Confused by the mortgage lending regulatory lay of the land in California? Get in line.
California lending comes with a whole host of confusing regulations, licenses, and more. Unlike most of the country, California regulates mortgage lenders through its Department of Real Estate (DRE) AND the Department of Financial Protection and Innovation (DFPI). Beyond licensing and regulators, California regulates far more than almost any other state including complex usury laws, regulations on loan sales, table funding restrictions, complex late charge restrictions, limitations of interest charges, and a series of other potential landmines for mortgage lenders. In one succinct presentation we will provide you the tools necessary to understand how to make loans in California without accidentally shooting yourself in the foot in the process.
In this webinar, you will learn:
- The difference between a DRE Broker’s license and DFPI’s CFL license.
- What license may be necessary when you buy, sell, service and broker loans.
- Whether your debt fund and its affiliates all need to be licensed.
- Whether you and your employees need to be additionally licensed.
- California’s regulatory climate related to table funding and other secondary market transactions.
- Construction loan limitations and complications.
- Loan level limitations such as usury, late charges, and prepayment restrictions.