emergency; operative 2-23-2010 (Register 2010, No. 9). A Certificate of Compliance must be transmitted to OAL by 8-23-2010 or emergency language will be repealed by operation of law on the following day.
2. Certificate of Compliance as to 2-23-2010 order, including amendment of second paragraph, transmitted to OAL 5-6-2010 and filed 6-29-2010 (Register 2010, No. 27).

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