MLO Branch Offices Invitation for Comments

Invitation for Comments on Proposed Regulations under the California Finance Lenders Law and the California Residential Mortgage Lending Act

The California Department of Business Oversight Commissioner (Commissioner) is requesting comments on proposed amendments to the regulations that impact finance lenders and brokers, residential mortgage lenders and servicers and mortgage loan originators. The Department of Business Oversight (Department) is considering changes to the rules to: (1) further clarify the supervisory requirements on mortgage providers subject to the California Finance Lenders Law and the California Residential Mortgage Lending Act regarding mortgage loan originators; (2) help mortgage providers determine what qualifies as a branch office; (3) broaden the Department’s choice regarding future mortgage loan originator tests; and (4) modify related education requirements.

The Commissioner is seeking comments from interested parties prior to initiating a rulemaking action, and requests that comments be received by July 25, 2014. Here is the link to the MLO Branch Offices invitation for comments: https://dfpi.ca.gov/Licensees/Finance_Lenders/Regulation.asp

Please submit comments to regulations@dbo.ca.gov.