Section 50002.5 Of Chapter 1. General From California Financial Code >> Division 20. >> Chapter 1.
50002.5
. (a) Every licensee engaging in the business of making,
servicing, or making and servicing residential mortgage loans shall
require that every mortgage loan originator employed or compensated
by that licensee obtains and maintains a mortgage loan originator
license from the commissioner under this division or Division 9
(commencing with Section 22000), or has first obtained a license
endorsement from the commissioner of Real Estate pursuant to Article
2.1 (commencing with Section 10166.01) of Chapter 3 of Part 1 of
Division 4 of the Business and Professions Code.
(b) A residential mortgage lender or servicer shall not employ a
mortgage loan originator whose license or license endorsement has
lapsed.
(c) A residential mortgage lender or servicer may not make or
broker a residential mortgage loan unless that loan is negotiated by
or applied for through a licensed mortgage loan originator.
(d) Every licensee engaged in the business of making, servicing,
or making and servicing residential mortgage loans and every mortgage
loan originator licensed under this division shall register with and
maintain a valid unique identifier issued by the Nationwide Mortgage
Licensing System and Registry.
(e) No mortgage loan originator licensed under this division and
employed by a licensed residential mortgage lender or residential
mortgage servicer shall engage in any activity that is not an
authorized activity for a licensed residential mortgage lender or
residential mortgage servicer pursuant to this division.