What is a key distinction between the California Residential Mortgage Lending Act (CRMLA) and the California Finance Lenders Law (CFL)?
Correct Answer
B) The CRMLA applies to residential mortgage loans of any size, while the CFL traditionally regulated smaller consumer loans
The CRMLA was designed to regulate residential mortgage lending without a specific loan size cap, while the CFL historically focused on smaller consumer loans. This is a fundamental structural distinction in California's lending regulatory framework.
Why This Is the Correct Answer
The CRMLA was designed to regulate residential mortgage lending without a specific loan size cap, while the CFL historically focused on smaller consumer loans. This is a fundamental structural distinction in California's lending regulatory framework.
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