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Who needs an MLO license?

April 26, 2017license mlo Needs

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Who needs an MLO license?

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All MLOs employed by finance lenders/brokers under the California Finance Lenders Law (CFLL) or residential mortgage lenders/servicers under the California Residential Mortgage Lending Act (CRMLA) must be licensed by July 31, 2010. MLOs may now apply for a license by submitting a Form MU4 to the California Department of Corporations (DOC) through the Nationwide Mortgage Licensing System (NMLS). All MLOs must be licensed by July 31, 2010. The MLO license must be renewed each year between November 1 and December 31. MLOs must continue to meet all criminal, financial and background requirements at all times. FBI checks and credit checks may be required at renewal.