According to an announcement posted on the DFPI’s website, transitioning is voluntary until related proposed amendments to the CFL regulations are adopted. However, it is anticipated that the transition deadline will remain Dec. 31, 2021.
Licensees would be wise to double-check deadlines before they assume that they’re off the hook and head out for summer vacation.
In this webcast, our panel discussed what lenders and brokers that hold a CFL license off of NMLS can expect with the upcoming transition to the system.
Learn more about this topic and others in the NMLS Resource Center.
Among other things, the legislation exempts certain supervised financial institutions from certain notice and fee requirements.
The California Department of Financial Protection and Innovation’s notice specifies that comments on the proposed modifications are due July 12.
Among other things, the new legislation creates a Student Loan Bill of Rights and outlines new provisions for student loan servicers.
The California Department of Financial Protection and Innovation released background check guidance applicable to the key individuals of California Financing Law licensees and license applicants.
The new rule addresses the revocation and suspension of mortgage licenses, the reinstatement of expired or suspended licenses, and applications for initial licenses near year end, among other things.
Among other things, the bill allows DFI to accept licensing applications through the NMLS for certain license types.
New legislation clarifies certain deadlines and provisions in consumer credit applications and licensing requirements for mortgage loan originators.
Learn more about this topic and others in the NMLS Resource Center.
Wrap loans will be subject to regulation like other mortgage loan products in order to provide certain protections for buyers and sellers.
In this APPROVED Checkpoint webcast, we discussed proactive steps to keep records up-to-date with state and federal regulators.
The new requirements are expected to streamline the licensing process as part of efforts by state regulators to expand uniformity in state regulation through a strategy called Networked Supervision.
The Department of Financial Protection and Innovation now expects all companies to apply for the CFL license electronically via NMLS.