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.

Report of Principal Amount of Loans Originated and Aggregate Amount of Loans Serviced for the 12-Month Period Ended December 31 (Also called Mortgage Banker Annual Report), Due March 1.

Licensees under the California Residential Mortgage Lending Act (CRMLA) must file their annual report electronically by March 1.

The annual report must be completed by signing into the DFPI self-service portal.

All CRMLA licensees must file the report by March 1. No extensions will be granted. Missing the deadline may result in penalty assessments. Failure to file constitutes grounds for license revocation.

Email any questions to CRMLA.Licensing@dfpi.ca.gov.

Residential Mortgage Loan Report, Due March 31

Mortgage lending licensees must file their Residential Mortgage Loan Report (Holden Act Report) no later than March 31.

The Holden Act Report must be filed by all State-licensed residential mortgage lenders that do not report the data to a federal or State regulatory agency as provided by the Home Mortgage Disclosure Act of 1975.

Licensees should consult with their internal compliance officers regarding whether they are required to file the report.

Completed reports may be scanned and emailed on or before March 31 to Holden.Inquiries@dfpi.ca.gov. Information regarding the report may be obtained by calling (866) 275-2677.

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..

Last updated: Mar 17, 2021 @ 12:32 pm