A California DFPI licensee wants to open a new branch office. Which of the following is required BEFORE the branch begins operations?
Correct Answer
A) The licensee must obtain a separate branch license through the NMLS and receive DFPI approval
Under DFPI regulations, a licensed lender must obtain a separate branch license through the NMLS for each branch office location before that branch begins mortgage lending operations. The branch license application requires DFPI review and approval.
Why This Is the Correct Answer
Under DFPI regulations, a licensed lender must obtain a separate branch license through the NMLS for each branch office location before that branch begins mortgage lending operations. The branch license application requires DFPI review and approval.
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