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The November 2020 DFPI Bulletin focuses on NMLS license renewal, the California Consumer Financial Protection Law (CCFPL) and wildfire relief guidance.

The California Department of Financial Protection and Innovation (DFPI, formerly the Department of Business Oversight (DBO), supervises, licenses and regulates a variety of financial institutions, including some real estate mortgage loan originators (MLOs) holding a Nationwide Multistate (or Mortgage) Licensing System and Registry (NMLS) license. Alongside the California Department of Real Estate (DRE), the DFPI shares the responsibility for overseeing MLOs depending on their license use.

Licensees, get a jump start on November 2020’s MLO news and events below.

NMLS license renewal deadline

State regulators are encouraging MLO licensees, including those who provide mortgage, money transmission and other consumer financial services, to renew their licenses before November 30, 2020 to avoid processing delays.

Although the official deadline to renew a California MLO license on the NMLS is December 31, licensees are urged to submit early to mitigate pandemic-related delays affecting businesses across the state.

Editor’s note — Worried about the deadline? Learn more about first tuesday’s 8-hour On-Time NMLS Continuing Education here.

California Consumer Financial Protection Law (CCFPL)

The DFPI is hosting listening sessions ahead of the implementation of the California Consumer Financial Protection Law (CCFPL) on January 1, 2021. The sessions will occur on November 16 and December 8, 2020, from 1:00 p.m. to 2:30 p.m. PST. The 90-minute conference call will include an overview of the law and a question and answer session with participants.

The department is seeking input particularly by those who may be covered under the new law. To find out more about joining the listening sessions, contact Cassandra DiBenedetto at Cassandra.DiBenedetto@dfpi.ca.gov.

Guidance to help financial institutions affected by wildfires

The Federal Deposit Insurance Corporation (FDIC) announced in October 2020 guidance intended to provide regulatory relief to financial institutions and facilitate recovery in the state after devastating wildfires.

The FDIC is encouraging lenders and servicers to work with borrowers in wildfire-stricken communities, by adjusting the terms on existing loans as needed. The government agency says they will be supervising bankers and MLOs and helping consumers as they face these unusual circumstances.

The focus of the new guidance is for Fresno, Los Angeles, Madera, Mendocino, San Bernardino, San Diego and Siskiyou counties.

That’s a wrap on November’s DFPI Bulletin. You can always find out more by reading the full bulletin on the DFPI website.