Requirements After a California Residential Mortgage Lender and/or Servicer License Has Been Issued

Reporting Requirements

The following reports must be submitted by all CRMLA licensees by the due date noted.

CRMLA Annual Report, Due March 1

See CRMLA Annual Report FAQs for more details.

Residential Mortgage Loan Report (also called Holden Act Report), Due March 31

See Holden Act Report FAQs for more details.

Mortgage Call Report, Due 45 days after the end of each quarter.

Every licensee must file the Mortgage Call Report on NMLS each quarter. Please refer to the NMLS Resource Center.

Audited Financial Statements, Due within 105 days of end of fiscal year:

All licensees must submit audited financial statements within 105 days of the end of its fiscal year. The audited financial statements must document that the licensee maintains tangible net worth of $250,000. The audited financial statements must be posted on NMLS.

Annual Assessment

On or before September 30 of each year, the Department levies an annual assessment to be paid by each licensee for its pro rata share of all costs and expenses reasonably incurred in the administration of the CRMLA. The pro rata share is the proportion which a licensee’s lending, brokering and servicing activity as reported on the annual report for the previous calendar year bears to the aggregate activity of all licensees. The minimum amount provided by statute is $1,000 with a maximum of $5,000. Payment of the annual assessment is required within 20 days of the invoice date.

Surety Bond Requirements

CRMLA licensees who make and/or service residential mortgage loans will be required to maintain a surety bond that covers the activities of the MLOs they employ. The bond amount will be based on the amount of origination and/or servicing activities conducted by the licensee in the preceding calendar year, as follows:

Surety Bond Requirements
Aggregate Loans Bond Amount
0 – $50,000,000 $ 50,000
$50,000,001 – $500,000,000 $100,000
Over $500,000,001 $200,000


Net Worth Requirements

Each licensee is required to maintain tangible net worth of at least $250,000 at all times. (California Financial Code Section 50201)

Regulatory Examination

Each licensee is subject to a regulatory examination by the Department at any time whether or not any business has been conducted pursuant to the license. The licensee is responsible for the actual cost, including travel expenses, of the regulatory examination.

The Department is statutorily required to conduct an examination at least once every 48 months, but may conduct an examination as often as deemed necessary and appropriate.

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Last updated: Sep 27, 2023 @ 9:45 am