2758.3. Evidence of Financial Responsibility.
The Commissioner's finding required by Section 10166.05(c) of the Business and Professions Code relates to any matter,
personal or professional, that may impact upon an applicant's propensity to operate honestly, fairly, and efficiently when
engaging in the fiduciary role of a mortgage loan originator.
In order to apply for a mortgage loan originator license endorsement, an applicant shall authorize the Nationwide
Mortgage Licensing System and Registry (NMLSR) to obtain the applicant's current credit report. The credit report will
be used as needed to validate the applicant's responses to the NMLSR's electronic application form, in order to support
the Commissioner's finding required by Section 10166.05(c) of the Business and Professions Code.
(a) The applicant may be precluded from obtaining a mortgage loan originator license endorsement where his or her
personal history includes:
(1) any liens or judgments for fraud, misrepresentation, dishonest dealing, and/or mishandling of trust funds, or
(2) other liens, judgments, or financial or professional conditions that indicate a pattern of dishonesty on the part of
the applicant.
(b) Notwithstanding the requirements above, where an applicant for a mortgage loan originator license endorsement (1)
is currently holding a restricted real estate license, or (2) has a right to a restricted license and is making a dual
application for the restricted license and mortgage loan originator license endorsement, such applicant must
demonstrate, where pertinent, the completion of restitution to any person who has suffered monetary losses through acts
or omissions of the applicant that include, but are not limited to, those that substantially related to the qualifications,
functions or duties of a real estate licensee as defined in Section 2910 of these regulations, and/or the discharge of, or
bona fide efforts toward discharging, adjudicated debts or monetary obligations to others.