The California Financing Law (fka Finance Lenders Law) requires that persons engaged in the business of making loans be licensed by the Department of Financial Protection & Innovation (fka Department of Business Oversight fka Department of Corporations). Both consumer and commercial lenders are subject to the CFL, including those that make residential mortgage loans. The DFPI has for some time required residential mortgage lenders and brokers to file license applications through the Nationwide Multistate Licensing System (NMLS). Other lenders used the infamous “long form” application. Recently, however, the DFPI has announced that non-residential mortgage lenders and brokers may apply through the NMLS.
