Chapter 3. Licensing: Residential Mortgage Loan Servicer of California Financial Code >> Division 20. >> Chapter 3.
(a) A mortgage servicer shall file an application for
licensure under this chapter with the commissioner to service
mortgage loans in this state by satisfying the requirements of this
chapter and the applicable provisions, as determined by the
commissioner, of Chapter 2 (commencing with Section 50120).
(b) A mortgage servicer may apply for licensure by doing all of
(1) Filing with the commissioner an application containing the
information required by Section 50122, and any additional information
the commissioner may require by rule.
(2) Paying the investigation and application fees required by
(3) Submitting any information required by Section 50124.
(4) Complying with the applicable provisions of Chapter 2
(commencing with Section 50120).
(c) A licensee may not make or service loans secured by real
property pursuant to the authority of a license, or exemption from
licensure, under the Real Estate Law.
(d) The commissioner may, pursuant to Section 50321, order a
licensee to cease any other business conducted at any location where
the licensee operates under the authority of a residential mortgage
servicer license, if the commissioner finds that the conduct of that
business has facilitated evasions of this division or the rules
adopted pursuant to this division, or that the conduct of that
business is in violation of any law to which that business is
(e) A license for a business location outside this state shall
constitute an agreement by the mortgage servicer to, at the
discretion of the commissioner, either (1) make the licensee's books,
accounts, papers, records, and files available to the commissioner
or the commissioner's representatives in this state within 10
calendar days of a request from the commissioner or, (2) pay the
reasonable expenses for travel, meals, and lodging of the
commissioner or the commissioner's representatives incurred during an
investigation or examination made at the licensee's location outside
(f) The commissioner shall license a mortgage servicer upon
completion of the investigation and issuance of the findings required
by Section 50121, subject to Sections 50123, 50125, 50126, and
(g) A mortgage servicer licensed to service mortgage loans shall
comply with all applicable requirements of California and federal
law, including the Civil Code and Section 2609 of the federal Real
Estate Settlement Procedures Act of 1974, as amended (12 U.S.C. Sec.
2601 et seq.).
(h) A license shall remain in effect until suspended, surrendered,
(i) The commissioner may require an applicant or licensee to make
some or all filings with the commissioner through the Nationwide
Mortgage Licensing System and Registry.