From the Sidelines...To the Game – NMP Skip to main content

From the Sidelines...To the Game

National Mortgage Professional
Dec 27, 2001

New Stipulations for LicensingMortgagePress.comFinance Lender's License, applicant, California Assembly Bill 1230 California Assembly Bill 1230 requires the Commissioner of Corporations to investigate the principal officers of certain applicants for a Finance Lender's License. If the applicant is a corporation, an unincorporated organization, a trust or an association, the Commissioner must investigate its principal officers--president, CEO, treasurer or CFO--directors and all other persons directly or indirectly owning or controlling 10 percent or more of all outstanding equity securities. The investigation required by this new provision may be limited to information not already included in previous applications filed for a Finance Lenders License. The bill clarifies the instances in which the Commissioner may deny an application: ++A false statement of a material fact has been made in the application. ++Any officer, director, general partner, or person owning or controlling 10 percent or more of the outstanding interest or equity securities of the applicant that has, within the last 10 years, been convicted of, or pleaded nolo contendere to, a crime, or committed any act involving dishonesty, fraud, or deceit, if the crime or act is substantially related to the qualifications, functions, or duties of a person engaged in business in accordance with the Finance Lenders Law. ++The applicant or any officer, director, general partner, or person owning or controlling directly or indirectly, 10 percent or more of the outstanding interests of equity securities of the applicant has violated any provision of the Finance Lenders Law or the rules thereunder or any similar regulatory scheme of a foreign jurisdiction.
Published
Dec 27, 2001
Manufactured Housing: The New Affordable Alternative

While the housing market is grappling with widespread affordability and supply, manufactured homes are gaining ground as a new alternative. 

Industry News
Dec 03, 2021
Angel Oak Home Loans Opens 3 New Branches

Continues expansion in Western U.S. with new branches in California, Nevada & Utah.

Industry News
Dec 02, 2021
Open Mortgage Names New President

Joe Stephenson, formerly of American Advisors Group, to lead daily operations.

Industry News
Dec 01, 2021
Homepoint Expands Refinance Program Offerings

Now offers Freddie Mac’s new refinance option, Refi Possible, making it easier for many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate.

Industry News
Nov 30, 2021
Non-QM Lender Deephaven Hires Business Development VP

Dallas-based Tim Fisher charged with growing Deephaven’s correspondent business In Texas and surrounding states

Industry News
Nov 30, 2021
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021