Just a friendly reminder that California Residential Mortgage Lending Act (CRMLA) licensees are required to file an annual report with the California Department of Business Oversight no later than March 1, 2020.
The report includes two components:
- A report of the principal amount of loans originated and the aggregate amount of loans serviced for the 12-month period ended December 31 (also known as the mortgage banker annual report)
- A non-traditional, adjustable rate and mortgage loan survey
The report must be filed via the DBO’s Self-Service Portal. Failure to file the report may result in license revocation or a fine if not filed by the deadline.
Additionally, some lenders (including certain CRMLA and California Financing Law licensees) are required to file a residential mortgage loan report (also known as a Holden Act report) by March 31, 2020. Among other things, the report requires information on home purchase and home improvement loans made by the lender during the reporting year. The completed report must be e-mailed to [email protected].
For assistance with preparing and submitting license reports, please do not hesitate to contact APPROVED.