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How an MLO license applicant can establish financial responsibility, character, and general fitness

May 26th, 2015 | By | Category: Real Estate Broker Law

MLO mortgage licensing rights – California Mortgage Lending Lawyers

Best lawyer for MLO license hearing


You want to get your MLO lending endorsement, but the California Department of Business Oversight (DBO) or Bureau of Real Estate (“CalBRE”) sees it differently.  An accusation is filed an an administrative hearing is scheduled.  What will YOU have to PROVE (burden of proof) in order to prevail at the hearing?  This blog provides a general legal overview of some ideas.
California Financial Code Sections 22109.1 states:
22109.1.  (a) The commissioner shall deny an application for a mortgage loan originator license unless the commissioner makes, at a minimum, the following findings:
(3) The applicant has demonstrated such financial responsibility, character, and general fitness as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this division.

Top 10 ways to show evidence of your good financial character so you can obtain an MLO license endorsement in California

1.  Financial responsibility

a.  Credit report

b.  Proof of paid off loans (house, car, boat, credit cards)

c.  Proof of paying child support / alimony

d.  Settled tax liens / tax bills

e.  Paid restitution to victims in civil and criminal cases

f.  Proof of judgments satisfied

2.  Character

a.  Applicants testimony (change of attitudes and associations), accepting responsibility for past acts, remorse.

b.  Evidence of charitable activities

c.  Evidence of volunteer activities

d.  Business references (affidavits and declarations or witness testimony)

e.  Caring for family, kids

3.  General fitness to command confidence in the community

a.  All of the above help establish this.

b.  Character witnesses (business & family, friends)

c.  Prior licensing history

d.  Rehabilitation factors

4.  MLO will operate honestly, fairly and efficiently

a.  All of the above should help establish this

Contact a Mortgage Lending Lawyer (MLO licensing)

If you are faced with a problem trying to get you MLO licensing rights, contact one of our mortgage lender lawyers.  We can be reached at (877) 276-5084 or fill out the contact form below.
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We are a business and civil litigation firm with a focus on copyright infringement cases involving illegal movie downloads (torrent cases such as London Has Fallen and Malibu Media defense), software audits (ex. Microsoft audits, SPLA, Autodesk audit notification letter, Siemens PLM defense, SIIA, Adobe and Business Software Alliance defense) and other software vendors threatening piracy and infringement. We also handle cases involving internet law, anti-SLAPP, media law, right of publicity, trademarks & domain name infringement, and we have a niche practice area handling California BRE licensing disputes, accusations, subpoena response, statement of issues and investigations. We have offices in San Francisco, Beverly Hills, Newport Beach, San Diego & Phoenix, Arizona and accept federal copyright and trademark cases nationwide. All content on our website is general legal information only and not a substitute for legal advice, and should not be relied upon. Decisions to hire counsel should not be based on advertising alone. Blogs, videos and podcasts are authored by Steve Vondran, Esq. unless otherwise noted. We can be reached at (877) 276-5084.

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