Cal. Code Regs. tit. 10 § 1950.122.5.1

Current through Register 2024 Notice Reg. No. 50, December 13, 2024

Section 1950.122.5.1 - Qualifications of Mortgage Loan Originator Applicants

Every applicant for a mortgage loan originator license shall meet the requirements of this section.

(a) QUALIFIED WRITTEN TEST: Every applicant for a mortgage loan originator license shall pass a qualified written test developed or otherwise deemed acceptable by the Nationwide Mortgage Licensing System and Registry and administered by a test provider approved by the Nationwide Mortgage Licensing System and Registry. The qualified written test shall consist of:

(1) the national component and the California state component; or

(2) the national component and the uniform state test; or

(3) the national component with uniform state content.

An applicant shall abide by the rules, policies and procedures of the Nationwide Mortgage Licensing System and Registry in the administration of the test.

(b) EDUCATION: Every applicant for a residential mortgage loan originator license shall complete at least 20 hours of NMLS approved education including:

(1) Three hours of instruction on federal law and regulations,

(2) Three hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues,

(3) Two hours of training related to lending standards for the nontraditional mortgage product marketplace, and

(4) Two hours of training related to relevant California law and regulations.

Cal. Code Regs. Tit. 10, § 1950.122.5.1

1. New section filed 4-1-2010 as an emergency; operative 4-1-2010 (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 A Certificate of Compliance must be transmitted to OAL by 9-28-2010 or emergency language will be repealed by operation of law on the following day.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. New section refiled 9-28-2010 as an emergency; 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 A Certificate of Compliance must be transmitted to OAL by 12-27-2010 or emergency language will be repealed by operation of law on the following day.
3. 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 A Certificate of Compliance must be transmitted to OAL by 3-23-2011 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 12-23-2010 order transmitted to OAL 3-14-2011 and filed 4-25-2011 (Register 2011, No. 17).
5. Amendment filed 8-19-2015; operative 8-19-2015 pursuant to Government Code section 11343.4(b)(3) (Register 2015, No. 34).

Note: Authority cited: Section 50304, Financial Code. Reference: Sections 50142 and 50143, Financial Code.

1. New section filed 4-1-2010 as an emergency; operative 4-1-2010 (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. New section refiled 9-28-2010 as an emergency; 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.
3. 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.
4. Certificate of Compliance as to 12-23-2010 order transmitted to OAL 3-14-2011 and filed 4-25-2011 (Register 2011, No. 17).
5. Amendment filed 8-19-2015; operative 8/19/2015 pursuant to Government Code section 11343.4(b)(3) (Register 2015, No. 34).